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Mumbai, Feb 21 Nifty earnings are likely to grow at a Compound Annual Growth Rate (CAGR) of 24.2 per cent over FY21-23, said an ICICI Direct report."Going forward, we expect Nifty earnings to grow at 24.2 per cent CAGR over FY21E-23E. Using a bottom up approach and giving discount to target weighted average PE, we now value the Nifty at 16,300 i.e. 22x P/E on FY23E EPS of Rs 740 with corresponding Sensex target at 54,600," it said.It noted that corporate earnings gained momentum during the third quarter of FY21 as economic activity rebounded in the post-Covid unlocking era with optimism fuelled by the festive season.The Q3FY21 earnings staged an impressive show and were broadly ahead of estimates as corporates continue to benefit from lower raw material costs and realised leaner cost structures, it said.At the index level, excluding the BFSI (banking and financial industries and insurance) space, in Q3FY21, net sales declined 2.5 per cent YoY, primarily driven by double digit topline decline in the oil and gas domain amid muted crude prices.Excluding oil and gas and banking space, Nifty topline posted growth of 10 per cent YoY.Auto sector results were robust nearly all across the board particularly in relation to margins, amid 10.5 per cent YoY growth in total sales volume at 72.8 lakh units, said the ICICI Direct report.In the capital goods domain, execution picked up pace sequentially with key highlight for the quarter being robust order inflows. In the FMCG space, strong growth momentum continued in Q3FY21 led by robust growth in rural regions supported by significant increase in government spends post pandemic, it added.( With inputs from IANS )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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Mumbai, Feb 21 Nifty earnings are likely to grow at a Compound Annual Growth Rate (CAGR) of 24.2 per ... ...