JPMORGANGlobalMarketsStrategy21February2024IndiaEquityStrategy3QFY24EarningsDissector:UpgradeHospitals/DowngradeStaplesNifty50’sex-financialsrevenue/PATcameinat+5%/15%YoY,andEBITDAEquityMacroResearchmarginexpansionwas78bps.Nifty50’sBeat/Misscameat24%/28%(usingBloombergconsensusestimatesforthenon-coveredcompanies).MSCIIndiaexRajivBatraACfinancialscompanies’revenue/PATgrewat6%/31%YoYwithEBITDAmarginsexpandingby171bpsleadingtoanoveralloperatingmarginof19%.MSCIIndia’s(65)6882-81513Q24Beat/Misscameat29%/33%.Softercommoditypricesalongwithlowerrajiv.j.batra@jpmorgan.comenergyandfreightcostsbenefitedthevolumedriveforthecompanies.WithinBloombergJPMABATRAMSCIIndiauniverse,RealEstate,ConsumerDiscretionaryandMaterialshadtheJ.P.MorganSecuritiesSingaporePrivateLimitedmostbeats(>+5%ofest.),whereasFinancialsandIThadthemostmisses(<-5%ofest.).Overall,3Qresultsweredecent,withuptickinrevenuegrowthandmarginKhoiVu,CFAexpansion.Goingahead,weexpectthattheinputcostbenefitswillslowlytaper;focuswillshifttowardsbusinessprospectsandbalancesheetstrength.Weare(65)6882-8170upgradingthehospitalsectortoOWanddowngradingtheConsumerStapleskhoi.t.vu@jpmorgan.comsectortoneutralbutcontinuetopreferpremiumconsumptionplays.J.P.MorganSecuritiesSingaporePrivateLimited•Overthelastonemonth,MSCIIndiaconsensusearningsexpectationsforRushitMehta2024/...
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