Angel Broking - 2QFY2013 Review

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Rajesh Desai

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Nov 30, 2012, 1:35:10 AM11/30/12

Dear All,

Forwarding you the 2QFY2013 Review

Modest earnings performance continues

Sensex companies during 2QFY2013 reported earnings growth of 5.8% yoy (13.5% yoy excluding ONGC) as compared to our growth estimate of 7.7% yoy. Our coverage companies too reported a lower 8.8% yoy earnings growth (14.6% yoy excluding ONGC) as compared to our growth estimate of 13.3% yoy. Corporate earnings in cyclical sectors faced negative headwinds owing to the general slowdown in the economy, weak capex and high interest rates on account of elevated inflation.

The earnings performance came in below our expectation on account of slower-than-expected revenue growth while margin contraction was in line with our estimates. Sensex companies witnessed 11.7% yoy growth in revenue during the quarter as compared to our estimate of 14.3% yoy. Our coverage companies similarly reported 12.1% yoy revenue growth vis-à-vis our estimate of 14.0% yoy growth. Excluding the performance of ONGC, margin performance for Sensex companies improved on a sequential basis as margins for Sensex companies expanded by 10bp qoq; our overall coverage companies though reported a contraction in margins by 80bp qoq (70bp excluding ONGC).

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2QFY2013 Review

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With best regards,
Fundamental Advisory Desk
Angel Broking
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