India Strategy – Currencies are driving PAT growth as commodities slip into ‘loss pool’. Commodity users benefit from lower prices: ICICI Securities | Techno Glob


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on a free float basis; So far, the gain after tax growth (YoY) within the Nifty50 index has been around 3%. Revenue and Ebitda YoY growth (non-monetary) was 25% and 1% respectively.

The FF PAT contraction for the broader NSE200 universe is ~4%. For the NSE200 universe so far, the overall YoY increase in gross profit during Q2 FY23 was mainly driven by finance, which saw a 47% increase in profit.

On the other hand, Commodity companies within the NSE200 fell into the group of mass losers as global prices cooled with the introduction of new tariffs.

Decline in post-tax gross profit in commodities has been significantly higher than other non-financial stocks (IT, Autotelephone, Industrials, Tobacco, Consumption, Reliance Industries Ltd. and others) so far.

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