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Informist, Wednesday, Jan. 15, 2025

 

By Alina Geogy

 

MUMBAI – The Nifty 200 companies are expected to post an on-year improvement in earnings for the December quarter. However, the earnings may once again reflect an overall slowdown in earnings growth owing to varied factors such as a slowdown in consumption, lower-than-expected spending by the government, and a rise in prices of raw materials, analysts said.

 

The net profit of Nifty 200 companies is expected to grow 10% on year, mirroring the bottom line growth of the Nifty 50 companies, as per estimates by 24 brokerage firms. However, these companies would slightly underperform the top 50 companies with respect to revenue growth, as they are expected to post an on-year growth of 4% compared to the 6% growth estimated for the Nifty 50 companies.

 

The Nifty 200 companies' net profit in the December quarter is expected to grow at twice the pace seen in the previous quarter. The 10% on-year net profit growth expected from these in the December quarter is higher than the 5.5% on-year growth they had registered in the September quarter. There will also be an improvement on a sequential basis as these companies may post a 5% on-quarter growth in net profit for the December quarter. The net profit of these 200 companies had declined 1.2% on quarter in the September quarter.

 

However, several market watchers are now of the view that companies may not perform as per expectations in the December quarter owing to weak fundamentals. There will be "slight misses in terms of forecasts and people will have to tone down their expectations," Vinit Bolinjkar, head of research at Ventura Securities, said. The economy has slowed down sharply and the expected 'take-off' has not materialised, indicated by the slowdown in premium spending and weak consumption, he said.

 

Shares of Nifty 200 companies have already taken a beating on expectations that these companies could post weaker-than-expected earnings for the December quarter. The Nifty 200 index fell 8.2% in the three months till December. This market correction has coincided with a slowdown in earnings growth, with the Nifty 50 companies managing only a modest 4% net profit growth from April to December, Motilal Oswal Financial Services said in a report.

 

Estimates for 25 companies have not been included in this poll; 17 have not been included as estimates were not available for these and nine have not been included as these have already announced their December quarter earnings. These are listed at the bottom of the estimates table at the end.

 

SECTORAL OUTPERFORMERS, LAGGARDS

Companies from the finance, pharmaceutical, defence, realty, and retail sectors are expected to post strong earnings growth for the December quarter and outperform most sectors in terms of profit growth. On the other hand, some metal, chemical, and fast-moving consumer goods companies are expected to post a decline in their net profit for the quarter. Cement companies are expected to put up the worst show with respect to profits during the quarter as these are expected to fall sharply.

 

Banks are expected to report 16% on-year growth in net profit for the quarter. Lenders indicated a moderation of credit growth and strong growth in term deposits during the December quarter, Nirmal Bang Institutional Equities said in a report after analysing provisional business updates by banks. Similarly, financial services providers are likely to clock in a 19% on-year increase in their net profit. Banks and financial services have the highest weightage in the Nifty 200 index at nearly 31%.

 

Next up is the information technology sector, which has the second-highest weightage of 11% in the Nifty 200 index. For the December quarter, IT companies' net profit is expected to remain flat on quarter, but rise 14% on year. There will be seasonal weakness for this sector in the latest quarter, although the outlook for demand is expected to be on a better footing with improving confidence and sentiment among enterprise clients, brokerage firm Prabhudas Lilladher said in an earnings preview report. "Client engagement or deal pipeline is shaping up well, but is yet to translate into qualified order wins," the brokerage firm said.

 

Pharmaceutical companies are likely to post a net profit growth of 4% on year in the December quarter. The industry is set to gain from the continuing benefits of speciality drugs as well as a stable pricing in the US generics market, seasonal benefits from the flu season in the US, steady growth in domestic formulations, and the depreciation of the rupee, PhillipCapital (India) said in an earnings preview report.

 

Of the 11 pharmaceutical companies in the Nifty 200, eight are expected to post on-year growth in net profit for the quarter ended December. Alkem Laboratories, Aurobindo Pharma, and Biocon are the three which could report a decline in net profit from the previous year. Divi's Laboratories and Lupin are expected to be the best performers among drugmakers as these will likely report an on-year net profit rise of 39% and 29%, respectively.

 

Defence-linked companies will post a net profit growth of 11% on year in the December quarter. Among the notable performers, Bharat Dynamics is expected to report a twofold growth in net profit for the quarter. "We remain structurally optimistic about the defence sector, citing the continued indigenisation effort, robust order pipeline, and excellent growth potential," Nirmal Bang said in a report.

 

Earnings of fast-moving consumer goods companies are highly awaited after recent worries that volumes did not pick up as anticipated during the festival season and an overall slowdown in consumption. "Revenue growth is likely to be impacted due to continued subdued demand in urban markets owing to deterioration in savings, food inflation, lower wage growth," Axis Securities said in a report. There has been an improvement in consumption in late December, but this will be reflected only in the earnings for the March quarter, analysts said.

