Kroll launches the fifth edition of its Industry Multiples India report for the quarter ended September 2018. The report provides a detailed overview of the market multiples of companies in 22 major industries in the S&P BSE 500 Index.
Highlights include:
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The Indian equity market witnessed a sharp decline during September 2018 quarter due to increasing inflation, a widening trade deficit driven by increased oil prices and liquidity issues in the non-banking financial companies sector.
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P/E multiples for most of the industries in India that we analyzed, declined from June 30, 2018 to September 30, 2018, demonstrating market correction in the quarter.
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Apparel, media, real estate and independent energy & renewable electricity industries witnessed a significant decline in P/E multiples as compared to other industries, while multiples in IT services & infrastructure, IT software and pharmaceuticals & biotechnology sector increased due to weakening of the rupee and multiple strategic deals in the pharmaceuticals industry.
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The apparel and media industry saw the largest decline in multiples wherein the median P/E multiples decreasing from 33.3x to 26.0x and from 27.1x to 21.4x, respectively.
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The IT services and pharmaceuticals and biotechnology industry witnessed an increase in their median P/E multiples from 20.3x to 22.8x and 26. 2x to 27.9x, respectively.
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