More Stories

Informist, Thursday, Aug. 14, 2025

 

By Anshul Choudhary

 

MUMBAI - India's top listed companies reported a sharp improvement in year-on-year earnings growth in the June quarter, aided by a slower rise in tax outgo and a low base of last year, when earnings growth was only single digit. However, revenue growth for these companies remained weak in the latest quarter and was even lower than in the previous two quarters. The latest quarter marked the ninth straight quarter of single digit growth in sales for the Nifty 50 companies.

 

The cumulative revenue of 46 companies of the Nifty 50 index, for which earnings estimates were available, rose nearly 6% on year during the quarter, higher than the 3.7% rise that was expected. Earnings estimates were not available for Adani Enterprises, SBI Life Insurance Co., Jio Financial Services, and Bajaj Finserv. Including these four companies, the Nifty 50 companies' cumulative revenue growth was also 6%, slightly slower than the over 7% growth in the March quarter and the over 8% growth in the June quarter last year.

 

The cumulative net profit of these 46 companies rose 8.2% on year for the June quarter, excluding exceptional income and expense. This was better than analysts' estimates of a nearly 6% growth. This also excludes the one-time gain of over INR 89 billion for Reliance Industries from the sale of its stake in Asian Paints, which Reliance booked as other income.

 

The cumulative net profit of the 50 index companies grew 8% for the June quarter excluding exceptional items. Without adjusting for exceptional items, the Nifty 50 index companies' net profit growth for the June quarter dropped to just 3%; analysts had estimated it to rise 4%.

 

Five companies reported a one-time expense in the June quarter and only one reported a one-time income. At a cumulative level, the Nifty 50 companies saw a net one-time expense of over INR 11 billion in the June quarter, which was less than 1% of the overall net profit. However, in the year-ago period, the index companies' had reported a cumulative net one-time income of over INR 33 billion, nearly 2% of the total net profit for that quarter. In the year-ago quarter, six companies had reported a one-time expense while three companies had reported a one-time income.

 

The comparison is a bit skewed as the latest quarter saw the Nifty 50 companies reporting a net one-time expense whereas in the year-ago quarter these companies had reported a net one-time income. The large one-time income effectively raised the base quarter data and as a result, the net profit growth in the latest quarter dropped to 3% for these 50 companies compared with an 8% growth after excluding exceptional items.

 

Conversely, the 8% growth in adjusted net profit for the 50 companies should be seen as coming on a low base of last year. The 50 companies' cumulative net profit in the June quarter of 2024 had risen only 7%, which was a sharp slowdown from the nearly 25% rise in the June quarter of 2023.

 

"Earnings for Q1 (Apr-Jun) was not that great...loan growth remained weak, most FMCG companies did not show much volume growth...IT companies also did not give any positive commentary," said Shrikant Chouhan, head of equity research at Kotak Securities. "RBI has done what it could on the policy side...we need something concrete from the government like (a) GST cut." 

 

The 8% rise in cumulative adjusted net profit was led by Reliance Industries, Bharti Airtel, and steel makers--Tata Steel and JSW Steel. Excluding these four companies, the cumulative net profit growth of the remaining 46 of the Nifty 50 companies was just over 4% on year. Further, a 20-30% drop in the net profit of Coal India and Tata Motors also hurt the profit growth for the Nifty 50 index companies. Excluding these two companies' profits, the net profit growth of the remaining 48 companies was 11% on year compared with the 8% rise for all the 50 companies.

 

The latest quarter saw a 3.4% rise in tax outgo for the Nifty 50 companies, which helped the net profit growth. The tax outgo in the March quarter had risen over 21% on year and in the June quarter of last year, this outgo had grown nearly 10%.

 

OUTPERFORMERS

In terms of revenue growth, fast-moving consumer goods companies scored the highest. These companies benefited from the rise in demand from rural areas but their businesses' dependence on demand from urban areas continued to struggle. Overall, the four FMCG companies in the Nifty 50 index reported an 11% rise in sales, while net profit rose only 4%. Analysts had expected a 2% growth in net profit and a 7% rise in sales for the four companies in the sector.

 

FMCG companies' sales outperformance was led by ITC, which saw its revenue rise nearly 21% on year in the June quarter. Excluding ITC, the remaining three FMCG companies' cumulative sales growth dropped to 5.3%, marginally lower than expectations of a 5.5% rise.

 

Automobile companies also outperformed, but mainly relative to expectations. These companies reported higher-than-expected revenue growth which also helped them beat estimates for profits, even though their profits fell as expected. The cumulative revenue of the six automobile companies in the Nifty 50 index rose 4% on year as against expectations of a nearly 5?cline.

 

Mahindra & Mahindra remained a bright spot with a nearly 26% rise in revenue. Excluding M&M, the remaining five companies' sales were only marginally higher on year, but still better than 10?ll expected for the five companies.