 

The earnings performance of oil and gas companies is expected to be a mixed bag in the December quarter. Oil marketing companies and standalone refiners may have sequential improvement in reported refining performance on stronger core gross refining margins, YES Securities said in its earnings preview report. However, most companies in this sector are seen posting an on-year decline in revenue for the quarter.

 

Metal companies are expected to post an on-year decline in net profit but a rise in revenue for the December quarter. Steel companies such as JSW Steel and Tata Steel may report an on-year decline in revenue and earnings before interest, taxes, depreciation, and amortisation, primarily due to lower realisations, Systematix Institutional Equities said in a report. On the other hand, non-ferrous companies such as Hindalco Industries, Vedanta, and Hindustan Zinc may post on-year growth in the same metrics driven by the cumulative effect of higher commodity prices, marginally higher volumes, and backward integration benefits, the brokerage said.

 

Cement manufacturing companies are expected to report a 36% on-year decline in net profit for the December quarter on an average basis. Analysts expect tepid growth for cement companies for Oct-Dec after the slowdown in the first half of the financial year, where companies faced challenges such as a prolonged monsoon and delays in infrastructure fund allocations. Although companies may face pressure in terms of top-line growth, lower operating costs may save margins, YES Securities said in a report. Shree Cement is expected to post a 65% on-year fall in its bottom line for the quarter, while ACC is expected to post a 36% on-year decline.

 

Chemical companies may also post weak earnings for the quarter. Excluding UPL, the net profit of chemical companies is likely to fall 13% on year. Asian Paints, PI Industries, and SRF are those expected to report an on-year decline in net profit in Oct-Dec. UPL is seen as an outlier for the December quarter as the company may post a growth in the bottom line compared to a loss in both the year-ago quarter and sequentially. However, most companies in this sector are seen reporting on-year growth in sales, largely due to an uptick in volumes, analysts said.

 

Following are the Oct-Dec consensus earnings estimates of companies that constitute the National Stock Exchange's Nifty 200 index. These estimates are based on reports compiled by Informist Media from 24 brokerage houses.

 

