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Q1 FY13 earnings season will witness continued slower (12 per cent) earnings growth trend for CLSA’s coverage universe. Banks, pharma and IT services stand out with 30 per cent plus pre-exceptional earnings growth. Earnings growth for the rest will be a low of one per cent. Revenue growth is expected to hold up well at 15 per cent plus.
Earnings growth has been held up due to strong numbers expected from exporters (IT 39 per cent, pharma 47 per cent) and banks (plus 39 per cent, aided by low base of SBI, treasury gains). Adjusting for these three sectors, earnings growth would be only 1.4 per cent y-o-y. Reported earnings growth for pharma will be lower due to forex losses.
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