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Informist, Tuesday, Apr. 15, 2025

 

By Anshul Choudhary

 

MUMBAI – The weak top-line growth of the past several quarters has caught up with companies in the March quarter as well, analysts said. The Nifty 200 companies are expected to report a dismal earnings growth in the quarter with some analysts even warning about a decline in net profit for several major companies due to muted demand, only a slight improvement in government capital expenditure, and higher raw material costs.

 

The cumulative net profit of 186 of the Nifty 200 companies for which analysts' estimates are available is expected to grow a mere 1% on year. This is a sharp drop from the nearly 9% growth in the net profit excluding exceptional items that these companies had reported for the December quarter. The count of estimates for each company differs based on availability of brokerage reports, and ranges from one to 20. The performance of the Nifty 200, however, is likely to top that of the Nifty 50 companies that are expected to report a decline of nearly 5% in net profit for the latest quarter. 

 

A sharp fall in the net profit of Tata Motors in the March quarter is expected to drag down the overall earnings growth of the Nifty 200 group. The company is likely to report a 60?cline in net profit, largely due to a high base of last year, when the company's net profit was lifted by a tax write-back of nearly INR 82 billion. Excluding Tata Motors' earnings from both the quarters, the remaining 185 companies in the index are likely to report a net profit growth of 4% on year.

 

The Nifty 200 companies are expected to report a 5.2% increase in sales, just slightly down from the 5.5% growth they reported in the previous quarter. The top 50 companies are also expected to report a growth of 5% in sales in the March quarter.

 

"Weak top line is a problem with consumption being a challenge...capital expenditure has been slightly better," said Seshadri Sen, head of research at Emkay Global Financial Services. "I expect consumption to improve but that is still 2-4 quarters away." Apart from a weak top-line growth, analysts pointed out that margins have reached near peak levels for companies, which would have also limited growth of net profit during the March quarter.

 

DOWNGRADE RISKS

Poor earnings growth in the March quarter has raised the risk of further downgrades in earnings estimates, several analysts warned. JM Financial Institutional Securities said 35% of its coverage universe is likely to see cuts in FY26 earnings estimates once the March quarter results begin. Considering the poor earnings growth expected in the latest quarter, Motilal Oswal Financial Services, has already cut its FY26 earnings per share estimate for the Nifty 50 companies by 3.8% to INR 1,157.

 

While the slowdown in earnings growth is a risk, a new risk has emerged from the US reciprocal tariffs which were announced earlier this month. While the US tariff announcement has been put on a pause for 90 days, the baseline 10% tariff remains and the ongoing trade war between the US and China still poses a risk to earnings estimates, analysts said. Some of the export-oriented sectors such as information technology, chemicals, and pharmaceutical are at a big risk of downgrades.

 

Within these, IT companies can face sharp downgrades as they derive a major chunk of revenue from the US, which is likely to see a slowdown in economic growth as the ensuing inflation from tariffs may hit demand. This is already playing out to a certain degree as Tata Consultancy Services, after announcing the March quarter earnings on Thursday, said it saw some delay in decision-making from clients in the final weeks of Februrary, which worsened in March ahead of the tariff announcement.

 

 

"Note that while direct impact of US tariffs is limited, the indirect impact is likely to be sweeping given ~2/3 of Nifty top line is directly or indirectly linked to global trade," Nuvama Institutional Equities cautioned in its earnings preview report.

 

SECTORAL TRENDS

The largest sector in the Nifty 200 index, financials, is likely to disappoint as banks may report a decline in net profit in the March quarter, mainly due to the Reserve Bank of India cutting its key repo rate by 25 basis points in February. Apart from financials, oil and gas, real estate, and cement companies are also expected to report a decline in profits. Some companies in the fast-moving consumer goods and information technology sectors will be a drag on the overall earnings growth, estimates show. While the overall earnings growth is seen poor, some sectors such as pharmaceutical, healthcare, metal and some non-banking financial services companies are expected to report strong growth in the net profit.

 

The cumulative net profit of 17 banks in the Nifty 200 index is likely to see a marginal fall on year, while their net interest income is expected to rise 5% on year. This analysis excludes Bank of Maharashtra, Indian Overseas Bank, and IDBI Bank as estimates for these were not available. The financial services sector, which includes banks and non-banking financial services companies, has nearly 33% weightage in the Nifty 200 index.