Company name	Sales, INR million	PAT, INR million	Sales Y-o-Y Change %	PAT Y-o-Y Change %	Sales Q-o-Q Change %	PAT Q-o-Q Change %	EBITDA, INR million	Result date	Number of estimates available
AUTO
Apollo Tyres +	67,824	3,909	2.84	(21.30)	5.36	31.40	9,882	--	10
Ashok Leyland	90,411	6,644	(2.50)	14.54	3.10	(13.73)	10,805	--	14
Bajaj Auto	129,698	21,524	7.07	5.41	(1.20)	7.35	26,093	Jan. 28	14
Balkrishna Industries	25,031	3,826	9.80	23.79	2.75	9.44	6,234	--	7
Bharat Forge	28,537	3,359	26.08	(11.10)	27.02	(7.00)	6,555	--	9
Bosch	45,472	5,243	8.13	1.20	3.48	(2.16)	6,171	Jan. 28	3
Eicher Motors +	50,615	11,824	21.12	18.72	18.73	7.46	13,252	--	12
Escorts Kubota	30,678	3,200	32.21	15.39	23.89	(2.06)	3,782	Feb. 10	9
Exide Industries	41,651	2,651	8.45	10.34	(2.39)	(10.96)	4,769	Jan. 28	8
Hero MotoCorp	101,098	11,166	3.97	4.02	(3.38)	(7.23)	14,292	--	10
M&M	309,790	32,110	20.81	30.85	7.12	(16.40)	45,173	--	10
Maruti Suzuki	387,725	36,074	16.40	15.25	4.22	17.54	45,354	Jan. 29	15
MRF	67,736	4,221	12.00	(16.91)	0.20	(7.31)	9,415	--	4
Samvardhana Motherson International +	291,582	9,089	13.70	67.71	4.84	3.32	27,212	--	4
Sona Blw Precision Forgings +	8,640	1,454	10.51	9.56	(6.31)	1.01	2,356	Jan. 23	4
Tata Motors +	1,162,126	63,024	5.10	(10.29)	14.55	88.53	159,432	Jan. 29	11
Tube Investments of India +	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	--	--
TVS Motor Co	91,592	6,503	11.09	9.60	(0.75)	(1.86)	10,604	Jan. 28	13
Total	2,930,205	225,821	9.73	6.04	8.06	14.97
Company name	Sales, INR million	PAT, INR million	Sales Y-o-Y Change %	PAT Y-o-Y Change %	Sales Q-o-Q Change %	PAT Q-o-Q Change %	EBITDA, INR million	Result date	Number of estimates available
AIRPORTS & AVIATION
GMR Airports +	26,200	8,900	17.67	N.A.	4.99	N.A.	8,900	--	1
Interglobe Aviation	216,679	29,975	11.39	(0.03)	27.69	N.A.	63,409	--	6
Total	242,879	38,875	12.04	45.00	24.78	N.A.
Company name	Sales, INR million	PAT, INR million	Sales Y-o-Y Change %	PAT Y-o-Y Change %	Sales Q-o-Q Change %	PAT Q-o-Q Change %	EBITDA, INR million	Result date	Number of estimates available
BANK
AU Small Finance Bank*	20,338	5,035	53.51	34.18	3.01	(11.86)	N.A.	Jan. 24	10
AXIS Bank*	138,045	64,430	10.15	6.13	2.38	(6.86)	N.A.	Jan. 16	15
Bandhan Bank*	29,799	7,504	18.00	2.42	1.07	(19.95)	N.A.	--	11
Bank of Baroda*	118,983	43,791	7.18	(4.37)	2.38	(16.40)	N.A.	--	13
Bank Of India*	61,940	19,500	13.37	4.31	3.49	(17.85)	N.A.	--	1
Canara Bank*	95,244	37,912	1.14	3.69	2.25	(5.56)	N.A.	--	5
Federal Bank*	24,143	10,228	13.70	1.59	1.99	(3.21)	N.A.	--	15
HDFC Bank*	306,128	166,471	7.52	1.68	1.66	(1.03)	N.A.	Jan. 22	16
ICICI Bank*	206,201	114,614	10.39	11.58	2.85	(2.42)	N.A.	Jan. 25	16
IDBI Bank*	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	Jan. 20	--
IDFC First Bank*	49,798	4,904	16.17	(31.48)	4.01	144.36	N.A.	Jan. 25	6
Indian Bank*	63,018	25,412	8.39	19.91	1.74	(6.10)	N.A.	--	4
Indian Overseas Bank*	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	Jan. 20	--
IndusInd Bank*	53,944	13,072	1.87	(43.11)	0.88	(1.38)	N.A.	--	14
Kotak Mahindra*	71,735	33,444	9.46	11.29	2.19	0.02	N.A.	Jan. 18	14
Punjab National Bank*	108,326	37,479	5.24	68.61	3.00	(12.91)	N.A.	--	8
SBI*	425,087	163,615	6.76	78.54	2.14	(10.75)	N.A.	--	12
Union Bank Of India*	92,311	39,377	0.69	9.69	2.03	(16.57)	N.A.	--	5
YES Bank*	22,663	5,412	12.37	133.83	2.99	(2.14)	N.A.	Jan. 25	4
Total	1,887,701	792,199	7.94	16.02	2.26	(6.98)
Company name	Sales, INR million	PAT, INR million	Sales Y-o-Y Change %	PAT Y-o-Y Change %	Sales Q-o-Q Change %	PAT Q-o-Q Change %	EBITDA, INR million	Result date	Number of estimates available
CEMENT
ACC +	49,537	3,441	0.80	(36.00)	7.37	72.33	6,193	--	12
Ambuja Cements +	84,275	7,252	3.68	(11.89)	12.13	59.05	14,420	--	8
Grasim Industries	81,719	(42)	27.68	N.A.	7.20	N.A.	4,547	--	4
Shree Cement	45,877	2,543	(6.39)	(65.36)	23.09	173.08	8,711	Jan. 30	14
UltraTech Cement +	167,746	12,999	0.21	(26.85)	7.29	58.52	27,137	Jan. 23	12
Total	429,154	26,193	4.46	(36.24)	9.72	14.40
