Q1FY14 earnings preview
Muted top line but margin gains to drive profit after tax
 "Q1FY14 earnings preview")
Muted top line but margin gains to drive profit after tax
* The Sensex ex-oil universe is expected to post muted revenue growth of 3.4% y-o-y in Q1, the lowest in four years
* NBFC, IT, pharma, real estate, FMCG, const/infra, retail and media are expected to post relatively better revenue growth
* Cement, autos, cap goods, metals and power would likely disappoint in Q1
* Falling input prices would likely more than offset the negative impact of rupee depreciation, with the Q1 Ebitda margin expected to expand 120 bps YoY for the Sensex ex-oil
* The Sensex ex-oil universe is expected to post muted revenue growth of 3.4% y-o-y in Q1, the lowest in four years
* NBFC, IT, pharma, real estate, FMCG, const/infra, retail and media are expected to post relatively better revenue growth
* Cement, autos, cap goods, metals and power would likely disappoint in Q1
* Falling input prices would likely more than offset the negative impact of rupee depreciation, with the Q1 Ebitda margin expected to expand 120 bps YoY for the Sensex ex-oil