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.
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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Sensex cos' topline to grow 14% in Sep quarter: ICICIdirect
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