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Q2FY22 Earnings Preview Report - YES SECURITIES

Posted On: 2021-10-06 21:00:54 (Time Zone: IST)


YES Sec UNIVERSE: Revenue to grow 24% y/y

- Revenue growth (ex-financials & OMCs) is largely driving earnings, though the expansion in operational margins seems to be tapering on account of a surge in input costs. Having said that earnings for our coverage universe will likely grow 19% largely on the back of robust topline

- Topline for our coverage universe is likely to grow 24% y/y, helped by strong traction seen in Platform companies, IT, Oil & Gas (ex- OMC), Cement & Building Material sectors

- An exponential rise in Input costs will negate the benefits of better economies of scale. Our coverage universe is likely to witness an erosion of 100bps y/y basis in OPM. Though the OPM reading of 20.5% y/y is still deemed to be very healthy when compared with pre-COVID profitability and the prevalent inflationary backdrop

- On PAT (ex-Financials & OMCs), the low base effect will fade, with earnings for our coverage universe likely to grow by 14% y/y, when compared to 52% growth in Q1 FY22. Barring Auto, which is hindered by supply constraints, other sectors in our coverage universe are likely to maintain positive traction.

- For Financials, NIIs of Banks and NBFCS is expected to expand by a moderate 9.4%% y/y given weak offtake for credit and deleveraging by enterprises


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