India Sector Q1 FY 2024

Profit improved with higher revenue and margin expansion on lower commodity price from last year’s peaks

Net proceeds to be used to fundworking capital requirement and general corporate purposes

Asset quality and credit cost to remain comfortable, while margins, treasury income and loan growth to ease from the highs

Demand momentum to be supported by upcoming festive season

Healthy orders provide revenue visibility

H2 of FY2024 to benefit from lower fuel cost

Several small players returned back and intensified the competition

Rising competition to check near-term profitability

Refining margins to remain strong going forward

Uncertainties in large economies are short-term headwinds

Consumption likely to grow 8-9% in the current fiscal

Defiant inflation in the US and India sparks fears of more rate hikes even as a faltering Chinese economy chills

Defiant inflation in the US and India sparks fears of more rate hikes even as a faltering Chinese economy chills