In past one month, the stock has outperformed the market by surging 20 per cent, as compared to 3 per cent decline in the Sensex. While, in past three months, it has soared 32 per cent, as against 4.3 per cent rise in the benchmark index.
For H1FY23, CARE Ratings reported 27 per cent year-on-year (YoY) jump in its consolidated net profit at Rs 48.99 crore, against Rs 38.62 crore in H1FY22. Total income increased by 12 per cent YoY to Rs 155.32 crore in H1FY23. Operating profit increased by 38 per cent YoY to Rs 58.13 crore in H1FY23.
The management said, India’s economy is recording relatively healthy growth even in midst of the global headwinds.
“However, we need to be cautious given the strong interlinkages of Indian economy with the global economies. While the global demand is slowing down, the most crucial aspect would be for the domestic demand to continue recovering. With the deleveraging in the last few years and rising capacity utilisation level, we can expect the private capex cycle to pick up in the next few months”, said Mehul Pandya, MD & CEO, CARE Ratings, while announcing results on November 8.
Meanwnile, overall, the company’s management expect the economy to record a GDP growth of around 7 per cent even while inflation and the external economic environment remain causes of concern.
With economic growth prospects showing improvement, the bank credit growth is likely to improve in FY23. The growth in bank credit will be mainly led by the retail loans and services sector. Credit demand from large industries will also show an improvement but will be relatively muted. The Corporate Bond market will also see an improvement with corporate debt issuances improving in FY23, CARE Ratings said in FY22 annual report.
FY23 will see a modest recovery in the Indian economy. However, we will have to be mindful of challenges in the form of high commodity prices, high inflation, higher interest rates and slowing global growth, the company said.
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