 

Banks' net profits are expected to fall after the interest rate cut, which is expected to lead to a decline in banks' net interest margins. Kotak Institutional Equities expects banks to report a 10-15 basis points decline on quarter in their net interest margin.

 

Further, banks will likely continue to see their earnings dwindle due to a slowdown in credit growth and also as the cost of deposits remains high. Motilal Oswal Financial Services noted that credit growth has come down to around 11% in the March quarter compared with 16.5% a year ago. 

 

Oil and gas companies are also likely to see a sharp drop in profits across segments. Earnings during the quarter were impacted largely due to lower refining and marketing margins for oil marketing companies, which has also affected index heavyweight Reliance Industries, analysts said. The cumulative net profit of 10 oil and gas companies in the index is expected to fall 18% on year in the March quarter. These companies' net sales for the latest quarter may decline 1%.

 

Among relatively smaller sectors, the five real estate companies in the Nifty 200 may report a decline of 14% in their cumulative net profit, while sales may rise over 28%. Within the sector, Prestige Estates is likely to outperform and more than double its profits during the quarter. Cement companies may suffer due to weak cement prices as the cumulative net profit of five companies in the sector may drop 5% on year. Sales of these cement companies are likely to rise 12% on year driven by higher volumes.

 

The automobile sector is expected to see mixed earnings as Tata Motors' high base of last year has skewed the earnings growth for the sector. The cumulative net profit of 17 automobile companies in the Nifty 200 index is likely to fall 28% on year due to a sharp drop in Tata Motors' net profit. Excluding Tata Motors, the cumulative net profit of the remaining 16 companies is likely to rise 6% on year. The net sales of the 17 companies, including Tata Motors, is expected to grow 5% on year.

 

Fast-moving consumer consumer goods companies are likely to face the brunt of weak demand in urban areas and a rise in input costs, which would offset the positive effect of price hikes effected by several companies and a slight improvement in demand from rural areas. Most of the companies in the sector are expected to either post a decline in net profit or report only a slight rise in profits. Growth in net sales of 13 companies in the sector would remain muted at 6%, estimates show. Sequentially, the performance would be worse as sales are expected to see a marginal decline.

 

"Staple companies are likely to experience a similar subdued quarter due to sluggish urban demand and high palm oil prices...we have seen no material pickup in volume growth," Motilal Oswal said. 

 

The cumulative net profit of 13 companies in the Nifty 200 index is expected to rise 29% on year, but this is mostly skewed due to the performance of Godrej Consumer Products. Excluding Godrej Consumer, the cumulative net profit of the remaining 12 companies is expected to rise a mere 3% on year. Godrej Consumer Products is expected to return to profit in the March quarter after making a loss last year in the same quarter, due to the one-time cost of nearly INR 24 billion on account of losses in their business in Africa.

 

Sales growth for information technology companies is likely to be muted and several companies in the sector may even report a decline in sales sequentially. "We expect a sequential revenue decline for all large IT companies for the March 2025 quarter due to seasonal weakness, lower billing days and marginal deterioration in demand," Kotak said.

 

The global uncertainty due to reciprocal tariffs announced by the US against other countries is also likely to hit earnings slightly. Overall, the cumulative sales of 13 IT companies in the Nifty 200 index are expected to rise a mere 1% on quarter, while the net profit may decline marginally. Compared with the previous year, these companies' cumulative net sales are expected to rise 8% and the net profit is expected to rise nearly 2%.

 

Capital goods companies are expected to see a mixed quarter. While Larsen and Toubro, ABB India, and Bharat Heavy Electricals are likely to report 8-30% higher profits in the March quarter, Siemens, Cummins India, and Supreme Industries' net profit may drop 9-29% on year. A similar trend was visible in defence-related companies with Bharat Dynamics and Solar Industries expected to report a growth in profits by 18% and 46%, respectively, Hindustan Aeronautics may report a 41?cline in profits . 

 

Pharmaceutical and healthcare sector companies are likely to continue to report strong growth. The cumulative net profit for 11 pharmaceutical companies in the index is expected to rise 14% on year and that for the two healthcare companies is expected to rise 56% on year. Sales for pharmaceutical and healthcare companies are expected to rise 11% and 24%, respectively.

