Amnish Aggarwal on 3 sectors where the cycle may get stretched on higher side

economictimes.indiatimes.com:

Amnish Aggarwal, Head-Research, Prabhudas Lilladher, says “companies which were having a good amount of cash with them, their treasury incomes have gone up because of the higher interest rates. So, whatever has been the aggregate beat, these are one of the two major reasons why this has not been a disappointing quarter as far as the numbers are concerned.”

The narrative approaching the results was that people became watchful that this result season we would start seeing some early kind of cracks in some of the numbers either flat to weakish. But by the time we are winding up our Q2 earnings season, the narrative seemed to have changed. It turned out pretty okay. What were some of the hits and misses in your view?
If you look at the aggregate numbers which we have studied so far, there are two big factors why you can say first of all as far as your aggregate volumes are concerned and when I am saying this we are referring to the volume growth in any sector or the segment. So, there has not been any big surprise element on that part. The demand conditions have not predominantly changed than what we were talking say a month or two back. But what has been surprising is that the benefit of benign raw material prices has been better than what it was anticipated say a couple of months back.

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The second thing is that the companies which were having a good amount of cash with them, their treasury incomes have gone up because of the higher interest rates. So, whatever has been the