According to Motilal Oswal,
Nifty EPS for FY22E/FY23E was revised 2.6%/1.4% higher to INR746/INR872 (INR726 / INR861 earlier), entirely led by Metal companies. The latter has seen earnings upgrade of 77%/41% for FY22E/FY23E. Excluding Metals, Nifty earnings would have seen cuts of 2.2%/0.4%.
Nifty EPS has grown by 14.2% in FY21, led by: a) better-than-expected pace of normalization post Covid 1.0 unlock b) sharp recovery in cyclicals like Metals, and Cement. NIFTY EPS for FY 2021 was Rs 539