 

Metal companies are expected to see strong growth in profits due to lower prices of coking coal, a key ingredient for metal companies. However, the performance of metal companies in terms of sales is expected to be mixed with steel producers likely to report a decline in revenue, while the non-ferrous companies are likely to report a growth.

 

Overall, the cumulative net profit for the nine metal companies in the Nifty 200 index is expected to rise 46% on year and 24% on quarter in the March quarter. At the same time, sales growth would be slightly higher on year, but may rise 4.5% on quarter, estimates show.

 

The chemical sector companies are expected to report a strong growth in net profit, driven by a sharp rise in profits of UPL and Tata Chemicals. The seven chemical companies in the index are likely to see their cumulative sales rising 8% on year and net profit 113%. This will be because of the low base of Tata Chemicals and UPL, both of which had reported exceptional loss of INR 9.6 billion and INR 1.0 billion, respectively, during the same quarter of the previous year. Excluding UPL and Tata Chemicals, the net profit for the remaining six companies is expected to decline 2% on year.

 

Following are the Jan-Mar 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 29 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 +	65,656	2,938	4.91	(17.02)	(5.23)	(12.87)	8,782	--	8
Ashok Leyland	121,139	11,119	7.52	23.48	27.80	45.96	16,925	--	10
Bajaj Auto	119,683	20,288	4.21	4.79	(6.55)	(3.79)	23,792	--	12
Balkrishna Industries	27,026	4,434	1.10	(7.79)	6.38	0.91	6,836	--	7
Bosch	44,819	5,785	5.87	2.48	0.36	26.25	5,713	May. 27	1
Eicher Motors +	52,011	12,358	22.21	15.45	4.58	5.58	13,155	--	10
Escorts Kubota	24,321	2,411	16.79	(0.42)	(17.15)	(25.42)	2,545	--	6
Exide Industries	41,125	2,661	2.57	(6.23)	6.86	8.61	4,869	Apr. 30	8
Hero MotoCorp	97,495	11,061	2.42	8.86	(4.52)	(8.05)	13,904	--	8
M&M	302,479	24,273	18.93	21.36	(2.31)	(18.12)	41,573	--	8
Maruti Suzuki	411,601	38,994	7.65	0.56	6.93	10.62	49,674	Apr. 25	13
MRF	70,139	3,546	12.85	(6.58)	1.90	15.60	8,407	--	5
Samvardhana Motherson International +	287,301	10,871	6.18	(20.75)	3.85	23.73	29,385	--	6
Sona Blw Precision Forgings +	8,498	1,460	(4.01)	(1.80)	(2.10)	(3.44)	2,240	Apr. 30	6
Tata Motors +	1,225,255	73,184	2.12	(57.96)	7.88	34.26	164,271	--	9
Tube Investments of India +	19,961	2,547	(55.54)	34.39	(58.52)	31.57	2,304	--	1
TVS Motor Co	93,797	7,554	14.82	55.62	3.11	22.14	12,078	--	10
Total	3,012,303	235,482	5.23	(28.00)	3.68	11.41
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
AIRPORTS & AVIATION
GMR Airports +	26,132	(3,838)	6.80	N.A.	(1.51)	N.A.	9,241	--	1
Interglobe Aviation	219,286	24,990	23.02	31.95	(0.82)	2.33	53,210	--	5
Total	245,418	21,152	21.06	19.30	(0.90)	(21.91)
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*	21,521	5,030	60.96	35.66	6.40	(4.82)	N.A.	--	11
AXIS Bank*	142,263	67,135	8.69	(5.84)	4.56	6.50	N.A.	--	17
Bandhan Bank*	28,824	4,085	0.56	647.78	1.84	(4.22)	N.A.	--	10
