Corporate earnings for January-March 2022 (Q4FY22) were satisfactory with topline growth at the Nifty level (ex-financials) coming in at 9.8% QoQ. Operating profit, however, was up 3.4% QoQ factoring in the pressure on margins, which for the quarter was at 18.2%, down 110 bps QoQ. PAT for the quarter was up 5.3% QoQ, primarily tracking a decline in margins and other income, partially aided by lower effective tax rate. At the Nifty level (including financials), broader sequential growth trend continued with 8.8% QoQ growth in topline. PAT growth, however, was a tad higher (6.1% QoQ) than ex-financials (5.3% QoQ) on account of outperformance by BFSI domain, tracking better-than-expected credit growth & improving asset quality.