After reporting sub-10 percent growth in the last few quarter, we anticipate the I-direct universe (ex-oil & gas and BFSI) topline will grow 11.5 prcent Y-o-Y driven by export driven sectors such as IT (28.3 percent Y-o-Y) and pharma (18.8 percent Y-o-Y) on account of sharp weakness in the currency (depreciated 12.6 percent Y-o-Y) and auto sector led by volume growth (6.5 percent Y-o-Y) & low base effect. On the Sensex front, we expect topline growth (ex-oil & gas and BFSI) to return to double digit growth of 12.7 percent Y-o-Y vs average of 6.9 percent seen in last five quarters.
On the bottomline front, we expect the I-direct universe (ex-oil & gas and BFSI) to improve 2.8 percent Y-o-Y on account of export driven sectors, auto and telecom. On the Sensex front (ex-oil & gas), we anticipate the bottomline will grow better at 9.4 percent Y-o-Y versus average of 1.7 percent witnessed in the last five quarters. After incorporating the Sterlite-Sesa merger in Q2FY14E, we expect Sensex topline and bottomline to grow 13.7 percent and 9.4 percent, respectively.
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Sensex cos' topline to grow 14% in Sep quarter: ICICIdirect
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