Capital Goods Q4 Earnings Preview – Government Infra Push, Localised Lockdown Risk Persist: ICICI Securities 

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

Project execution is limping back to normalcy as per expectations, though there is a concern on more localised lockdowns and slowdown due to social distancing norms.

Public sector ordering traction is gradually picking pace albeit slowly; however, large private and core sectors are in a wait-and-watch mode.

The recent spurt in terms of Covid-19 infections and calibrated measures taken by certain state governments are likely to impact the pace of growth recovery.

Pro-growth budget announcement with focus towards deficit spending on infrastructure is likely to crank up public sector demand.

We factor-in revenue growth of 25.7% YoY in Q4 FY21E for our coverage universe, given the low base of Q4 FY20.

Click on the attachment to read the full report:

ICICI Securities Capital Goods Q4FY21 Preview.pdf


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