Bank of Baroda*	117,049	47,341	(0.75)	(3.12)	2.52	(2.13)	N.A.	--	14
Bank Of India*	62,520	29,250	5.33	103.28	2.99	16.22	N.A.	--	1
Bank of Maharashtra*	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	--	--
Canara Bank*	92,707	42,224	(3.23)	12.38	1.33	2.88	N.A.	--	5
Federal Bank*	24,447	9,519	11.37	5.04	0.55	(0.37)	N.A.	--	16
HDFC Bank*	313,470	171,071	7.81	3.60	2.26	2.22	N.A.	Apr. 19	16
ICICI Bank*	208,440	117,913	9.17	10.12	2.32	(0.01)	N.A.	Apr. 19	16
IDBI Bank *	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	--	--
IDFC First Bank*	51,230	3,951	14.64	(45.46)	4.51	16.39	N.A.	Apr. 26	7
Indian Bank*	65,593	28,008	9.04	24.64	2.25	(1.81)	N.A.	--	6
Indian Overseas Bank *	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	--	--
IndusInd Bank*	47,623	(1,919)	(11.42)	N.A.	(8.91)	N.A.	N.A.	--	17
Kotak Mahindra*	74,137	35,802	7.30	(13.38)	3.02	8.33	N.A.	--	14
Punjab National Bank*	113,137	41,425	9.17	37.61	2.55	(8.11)	N.A.	--	7
SBI*	428,116	175,123	2.78	(15.39)	3.30	3.68	N.A.	--	15
Union Bank Of India*	93,378	42,974	(1.05)	29.81	1.06	(6.65)	N.A.	--	6
YES Bank*	22,436	6,263	4.21	38.58	0.90	2.28	N.A.	Apr. 19	6
Total	1,906,890	825,193	5.15	(0.20)	2.39	(0.24)
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
CEMENT
ACC +	58,232	4,697	7.66	(50.29)	(1.76)	(56.98)	7,807	--	13
Ambuja Cements +	99,167	8,205	11.50	(22.24)	6.30	(61.21)	16,464	--	13
Grasim Industries	86,470	(1,325)	27.77	N.A.	6.49	N.A.	3,383	--	4
Shree Cement	50,330	5,153	(0.78)	(22.14)	18.83	124.61	13,088	May. 14	14
UltraTech Cement +	225,615	25,699	10.49	13.81	31.22	74.89	44,879	Apr. 28	13
Total	519,814	42,429	11.64	(5.27)	16.02	(10.44)
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 +	85,897	10,624	(1.62)	(15.46)	0.47	(4.33)	15,643	May. 8	13
Astral +	17,129	1,608	5.40	(11.44)	22.61	40.96	2,852	--	6
Fertilisers and Chemicals Travancore	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	--	--
Tata Chemicals +	36,041	1,313	3.72	N.A.	0.39	N.A.	4,730	--	3
PI Industries	18,484	3,478	13.65	(9.52)	3.85	(17.94)	4,723	--	9
Pidilite Industries +	31,610	4,467	8.93	48.61	(6.17)	(19.13)	6,482	--	5
SRF +	40,491	4,835	13.43	14.52	15.98	78.36	9,009	--	10
UPL +	152,248	11,143	8.15	2,685.65	39.59	34.57	28,315	--	5
Total	381,900	37,468	6.06	113.06	15.44	15.40
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
CONSTRUCTION
Bharat Forge	27,691	3,470	18.92	(10.96)	32.12	0.27	6,575	--	6
IRB Infrastructure Developers +	19,071	3,933	(7.48)	108.23	(5.84)	(93.47)	9,281	--	3
Macrotech Developers +	45,389	8,821	12.95	32.54	11.17	(6.60)	14,345	--	3
Rail Vikas Nigam	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	--	--
Total	92,151	16,223	9.60	30.41	12.32	(77.83)
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 ELECTRICAL
Voltas +	49,234	2,522	17.14	116.61	58.56	90.89	3,467	--	9
Total	49,234	2,522	17.14	116.61	58.56	90.89
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	17,401	3,402	103.73	17.79	109.11	131.20	3,989	--	2
Bharat Electronics	89,599	18,011	5.06	0.99	55.66	36.86	22,883	--	8
Cochin Shipyard	17,018	2,736	38.87	3.37	59.06	48.46	3,704	--	1
