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    HomeNewsBusinessMarketsSee 14% earnings growth in FY17; Aurobindo, Axis top picks: Citi

    See 14% earnings growth in FY17; Aurobindo, Axis top picks: Citi

    According to Surendra Goyal of Citi, PSU earnings may benefit on reported employee costs & some corporates like Maruti Suzuki & Hero MotoCorp may gain due to higher interest income.

    June 30, 2016 / 09:27 IST
       
       
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      Surendra Goyal of Citi says he expects some surprises in earnings as companies started reporting Q1FY17, based on Indian Accounting Standards (Ind AS), although it is too early to figure out the quantum.He feels some companies that may see negative Q1FY17 earnings are Zee Entertainment due to interest on redeemable preference shares, and Tech Mahindra, Eicher Motors & Info Edge due to ESOP (employee stock option) cost.

      According to him, PSU earnings may benefit on reported employee costs & some corporates like Maruti Suzuki & Hero MotoCorp may gain due to higher interest income.

      He remains constructive as better-than-expected Q4FY16 earnings (ex-financials) raises confidence in bottom-up forecast of 14 percent earnings growth in FY17.

      "Top picks include Aurobindo Pharma, Axis Bank, HDFC Bank, M&M & UltraTech Cement," Goyal says.

      first published: Jun 30, 2016 08:55 am

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