Newsletter – March, 2023

3QFY23 earnings season saw wide divergence across sectors as well as companies. (1) IT companies’ results were better than feared with hopes of easing macro and supply challenges heading into FY24. (2) Financials continue to report a strong quarter fuelled by healthy loan growth, (3) Auto OEMs benefitted from healthy volume growth (4) High inflation led to muted/low volume growth for companies in consumer universe. (5) Within the discretionary space, most sectors saw a sequential slowdown, given the lull post-festive season.