Hindustan Aeronautics	130,700	25,276	(11.50)	(41.11)	87.87	76.43	36,170	--	3
Mazagon Dock Shipbuilders +	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	--	--
Solar Industries India +	20,057	3,435	24.52	46.14	1.65	9.09	5,226	--	1
Total	274,775	52,860	1.81	(22.99)	65.65	55.70
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) +	106,016	2,153	127.60	126.27	1.41	25.79	3,989	--	8
Havells India	63,252	4,608	16.39	2.66	29.55	62.93	6,612	Apr. 22	9
NLC India +	36,498	4,269	3.08	273.69	(17.26)	(36.10)	10,921	--	1
Polycab India +	66,558	6,278	19.03	14.98	27.36	37.20	9,334	May. 6	8
Total	272,324	17,308	41.65	43.72	9.04	9.57
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	33,718	4,939	9.46	7.53	0.20	(6.53)	6,080	May. 9	5
BHEL	110,293	6,420	33.52	32.55	51.56	414.57	9,972	--	3
CG Power and Industrial Solutions +	26,879	2,905	22.64	24.36	6.85	20.77	3,649	--	3
Cummins India	26,962	5,071	16.41	(9.69)	(12.63)	(1.34)	5,204	May. 28	8
L&T +	759,480	47,327	13.22	7.66	17.44	40.90	80,725	--	7
Siemens	52,919	6,569	(0.41)	(26.72)	66.69	16.74	6,820	--	4
Supreme Industries +	31,061	2,530	3.27	(28.69)	23.76	35.34	4,101	--	8
Total	1,041,313	75,762	14.12	2.57	20.25	37.34
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
FINANCE
Aditya Birla Capital +	12,905	4,930	(25.87)	(60.42)	(31.27)	(30.37)	N.A.	--	3
Bajaj Finance *+	105,206	44,495	31.29	16.34	12.13	4.78	N.A.	Apr. 29	11
Bajaj Finserv *+	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	Apr. 29	--
Bajaj Holdings & Investment*+	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	--	--
BSE +	7,782	3,604	42.86	236.70	(6.43)	64.06	N.A.	--	3
Cholamandalam Investment and Finance *	32,508	12,036	38.05	13.76	12.61	10.78	N.A.	Apr. 25	13
HDFC Asset Management Co	9,206	5,939	32.38	9.77	(1.47)	(7.41)	N.A.	Apr. 17	9
HDFC Life Insurance Co#	241,610	5,500	17.93	33.61	44.06	32.55	N.A.	Apr. 17	2
Housing & Urban Development Corp *	10,147	7,398	33.29	5.66	3.22	0.65	N.A.	--	3
ICICI Lombard General Insurance Co#	47,110	6,164	(1.18)	18.64	(7.34)	(14.91)	N.A.	Apr. 15	5
ICICI Prudential Life Insurance Co#	160,825	3,700	8.75	112.94	31.16	13.62	N.A.	Apr. 15	2
Indian Railway Finance Corp *	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	--	--
Indian Renewable Energy Development Agency *	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	Apr. 15	--
Jio Financial Services *+	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	Apr. 17	--
L&T Finance *+	21,376	6,358	7.55	14.79	(4.45)	1.50	N.A.	Apr. 25	8
LIC Housing Finance*	20,550	13,368	(8.16)	22.55	2.74	(6.65)	N.A.	--	10
Life Insurance Corp of India #	1,483,000	148,000	(2.62)	7.54	38.74	33.86	N.A.	--	1
M&M Financial Services*	20,269	5,772	11.86	(6.75)	6.05	(35.83)	N.A.	Apr. 22	12
Max Financial Services*	118,200	1,700	1,270,867.74	N.A.	1,064,764.86	N.A.	N.A.	May. 13	1
Muthoot Finance *	29,200	15,706	36.79	48.69	7.30	15.22	N.A.	--	8
One 97 Communications +	20,724	(310)	(8.59)	N.A.	13.38	N.A.	(647)	--	4
PB Fintech +	15,585	1,187	43.04	95.91	20.66	65.92	761	--	1
Poonawalla Fincorp +	6,697	1,453	19.06	(56.18)	9.06	675.97	N.A.	Apr. 25	5