Company name	Sales, INR million	PAT, INR million	Sales Y-o-Y Change %	PAT Y-o-Y Change %	Sales Q-o-Q Change %	PAT Q-o-Q Change %	EBITDA, INR million	Result date	Number of estimates available
CHEMICAL
Asian Paints +	88,579	11,214	(2.69)	(22.54)	10.34	61.43	16,289	Feb. 4	15
Fertilisers and Chemicals Travancore	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	--	--
PI Industries	19,359	4,066	12.47	(16.42)	(9.16)	(27.20)	5,306	--	9
Pidilite Industries +	33,564	5,821	7.23	14.04	3.76	8.90	8,286	Jan. 22	6
SRF +	33,815	2,257	10.76	(10.94)	(1.25)	12.06	5,663	--	12
Tata Chemicals +	37,830	1,437	1.42	(9.05)	(5.40)	(25.93)	5,545	--	3
UPL +	110,766	1,847	12.03	N.A.	(0.12)	N.A.	18,839	--	7
Total	323,913	26,643	5.77	62.54	1.52	53.11
Company name	Sales, INR million	PAT, INR million	Sales Y-o-Y Change %	PAT Y-o-Y Change %	Sales Q-o-Q Change %	PAT Q-o-Q Change %	EBITDA, INR million	Result date	Number of estimates available
CONSTRUCTION
IRB Infrastructure Developers +	18,316	1,749	(6.96)	(6.68)	15.49	75.13	8,216	--	4
Total	18,316	1,749	(6.96)	(6.68)	15.49	75.13
Company name	Sales, INR million	PAT, INR million	Sales Y-o-Y Change %	PAT Y-o-Y Change %	Sales Q-o-Q Change %	PAT Q-o-Q Change %	EBITDA, INR million	Result date	Number of estimates available
CONSUMER ELECTRICALS
Voltas +	30,071	1,609	14.53	N.A.	14.82	20.08	2,092	--	9
Total	30,071	1,609	14.53	N.A.	14.82	20.08
Company name	Sales, INR million	PAT, INR million	Sales Y-o-Y Change %	PAT Y-o-Y Change %	Sales Q-o-Q Change %	PAT Q-o-Q Change %	EBITDA, INR million	Result date	Number of estimates available
DEFENCE
Bharat Dynamics	9,610	2,868	59.74	112.35	76.41	134.02	3,166	--	2
Bharat Electronics	48,988	9,565	18.42	7.08	6.88	(12.35)	12,144	Jan. 30	9
Cochin Shipyard	12,000	1,959	17.48	(21.01)	9.39	1.47	2,280	--	1
Hindustan Aeronautics	65,154	13,254	7.50	5.74	9.02	(11.07)	16,684	--	5
Mazagon Dock Shipbuilders +	28,586	6,685	21.00	6.66	3.69	14.26	5,599	--	1
Solar Industries India +	17,790	2,828	24.48	39.08	3.68	(1.08)	4,511	--	1
Total	182,128	37,159	16.66	10.59	9.23	(1.39)
Company name	Sales, INR million	PAT, INR million	Sales Y-o-Y Change %	PAT Y-o-Y Change %	Sales Q-o-Q Change %	PAT Q-o-Q Change %	EBITDA, INR million	Result date	Number of estimates available
DIVERSIFIED
Adani Enterprises +	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	--	--
Total	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.
Company name	Sales, INR million	PAT, INR million	Sales Y-o-Y Change %	PAT Y-o-Y Change %	Sales Q-o-Q Change %	PAT Q-o-Q Change %	EBITDA, INR million	Result date	Number of estimates available
ELECTRICAL
Dixon Technologies (India) +	96,776	1,947	100.85	101.91	(16.10)	(50.05)	3,636	Jan. 20	10
Havells India	50,191	3,471	14.05	20.56	10.72	27.32	4,901	Jan. 16	10
NLC India +	30,010	2,511	(5.16)	0.27	(17.94)	(72.46)	6,571	--	1
Polycab India +	53,609	4,585	23.51	11.05	(2.50)	4.24	6,588	Jan. 22	9
Total	230,586	12,513	37.88	19.45	(8.58)	(37.87)
Company name	Sales, INR million	PAT, INR million	Sales Y-o-Y Change %	PAT Y-o-Y Change %	Sales Q-o-Q Change %	PAT Q-o-Q Change %	EBITDA, INR million	Result date	Number of estimates available
ENGINEERING - CAPITAL GOODS
ABB India	31,521	4,572	14.31	35.01	8.24	3.81	5,624	Feb. 17	6
Astral +	15,042	1,279	9.78	12.65	9.76	16.23	2,251	--	7
BHEL	69,859	2,107	26.93	354.98	6.10	117.96	4,194	Jan. 28	3
CG Power and Industrial Solutions +	24,370	2,558	23.16	(65.78)	1.01	15.75	3,438	--	3
Cummins India	26,910	4,782	6.19	5.12	7.97	6.12	5,357	Feb. 5	10
L&T +	658,533	36,718	19.46	24.58	6.98	8.14	67,332	--	9
Rail Vikas Nigam	47,831	3,455	2.29	5.99	(1.77)	14.21	2,631	--	1
Siemens	54,889	6,037	23.74	30.27	(8.19)	(22.08)	7,297	--	7
Supreme Industries +	27,177	2,434	10.97	(4.98)	19.57	17.82	3,837	Jan. 20	8
Total	956,133	63,941	18.29	12.30	5.71	6.61
Company name	Sales, INR million	PAT, INR million	Sales Y-o-Y Change %	PAT Y-o-Y Change %	Sales Q-o-Q Change %	PAT Q-o-Q Change %	EBITDA, INR million	Result date	Number of estimates available
