MSCI India profit growth slows, says Goldman Sachs
Investing.com -- The first quarter earnings season for India has wrapped up, showing a mixed performance across sectors. Profit growth for the MSCI India Index moderated to 9% year-on-year from 16% y/y in the previous quarter.
However, the profit growth of 9% was below the historical average, reflecting the ongoing challenges in certain sectors of the economy. Many companies in these sectors managed to exceed projections, reflecting their resilience and consistent market demand. While IT companies reported cautious sentiment around discretionary tech spending, there was a noticeable shift towards optimism.
“Staples companies are seeing green shoots in rural recovery, with rural growth outpacing urban in recent months. Managements expect the improvement to continue, aided by stable inflation, healthy monsoon and government’s budgetary support,” the analysts said. Goldman Sachs have adjusted its CY24 EPS growth forecast down by 1 percentage point to 14%, while maintaining a 15% growth forecast for CY25. These projections are in line with the consensus and reflect cautious optimism.
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