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For Ebitda and profit after tax, bases have already turned unfavourable, with expected trailing twelve months and YoY deceleration in Q3. For sale, the base may still support 20% median YoY growth (10-35% at company level) in Q3, Firstsoruce Solutions Ltd. being the exception due to mortgage slowdown.
With the pandemic-triggered volatility behind, we expect 17 of the 18 companies we cover to clock QoQ revenue growth (median 4%). Like sales, QoQ profit after tax growth is also expected to be steady in Q3 but Ebitda is expected to accelerate.
While we expect the industry to maintain a ~20% steady Ebitda margin in Q3, the profit after tax margin though healthy at 12.5%, would be 80 basis points lower than in Q1 FY22, some of it on account of lower forex gains and on cash consumption towards mergers and acquisition.
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