FINANCE
Aditya Birla Capital	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	--	--
Bajaj Finance *+	97,521	41,717	27.39	14.64	10.35	4.30	N.A.	Jan. 29	8
Bajaj Finserv *+	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	Jan. 30	--
Bajaj Holdings & Investment*+	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	Jan. 30	--
BSE +	7,406	3,331	99.35	207.85	(0.76)	(3.95)	N.A.	--	3
Cholamandalam Investment and Finance *	30,297	10,497	39.56	19.81	11.68	9.00	N.A.	Jan. 31	9
Housing & Urban Development Corp *	8,485	6,176	27.13	18.95	6.42	(10.31)	N.A.	Jan. 22	3
ICICI Lombard General Insurance Co#	46,617	6,137	8.29	42.24	(7.24)	(11.56)	N.A.	Jan. 17	3
ICICI Prudential Life Insurance Co#	132,444	2,575	33.39	13.18	23.16	2.28	N.A.	Jan. 21	2
Indian Railway Finance Corp *	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	Jan. 20	--
Jio Financial Services *+	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	Jan. 17	--
L&T Finance *+	21,283	6,220	8.98	(2.84)	(2.29)	(10.58)	N.A.	Jan. 20	7
LIC Housing Finance*	20,113	12,904	(4.10)	10.97	1.90	(2.89)	N.A.	--	9
Life Insurance Corp of India #	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	--	--
M&M Financial Svcs*	19,571	5,855	15.24	5.92	8.09	58.47	N.A.	Jan. 28	10
Max Financial Services*	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	Feb. 4	--
Muthoot Finance *	26,297	13,260	37.99	29.08	4.43	5.98	N.A.	--	6
One 97 Communications +	18,134	(3,513)	(36.38)	N.A.	9.27	N.A.	N.A.	Jan. 20	2
PB Fintech +	12,747	815	46.36	114.19	9.20	60.84	481	--	2
Poonawalla Fincorp +	6,183	1,811	26.01	(31.72)	10.58	N.A.	N.A.	Jan. 31	4
Power Finance Corp*	45,839	40,137	10.25	18.85	3.98	(8.16)	N.A.	--	2
REC*	50,855	40,541	18.52	24.00	2.37	1.21	N.A.	--	2
SBI Cards and Payment Services	15,804	4,122	13.94	(24.93)	5.21	1.92	N.A.	--	8
SBI Life Insurance Co#	258,978	5,022	16.05	56.08	27.79	(5.14)	N.A.	Jan. 17	1
Shriram Finance*	57,022	23,987	16.11	31.92	4.36	15.81	N.A.	--	9
Sundaram Finance*	5,759	3,697	14.94	23.19	2.38	8.69	N.A.	--	2
Total	881,353	225,289	18.26	19.18	13.12	(1.27)
Company name	Sales, INR million	PAT, INR million	Sales Y-o-Y Change %	PAT Y-o-Y Change %	Sales Q-o-Q Change %	PAT Q-o-Q Change %	EBITDA, INR million	Result date	Number of estimates available
FMCG
Britannia Industries +	44,880	5,174	5.44	(7.01)	(3.85)	(2.65)	7,726	--	16
Colgate Palmolive	14,878	3,333	6.61	0.97	(8.11)	(15.63)	4,680	--	16
Dabur India +	33,537	5,070	3.03	(1.41)	10.74	19.29	6,664	Jan. 30	16
Godrej Consumer +	37,458	5,297	2.35	(8.84)	2.17	7.81	7,836	Jan. 24	13
Hindustan Unilever	156,087	25,658	2.77	1.86	0.65	(1.77)	36,091	Jan. 22	17
ITC	182,292	51,546	3.27	(7.49)	(11.24)	1.50	62,982	--	16
Jubilant Foodworks	17,004	816	25.48	33.84	15.92	56.69	3,002	--	9
Marico +	27,446	3,993	13.32	4.26	3.03	(5.60)	5,355	Jan. 31	14
Nestle India	48,098	7,097	4.55	8.25	(5.76)	(28.05)	10,140	Jan. 31	14
Patanjali Foods	90,695	3,222	14.65	48.79	11.23	4.28	4,444	--	1
Tata Consumer Products +	44,039	3,263	15.77	17.00	4.50	(10.46)	5,714	--	11
United Spirits	33,751	3,994	12.92	15.10	18.72	19.22	5,811	Jan. 23	6
Varun Beverages +	35,828	1,817	34.31	37.71	(25.43)	(70.67)	5,767	--	10
Total	765,993	120,280	7.65	(0.98)	(2.14)	(4.71)
Company name	Sales, INR million	PAT, INR million	Sales Y-o-Y Change %	PAT Y-o-Y Change %	Sales Q-o-Q Change %	PAT Q-o-Q Change %	EBITDA, INR million	Result date	Number of estimates available
HEALTHCARE
Apollo Hospitals +	55,191	3,444	13.78	40.42	(1.26)	(9.07)	7,621	--	5
Max Healthcare Institute +	21,358	3,612	59.99	24.85	25.09	28.19	5,590	--	7
Total	76,550	7,057	23.76	31.99	4.91	6.82
Company name	Sales, INR million	PAT, INR million	Sales Y-o-Y Change %	PAT Y-o-Y Change %	Sales Q-o-Q Change %	PAT Q-o-Q Change %	EBITDA, INR million	Result date	Number of estimates available
HOTELS
Indian Hotels Co +	24,155	5,726	23.00	26.71	32.27	3.26	9,035	Jan. 17	9
Total	24,155	5,726	23.00	26.71	32.27	3.26
