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SBI Estimates India’s GDP Growth For Q3FY23 At 4.6%

A research report from the State Bank of India stated US labour markets continue to reveal declining unemployment and high vacancy rates, a situation not pleasant to Fed and emerging economies' central banks in terms of a rate pause

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In a research report, the State Bank of India on Tuesday said estimated India’s gross domestic product growth (GDP) growth for Q3 FY23 at 4.6 per cent which is higher than the RBI estimates at 4.4 per cent.

Interestingly, the SBI FY23 GDP forecast could see an upward revision from the current 6.8 per cent towards 7.0 per cent, as SBI anticipate revisions in GDP data for FY20, FY21 and FY22 that is going to be released on February 28, 2023.

"Additionally, there will be revisions in quarterly numbers of FY20, FY21, FY22 and even FY23 (Q1 and Q2)," according to the report.

Additionally, corporate results, ex BFSI, for Q3FY23 showed degrowth in EBIDTA by 9 per cent year on year (YoY) as against 18 per cent EBIDTA growth in Q3 FY23, though the top line continued to grow at a healthier pace. 

The report also mentioned that net sales grew by 15 per cent in Q3 FY23 while the bottom line was down by around 16 per cent.

Further, corporate margin seems to be under pressure, as reflected in the results of around 3000 listed entities ex-BFSI, on account of higher input costs with decreasing EBIDTA margin, on an aggregate basis, from 15.3 per cent in Q3 FY22 to 11.9 per cent in Q3 FY23. 

"These could pull down the manufacturing growth in Q3 FY23," it added.

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India’s GDP growth india indian economy gdp growth