Sales up, margins down

▶ Construction and capital goods firms suffered revenue loss during the second wave but YOY net sales were still up

▶ Manufacturers such as BHEL and Siemens and construction firms like Larsen & Toubro took a hit on margins in Q1 due to higher input prices

▶ Power generators such as NTPC and Tata Power also reported double-digit growth in revenue and earnings (YOY) due to higher demand, but these were down sequentially. Port operator Adani Ports grew the fastest, led by a revival in foreign trade and acquisitions

▶ Going forward, the outlook is brightest for port operators and road construction firms, while power firms and capital goods makers may continue to struggle