Company name	Sales, INR million	PAT, INR million	Sales Y-o-Y Change %	PAT Y-o-Y Change %	Sales Q-o-Q Change %	PAT Q-o-Q Change %	EBITDA, INR million	Result date	Number of estimates available
IT
Coforge +	32,381	2,683	39.37	12.72	5.74	32.67	5,255	Jan. 22	11
Info Edge India	6,821	2,554	14.56	19.63	3.96	197.46	2,838	--	7
Infosys +	412,356	67,466	6.22	10.49	0.61	3.70	99,958	Jan. 16	15
KPIT Technologies +	14,737	1,938	17.24	24.77	0.15	(4.88)	3,083	Jan. 29	3
LTIMindtree +	96,206	11,184	6.70	(4.32)	1.99	(10.60)	15,573	Jan. 16	14
Mphasis +	35,171	4,150	5.37	11.07	(0.54)	(1.97)	6,230	Jan. 23	11
Persistent Systems +	30,202	3,511	20.89	22.72	4.25	8.05	5,205	Jan. 22	13
Tata Technologies +	12,963	1,623	0.53	(4.68)	(0.01)	3.07	2,245	Jan. 21	2
Tech Mahindra +	133,684	10,645	2.04	108.56	0.41	(14.85)	17,760	Jan. 17	15
Wipro +	222,306	30,566	0.11	13.45	(0.32)	(4.74)	43,848	Jan. 17	15
Total	996,826	136,320	5.55	14.40	0.74	0.14
Company name	Sales, INR million	PAT, INR million	Sales Y-o-Y Change %	PAT Y-o-Y Change %	Sales Q-o-Q Change %	PAT Q-o-Q Change %	EBITDA, INR million	Result date	Number of estimates available
LOGISTICS
Container Corp	23,410	3,456	6.16	3.34	2.54	(6.86)	5,388	Jan. 30	4
Delhivery +	24,121	731	9.92	524.12	10.16	615.99	1,397	--	5
Total	47,531	4,187	8.03	20.95	6.27	9.81
Company name	Sales, INR million	PAT, INR million	Sales Y-o-Y Change %	PAT Y-o-Y Change %	Sales Q-o-Q Change %	PAT Q-o-Q Change %	EBITDA, INR million	Result date	Number of estimates available
METAL
APL Apollo Tubes +	52,875	2,026	26.56	22.40	10.76	276.48	3,360	Jan. 20	6
Hindalco Industries +	594,252	34,978	12.53	50.06	2.10	(10.52)	76,980	Feb. 13	7
Hindustan Zinc	84,744	24,832	15.93	21.84	2.82	8.06	43,409	--	5
Jindal Steel & Power +	115,077	9,108	(1.66)	(52.77)	2.62	5.80	22,996	--	8
JSW Steel +	405,742	6,590	(3.26)	(72.71)	2.24	50.12	51,981	Jan. 24	10
NMDC	64,812	20,251	19.80	35.70	34.84	59.59	24,886	--	8
Steel Authority of India	238,913	1,719	2.34	(48.13)	(3.17)	(79.38)	18,825	--	11
Tata Steel +	526,704	(4,126)	(4.78)	N.A.	(2.29)	N.A.	46,750	--	10
Vedanta +	392,211	31,814	10.35	58.04	4.22	(26.90)	105,319	--	4
Total	2,475,329	127,193	4.20	(3.85)	1.81	(14.34)
Company name	Sales, INR million	PAT, INR million	Sales Y-o-Y Change %	PAT Y-o-Y Change %	Sales Q-o-Q Change %	PAT Q-o-Q Change %	EBITDA, INR million	Result date	Number of estimates available
OIL & GAS
Adani Total Gas+	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	--	--
BPCL	1,044,110	49,309	(9.60)	45.14	1.58	105.69	82,463	Jan. 22	13
GAIL	331,708	23,988	(3.11)	(15.61)	0.79	(10.22)	35,655	--	14
Hindustan Petroleum	1,014,878	32,738	(8.82)	518.84	1.56	418.67	60,917	Jan. 24	12
Indian Oil Corp	1,774,061	55,786	(10.90)	(30.82)	2.05	2,999.06	212,463	Jan. 28	12
Indraprastha Gas	36,526	2,222	2.88	(43.34)	(1.21)	(48.47)	3,424	--	13
Mangalore Refinery & Petrochemicals	220,883	1,000	(10.45)	(74.16)	(11.53)	N.A.	7,132	Jan. 20	4
Oil India	53,385	15,115	0.28	(4.60)	1.76	(17.59)	23,279	--	10
ONGC	316,246	96,275	(9.09)	(2.67)	(6.66)	(19.66)	178,498	Jan. 31	12
Petronet LNG	127,075	9,091	(13.83)	(23.65)	(2.41)	7.25	13,005	Jan. 27	14
Reliance Ind +	2,353,126	182,316	3.22	5.60	(0.07)	10.07	416,611	Jan. 16	12
Total	7,271,997	467,838	(5.70)	2.72	0.20	26.93
Company name	Sales, INR million	PAT, INR million	Sales Y-o-Y Change %	PAT Y-o-Y Change %	Sales Q-o-Q Change %	PAT Q-o-Q Change %	EBITDA, INR million	Result date	Number of estimates available
PHARMA
Alkem Laboratories +	34,587	5,787	4.06	(2.74)	1.29	(15.97)	6,888	--	4
Aurobindo Pharma +	78,894	9,300	7.31	(17.33)	1.20	(14.50)	16,591	--	9
Biocon +	38,194	1,069	(3.40)	(83.80)	6.38	N.A.	8,027	Jan. 30	7
Cipla +	70,010	12,159	6.01	15.15	(0.71)	(6.65)	17,900	Jan. 28	12
Divi's Laboratories	22,487	4,984	24.38	39.22	(2.31)	(3.78)	6,813	--	8
Dr. Reddy's Lab +	81,568	14,729	12.71	6.66	1.47	17.30	22,756	Jan. 23	13
Lupin +	56,950	7,932	9.57	29.37	0.39	(6.97)	12,892	--	12
Mankind Pharma +	32,423	4,692	24.37	3.40	5.39	(28.20)	8,437	Jan. 23	5
