Q1 results point at strong earnings growth outlook for FY24: HSBC
HSBC.
Amid general concerns around the global slowdown, the investment bank said India's earnings should stand out in the current fiscal and will likely act as a key catalyst for markets.
After relative underperformance for the first two months of the year, India has been the best-performing market since March. The FTSE India index is up 16.7% in USD terms as of 21 August, led by FII flows, strong earnings outlook and relatively stable macro conditions.
«Even as global growth concerns escalate, India still stands out, but earnings resilience is key to sustaining positive momentum,» HSBC said.
For HSBC's coverage universe, average sales, EBITDA and PAT grew by 6%, 21% and 42% year-on-year, broadly tracking expectations, aided by margin expansion as key commodity costs declined.
