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Earnings Review: ICICI Direct lists 5 stocks that positively surprised in Q3

Margin recovery was the key highlight for Q3FY23,ICICI Direct noted in an earnings review report. The brokerage stated that Nifty's operating margins (ex-financials) rose 230 bps QoQ to 17%, primarily led by savings realised from lower raw material costs as gross margin expanded 230 bps QoQ. This is after a low of 14.7% margin recorded in the last quarter. On an aggregate basis (ex-financials), the Nifty topline for Q3FY23 was largely flat QoQ with EBITDA up 16% QoQ and PAT up 16.6% QoQ. Meanwhile, on a YoY basis, Nifty topline was up 16.9% YoY while PAT was down 3.9%. The brokerage has come out with 5 stocks that positively surprised during the quarter. These companies posted a strong set of numbers for Q3FY23, which, ICICI Direct believes, are more fundamental and sustainable in nature. Let's take a look:

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