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Corporate earnings staged an impressive show in Q4 FY21 and were broadly ahead of estimates.
Outperformance was led by increase in key commodities prices benefitting the oil and gas and metals space amid strong underlying demand prospects.
Robust goods and services tax collection is a testimony to our belief with April GST collection pegged at an all-time high of ~Rs 1.4 lakh crore, corresponding to robust consumer demand in March 2021.
At the Nifty index level, excluding financials, net sales grew 14% QoQ with margin declining ~100 basis points QoQ to 17.9% with corresponding Ebitda growth at 8% QoQ.
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