Power Finance Corp*	47,966	45,133	13.20	9.14	2.18	8.62	N.A.	--	4
REC*	52,094	40,241	16.09	0.19	1.49	(0.12)	N.A.	--	5
SBI Cards and Payment Services	16,026	4,779	13.27	(27.85)	2.04	24.71	N.A.	--	7
SBI Life Insurance Co#	253,400	8,600	0.89	6.07	2.06	56.13	N.A.	Apr. 24	1
Shriram Finance*	58,396	21,704	14.78	11.54	4.47	(39.20)	N.A.	Apr. 25	11
Sundaram Finance	6,346	4,012	22.74	(20.75)	(1.26)	14.95	N.A.	--	3
Total	2,797,127	411,469	7.83	9.49	31.34	10.03
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 +	43,720	5,199	7.44	(3.42)	(4.80)	(10.63)	7,624	--	15
Colgate Palmolive	15,078	3,533	1.19	(6.98)	3.14	9.46	4,915	--	14
Dabur India +	28,709	3,391	2.00	(2.99)	(14.43)	(35.09)	4,627	May. 7	16
Godrej Consumer +	36,044	4,850	6.46	N.A.	(4.35)	(2.68)	7,334	--	14
Hindustan Unilever	147,229	24,768	(0.90)	2.94	(4.45)	(17.47)	35,722	Apr. 24	15
ITC	172,482	49,108	(2.84)	(2.18)	(5.70)	(12.90)	60,411	--	14
Jubilant Foodworks	16,446	443	23.54	72.94	2.08	7.98	2,733	--	10
Marico +	26,297	3,377	15.44	6.19	(5.88)	(15.37)	4,645	May. 2	15
Nestle India	54,808	8,701	4.05	(6.86)	14.67	24.99	13,099	Apr. 24	13
Patanjali Foods	94,636	4,338	15.11	110.26	3.96	16.95	5,773	--	1
Tata Consumer Products +	45,513	3,115	15.90	43.79	2.43	11.69	5,980	--	12
United Spirits	29,335	3,194	10.03	(16.83)	(14.53)	(32.48)	4,397	--	9
Varun Beverages +	55,634	7,365	28.86	37.08	50.82	297.79	12,586	--	8
Total	765,931	121,381	5.82	28.82	(0.18)	(6.69)
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 +	55,900	3,687	13.07	45.28	1.14	(0.96)	7,679	--	8
Max Healthcare Institute +	23,150	4,210	62.69	67.38	23.91	76.31	6,148	--	6
Total	79,049	7,898	24.16	56.28	6.89	29.24
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
HOTELS
Indian Hotels Co +	24,037	5,278	26.15	26.35	(5.11)	(9.36)	8,561	--	8
Total	24,037	5,278	26.15	26.35	(5.11)	(9.36)
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 +	35,113	2,820	48.88	26.05	5.82	30.85	5,704	May. 5	17
HCL Tech +	302,664	43,520	6.20	9.18	1.26	(5.21)	64,972	Apr. 22	20
Info Edge India	6,982	2,666	14.78	26.39	3.98	33.18	3,007	--	6
Infosys +	419,681	66,671	10.67	(16.34)	0.49	(2.04)	98,881	Apr. 17	19
KPIT Technologies +	14,070	1,940	6.77	18.03	(4.80)	3.75	3,241	Apr. 28	8
LTIMindtree +	98,491	11,548	10.75	4.99	1.95	6.39	16,441	Apr. 23	20
Mphasis +	37,042	4,380	8.56	11.40	4.01	2.39	6,958	Apr. 24	18
Oracle Financial Services Software +	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	--	--
Persistent Systems +	32,273	3,950	24.58	25.26	5.39	5.89	5,790	Apr. 24	19
Tata Elxsi	9,199	1,793	1.54	(8.95)	(2.06)	(9.89)	2,277	Apr. 17	6
Tata Technologies +	13,041	1,698	0.23	7.96	(1.01)	0.66	2,309	Apr. 25	4
Tech Mahindra +	134,361	10,634	4.39	60.87	1.13	8.15	18,365	Apr. 24	20
Wipro +	226,379	33,379	1.93	17.76	1.43	(0.47)	46,909	Apr. 16	19
Total	1,329,297	184,999	8.17	1.58	1.27	(0.49)
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	24,436	3,559	5.44	20.82	10.98	3.62	5,323	--	5
Delhivery +	23,382	226	12.66	N.A.	(1.68)	(9.50)	955	--	7
Total	47,818	3,785	8.85	67.41	4.40	2.73