Sun Pharma +	134,352	29,011	8.52	14.95	1.08	(4.57)	37,468	--	12
Torrent Pharma +	29,774	5,094	8.98	14.99	3.06	12.45	9,670	Jan. 24	8
Zydus Lifesciences +	52,338	9,229	16.17	16.88	(0.06)	1.28	13,887	--	10
Total	631,577	103,986	9.46	4.01	1.28	(3.24)
Company name	Sales, INR million	PAT, INR million	Sales Y-o-Y Change %	PAT Y-o-Y Change %	Sales Q-o-Q Change %	PAT Q-o-Q Change %	EBITDA, INR million	Result date	Number of estimates available
PORT
Adani Ports and SEZ +	73,289	25,926	5.91	17.40	3.70	6.04	44,515	--	4
JSW Infrastructure +	11,259	3,143	19.76	25.40	12.43	(15.39)	5,677	--	4
Total	84,547	29,070	7.56	18.21	4.79	3.21
Company name	Sales, INR million	PAT, INR million	Sales Y-o-Y Change %	PAT Y-o-Y Change %	Sales Q-o-Q Change %	PAT Q-o-Q Change %	EBITDA, INR million	Result date	Number of estimates available
POWER & ENERGY
Adani Energy Solutions +	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	--	--
Adani Green Energy +	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	Jan. 23	--
Adani Power +	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	--	--
Coal India +	357,830	85,157	(1.03)	(15.94)	16.66	35.40	116,284	Jan. 27	8
JSW Energy +	31,212	4,262	22.75	84.23	(3.60)	(50.05)	13,825	--	4
NHPC	19,064	6,358	12.34	16.43	(25.28)	(29.76)	8,434	--	3
NTPC	419,734	49,107	6.38	7.41	4.08	5.63	114,206	--	6
Power Grid	114,171	39,613	6.94	(0.22)	11.28	6.74	101,102	--	6
SJVN	5,864	1,361	9.28	0.52	(41.04)	(71.24)	3,898	--	2
Suzlon Energy +	28,390	3,188	81.93	57.01	34.97	59.24	4,106	--	2
Tata Power +	172,302	10,581	17.60	11.03	9.76	14.20	31,520	Feb. 4	6
Torrent Power +	58,170	3,867	(8.63)	7.47	(18.94)	(19.61)	11,070	--	2
Total	1,206,735	203,494	6.19	(3.56)	6.77	10.07
Company name	Sales, INR million	PAT, INR million	Sales Y-o-Y Change %	PAT Y-o-Y Change %	Sales Q-o-Q Change %	PAT Q-o-Q Change %	EBITDA, INR million	Result date	Number of estimates available
REALTY
DLF +	17,860	8,062	17.41	22.77	(9.57)	(41.63)	5,280	--	6
Godrej Properties +	10,432	3,177	215.70	410.25	(4.58)	(5.21)	556	--	3
Macrotech Developers +	35,943	6,091	22.65	21.01	36.89	44.02	9,673	--	5
Oberoi Realty +	14,986	6,640	42.23	84.37	13.54	12.65	9,222	Jan. 20	6
Phoenix Mills +	10,698	2,934	8.49	5.01	16.54	34.51	6,138	--	5
Prestige Estates +	25,206	2,244	40.36	92.91	9.38	16.73	7,158	--	4
Total	115,124	29,147	33.59	47.35	12.47	(7.14)
Company name	Sales, INR million	PAT, INR million	Sales Y-o-Y Change %	PAT Y-o-Y Change %	Sales Q-o-Q Change %	PAT Q-o-Q Change %	EBITDA, INR million	Result date	Number of estimates available
RETAIL
Aditya Birla Fashion +	42,714	(555)	2.51	N.A.	17.22	N.A.	5,691	--	9
FSN E-Commerce Ventures +	22,955	380	28.33	134.67	22.45	278.32	1,430	--	6
Kalyan Jewellers India+	72,280	2,643	38.39	46.33	19.17	102.36	4,911	Jan. 30	1
Page Industries	13,546	1,856	10.24	21.85	8.70	(4.92)	2,710	Feb. 5	7
Titan Co	170,681	10,766	30.77	3.52	29.16	52.71	16,972	Feb. 4	8
Trent	46,377	5,218	40.01	51.87	14.92	23.23	8,302	--	7
Zomato +	54,431	2,441	65.54	76.86	13.42	38.68	2,662	--	7
Total	422,984	22,749	31.94	26.88	21.27	56.41
Company name	Sales, INR million	PAT, INR million	Sales Y-o-Y Change %	PAT Y-o-Y Change %	Sales Q-o-Q Change %	PAT Q-o-Q Change %	EBITDA, INR million	Result date	Number of estimates available
TELECOM
Bharti Airtel +	438,766	50,321	15.77	106.05	5.79	40.05	225,335	--	7
Bharti Hexacom	21,939	2,681	21.84	26.05	4.59	5.93	11,134	--	1
Indus Tower +	76,874	21,717	6.78	40.98	2.98	(2.33)	N.A.	Jan. 23	3
Tata Communications +	69,001	2,677	22.49	497.47	19.64	17.82	11,832	Jan. 22	4
Vodafone Idea +	112,470	(72,214)	5.38	N.A.	2.88	N.A.	47,205	--	5
Total	719,050	5,183	13.76	N.A.	6.16	N.A.
Company name	Sales, INR million	PAT, INR million	Sales Y-o-Y Change %	PAT Y-o-Y Change %	Sales Q-o-Q Change %	PAT Q-o-Q Change %	EBITDA, INR million	Result date	Number of estimates available
TRAVEL & TOURISM
IRCTC	12,202	3,337	9.11	11.22	14.68	8.39	4,081	--	2
Total	12,202	3,337	9.11	11.22	14.68	8.39
Grand Total	22,963,038	2,717,557	4.44	10.37	3.54	5.33

