Nifty Transitions From ‘Earnings Growth’: ICICI Securities
However, in Dec-2014, the street expected the Nifty 50 index to compound earnings at a compound annual growth rate of ~21% over the next two years to ~611.
As time rolled forward, the trailing and the forward earnings stagnated as earnings kept disappointing due to volatile earnings of cyclicals and a few defensives such as telecom and pharma, thereby, resulting in downgrades.
ICICI Securities Strategy Weekly Memo .pdf Read Document
As per Sobha Ltd.’s business update, the company has achieved its highest ever quarterly gross sales bookings in Q4 FY21 at 1.34 million square feet worth Rs 10.7 billion which is up 48% YoY in volume terms and 54% YoY in value terms.
A strong QoQ uptick in Bengaluru and continued momentum in Kochi, Gurugram markets has enabled the company to cross pre-Covid-19 sales bookings.
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For H2 FY21, the company has achieved its guidance of achieving a YoY growth in sales bookings (up 25% YoY in volume and 38% YoY in value) and has ended FY21 with flattish gross sales volumes of 4.01msf worth Rs 31.4 billion (Sobha share at Rs 24.8 billion).