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 +	56,023	2,519	17.55	47.79	3.12	16.10	3,982	--	8
Hindalco Industries +	617,165	45,582	10.22	43.61	5.70	22.04	83,989	May. 20	11
Hindustan Zinc	86,665	26,301	14.79	28.80	1.29	(0.64)	44,934	--	4
Jindal Steel & Power +	120,654	9,783	(10.54)	4.59	2.68	2.93	22,991	--	12
JSW Steel +	446,643	18,310	(3.47)	40.96	7.94	155.37	63,733	May. 23	15
NMDC	67,006	18,544	3.48	26.84	2.60	(4.59)	23,423	--	11
Steel Authority of India	269,773	6,959	(3.51)	(31.18)	10.16	453.21	27,020	--	15
Tata Steel +	553,748	10,629	(5.64)	73.82	3.22	225.39	64,274	--	14
Vedanta +	386,866	37,200	8.95	171.73	(1.10)	4.88	108,515	--	6
Total	2,604,541	175,827	1.46	45.62	4.48	23.74
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	1,113,514	26,595	(4.46)	(37.04)	(1.58)	(42.80)	54,074	--	9
GAIL	347,412	19,519	7.50	(10.34)	(0.56)	(49.53)	29,664	--	12
Hindustan Petroleum	1,078,071	17,988	(5.89)	(36.72)	(2.44)	(40.49)	42,472	--	11
Indian Oil Corp	2,013,535	26,073	1.70	(46.10)	3.84	(9.26)	81,891	--	11
Indraprastha Gas	38,273	3,075	(3.46)	(19.68)	(7.70)	7.58	4,159	--	12
MRPL	220,612	2,779	(12.90)	(75.56)	0.87	(8.65)	9,642	--	3
Oil India	53,551	14,381	(3.12)	(29.12)	2.20	17.70	22,646	--	8
ONGC	336,960	85,831	(2.72)	(13.03)	(0.06)	4.17	183,466	--	9
Petronet LNG	120,836	7,898	(12.39)	7.08	(1.17)	(8.90)	11,546	--	12
Reliance Ind +	2,396,873	183,566	1.33	(3.14)	(0.12)	(0.99)	434,177	--	10
Total	7,719,636	387,706	(1.18)	(17.84)	0.30	(11.63)
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 +	31,321	3,338	6.68	13.69	(7.18)	(46.67)	4,218	--	5
Aurobindo Pharma +	82,530	10,268	8.88	12.99	3.44	21.39	18,083	--	9
Biocon +	41,195	1,689	5.17	24.65	7.80	572.91	9,176	May. 8	6
Cipla +	67,699	10,288	9.84	9.56	(4.28)	(34.49)	16,300	May. 13	11
Divi's Laboratories	25,657	6,162	13.58	16.04	11.70	3.73	8,303	--	9
Dr. Reddy's Lab +	83,274	14,623	17.06	11.64	(0.64)	3.44	22,247	May. 9	11
Lupin +	55,736	7,466	12.35	107.73	(3.37)	(12.69)	12,575	--	10
Mankind Pharma +	30,616	3,491	25.42	(25.92)	(5.22)	(8.19)	7,934	--	2
Sun Pharma +	132,104	28,728	10.24	8.22	(3.40)	(1.05)	36,397	--	11
Torrent Pharma +	29,881	5,148	8.86	14.65	6.38	2.34	9,829	--	9
Zydus Lifesciences +	59,322	13,766	7.20	16.43	12.58	34.50	19,820	--	9
Total	639,334	104,967	10.93	13.67	0.40	(2.27)
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
PORT
Adani Ports and SEZ +	82,030	27,865	18.94	36.62	3.01	10.57	49,754	--	5
JSW Infrastructure +	13,280	3,998	21.13	21.14	12.37	21.23	6,517	--	4
Total	95,310	31,863	19.24	34.46	4.22	11.80
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 +	54,398	5,069	15.57	40.24	(6.70)	(9.77)	18,822	--	1
Adani Green Energy +	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	--	--
Adani Power +	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	--	--
Coal India +	365,513	80,201	(2.30)	(7.63)	2.16	(5.71)	100,197	--	12
JSW Energy +	31,410	2,543	13.97	(27.61)	28.79	51.54	12,064	--	4
NHPC	18,386	6,566	11.32	(5.89)	(6.69)	140.00	8,828	--	3
NTPC	452,169	55,452	6.31	(0.20)	9.35	17.70	125,660	--	7
