Earnings upgrade in last one year emanating from domestic cyclicals, internet stocks; downgrades driven by defensives, commodities
The aggregate profit pool estimate of ~600 stocks for FY24 currently stands at INR 12.75trn as compared to INR 13.3trn a year ago. The 4% downgrade to aggregate profit pool appears reasonable given the shocks such as the massive QT cycle, Russia Ukraine war and banking crisis in DMs.