 

Earnings estimates for 16 companies were not available. These include Aditya Birla Capital, Bajaj Finserv, Bajaj Holdings & Investment, Fertilisers and Chemicals Travancore, Indian Railway Finance Corp., Jio Financial Services, Life Insurance Corp of India, Max Financial Services, and Tube Investments of India. Estimates were not available for the banks Indian Overseas Bank and IDBI Bank. Estimates were also unavailable for five Adani group companies, namely Adani Enterprises, Adani Total Gas, Adani Energy Solutions, Adani Green Energy, and Adani Power.

 

Nine companies in the Nifty 200 index have released their earnings so far. These are Avenue Supermarts, Bank of Maharashtra, HCL Technologies, HDFC Life Insurance Co., HDFC Asset Management Co., Indian Renewable Energy Development Agency, Oracle Financial Services Software, Tata Consultancy Services, and Tata Elxsi.

 

EARNINGS DECLARED SO FAR
Company Name	Sales, INR million	Informist estimates, Sales, INR million	PAT, INR million	Informist estimates, PAT, INR million	EPS, INR	Result Date
Avenue Supermarts	155,652	155,662	7,847	8,566	12.04	Jan. 11
HCL Tech +	298,900	300,177	45,910	45,520	16.93	Jan. 13
Bank of Maharashtra*	29,433	N.A.	14,065	N.A.	1.83	Jan. 15
HDFC Life Insurance Co#	167,713	180,909	4,149	4,418	1.93	Jan. 15
Oracle Financial Services Software +	17,152	N.A.	5,413	N.A.	--	Jan. 15
HDFC Asset Management Co	9,344	9,127	6,415	5,896	29.91	Jan. 14
Indian Renewable Energy Development Agency *	16,223	N.A.	4,254	N.A.	1.58	Jan. 9
Tata Elxsi	9,392	9,805	1,990	2,063	31.94	Jan. 9
TCS +	639,730	644,506	123,800	123,938	34.21	Jan. 9

 

Notes:

+ Consolidated Figure

* Net interest Income

Y-o-Y: Year-on-Year

# Net premium income

Q-o-Q: Quarter-on-Quarter

N.A.: Not Available

 

Estimates from:

Anand Rathi Share and Stock Brokers Ltd., Axis Securities Ltd., Centrum Broking Ltd., Dolat Capital Market Pvt. Ltd., Elara Securities (India) Pvt. Ltd., Emkay Global Financial Services Ltd., HDFC Securities Ltd., HSBC Global Research, ICICI Securities Ltd., IDBI Capital Market Services Ltd., Incred Research Services Pvt. Ltd., Indsec Securities and Finance Ltd., JM Financial Institutional Securities Pvt. Ltd., Kotak Institutional Equities, KR Choksey Research, Motilal Oswal Financial Services Ltd., Nirmal Bang Equities Pvt. Ltd., Nomura Equity Research, Nuvama Wealth Management Ltd., PhillipCapital (India) Pvt. Ltd., Prabhudas Lilladher Pvt. Ltd., Mirae Asset Sharekhan, Systematix Shares and Stocks (India) Ltd., and YES Securities (India) Ltd.

 

End

 

Data compiled by Shivaji Jagatap

 

Edited by Ashish Shirke

 

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