Banking and NBFC names once again led the profit growth in Q1 FY24, while export-oriented sectors like IT bore the brunt of weak sentiment overseas. The topline growth (excluding financials and oil marketing companies), however, stood at a mere 3 percent YoY, the lowest in the last 10 quarters
The auto, O&G, and banks (private and PSU) are expected to be the key growth drivers with 77%, 56%, and 30% YoY earnings growth, respectively, and are likely to contribute 71% to earnings growth.