Power Grid	118,184	43,287	6.95	4.87	16.77	11.16	101,391	--	6
SJVN	6,323	1,136	36.95	84.60	1.16	(18.46)	4,085	--	2
Suzlon Energy +	35,731	4,280	62.69	68.44	20.11	10.63	5,305	--	3
Tata Power +	176,254	10,027	11.23	12.00	14.52	(2.72)	31,648	--	6
Torrent Power +	65,669	4,673	0.59	8.60	1.04	(1.77)	11,733	--	2
Total	1,324,036	213,233	5.80	(0.44)	7.66	5.84
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 +	22,983	7,544	7.66	(18.07)	50.34	(28.75)	9,695	--	5
Godrej Properties +	14,077	2,455	(1.29)	(47.92)	45.29	50.92	4,576	--	4
Oberoi Realty +	15,930	6,390	21.16	(18.92)	12.89	3.33	8,975	--	4
Phoenix Mills +	11,976	2,707	(8.30)	(17.15)	22.81	2.24	6,280	--	4
Prestige Estates +	42,304	3,551	95.49	153.66	155.69	1,906.36	10,053	--	4
Total	107,270	22,646	28.53	(14.44)	64.06	6.71
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
RETAIL
Aditya Birla Fashion +	35,554	(1,724)	4.37	N.A.	(17.41)	N.A.	3,664	--	9
Avenue Supermarts	147,658	6,197	19.14	2.56	(5.14)	(21.03)	10,521	--	7
FSN E-Commerce Ventures +	20,725	203	24.25	193.29	(8.59)	(22.19)	1,270	--	8
Kalyan Jewellers India+	61,876	2,077	36.44	50.95	(15.09)	(5.08)	4,022	May. 8	1
Page Industries	22,045	1,350	122.12	24.78	67.89	(34.03)	2,089	--	8
Titan Co	124,199	8,200	10.33	4.33	(22.84)	(17.17)	12,892	--	6
Trent	42,796	3,396	34.29	(48.10)	(5.63)	(27.64)	6,701	--	7
Eternal +	58,759	328	64.96	(81.24)	8.71	(44.35)	844	--	9
Total	513,612	20,028	25.27	(10.69)	(9.53)	(25.86)
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 +	486,524	58,130	29.40	180.60	7.81	(60.67)	266,417	--	8
Bharti Hexacom	22,958	3,702	22.90	66.31	2.00	41.89	11,901	--	3
Indus Tower +	76,981	19,047	7.02	2.78	2.00	(52.42)	42,312	--	5
Tata Communications +	59,732	3,209	4.95	(0.08)	3.02	36.01	12,166	Apr. 22	6
Vodafone Idea +	109,573	(72,953)	3.30	N.A.	(1.44)	N.A.	45,476	--	6
Total	755,768	11,135	20.04	N.A.	5.20	(91.21)
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
TRAVEL & TOURISM
IRCTC	13,026	3,335	12.80	17.26	6.36	(2.28)	4,300	--	2
Total	13,026	3,335	12.80	17.26	6.36	(2.28)
Grand Total	26,611,914	3,031,947	5.19	0.78	6.21	(3.04)

 

 

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
TCS +	644,790	647,354	122,240	125,628	33.79	Apr. 10

 

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, Antique Stock Broking Ltd, Axis Securities Ltd, Centrum Broking Ltd, Choice Equity Broking Pvt Ltd, Dolat Capital Market Pvt Ltd, Elara Securities (India) Pvt Ltd, Emkay Global Financial Services Ltd, Equirus Securities Pvt Ltd, HDFC Securities Ltd, HSBC Global Research, ICICI Securities Ltd, IDBI Capital Market Services Ltd, IIFL Capital Services Ltd, InCred Research Services Pvt Ltd, Indsec Securities and Finance Ltd, JM Financial Institutional Securities Pvt Ltd, Kotak Institutional Equities, KR Choksey Research, Morgan Stanley, 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, Sharekhan Ltd, Systematix Shares and Stocks (India) Ltd and YES Securities (India) Ltd.

 

Compiled by Shivaji Jagatap

Edited by Akul Nishant Akhoury

 

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