 

The cumulative net profit of these six automobile companies fell 3% on year, far better than the near 15?ll analysts had anticipated. The fall in profits was due to Tata Motors, whose net profit fell nearly 30%. Excluding Tata Motors, the remaining five auto companies reported a nearly 11% jump in net profit, exceeding expectations of a 1?ll.

 

Metal companies, especially steel makers, outperformed expectations by a wide margin. Better product prices after India imposed a 12% safeguard duty on some imported steel products and lower raw material costs helped these companies report a sharp rise in profits. The cumulative adjusted net profit of three metal companies in the Nifty 50 index rose nearly 51% on year, sharply higher than the estimate of 30% growth. This had a large impact on the overall growth of the top 50 companies. Excluding the three steel companies, the net profit growth of the remaining 47 companies was only 6.7%, compared with 8% for the all the 50 companies.

 

The early monsoon affected construction activity during the June quarter, which in turn hurt demand for metals. This led to metal companies reporting only a 4% rise in sales, but this was still better than expectations of no growth.

 

Information technology companies reported a weak quarter, affected by clients pausing their orders due to the uncertainty about US tariffs. The five IT companies in the Nifty 50 index reported a 4% year-on-year rise in revenue, in line with expectations. These five companies' net profit rose 5.6% on year, marginally better than expectations of a 4.4% rise.

 

UNDERPERFORMERS

Poor loan growth affected revenue growth of banks and the cumulative net interest income of six banks in the Nifty 50 index rose only 3% in the June quarter. This was slightly below estimates of a 3.4% rise. ICICI Bank was the only bank that reported a double digit growth in net interest income at nearly 11%.

 

Earnings of banks were mixed with IndusInd Bank and Axis Bank reporting a decline in profit while other big banks such as HDFC Bank, ICICI Bank, and State Bank of India reported a 12-15% rise in profits. Overall, the cumulative adjusted net profit of the six banks rose 8.5% on year, higher than expectations of a 3% rise.

 

Among Nifty 50 companies, the index heavyweight Reliance Industries underperformed in the June quarter, largely due to weaker-than-expected earnings from the oil-to-chemicals and retail segments. Analysts largely track the company's consolidated earnings before interest, taxes, depreciation, and amortisation, excluding other income, which came in at INR 429.05 billion in the June quarter. This was below the near INR 450 billion analysts had expected.

 

Bharti Airtel reported a consolidated net profit growth of nearly 74% on year. However, this was below the 116% growth expected. Both Bharti Airtel and Reliance Industries supported the overall earnings growth of the index group despite their underperformance. Excluding these two companies, the cumulative net profit growth of the remaining 48 companies in the June quarter was only 5.7% compared to 8% for the 50 companies. The sales growth for the 48 companies was slightly lower at 5.3% compared to the nearly 6% growth for the 50 companies.

 

Following are the Apr-Jun actual sales, earnings, and earnings growth of 46 companies of the National Stock Exchange's Nifty 50 index for which earnings estimates were available, juxtaposed with the estimates for each of them:

 

Company Name	PAT Actual	PAT Expected	PAT Growth Actual	PAT Growth Expected	Sales Actual	Sales Expected	Sales Growth Actual	Sales Growth Expected
	(in INR million)		(in % YoY)		(in INR million)		(in % YoY)
AUTO
Bajaj Auto	20,960	20,280	5.41	1.99	1,25,845	1,23,062	5.50	3.17
Eicher Motors +	12,052	11,370	9.42	3.23	50,418	49,770	14.77	13.29
Hero Motocorp	11,257	10,614	0.27	-5.45	95,789	97,940	-5.57	-3.45
Mahindra and Mahindra	34,498	31,148	32.04	19.22	3,41,430	3,37,988	25.84	24.57
Maruti Suzuki India	37,117	30,203	1.69	-17.25	3,84,136	3,64,491	8.11	2.58
Tata Motors +	39,800	33,311	-28.93	-40.52	10,44,070	8,95,095	-2.52	-16.43
Total	1,55,684	1,36,925	-3.15	-14.82	20,41,687	18,68,346	4.05	-4.79
Company Name	PAT Actual	PAT Expected	PAT Growth Actual	PAT Growth Expected	Sales Actual	Sales Expected	Sales Growth Actual	Sales Growth Expected
	(in INR million)		(in % YoY)		(in INR million)		(in % YoY)
BANKS
Axis Bank *	58,061	63,679	-3.79	5.52	1,35,598	1,38,025	0.83	2.63
HDFC Bank *	1,81,552	1,73,120	12.24	7.03	3,14,380	3,16,851	5.37	6.19
ICICI Bank *	1,27,682	1,18,884	15.45	7.50	2,16,345	2,11,608	10.65	8.22
Indusind Bank *	6,843	7,213	-68.21	-66.48	46,398	42,806	-14.20	-20.84
Kotak Mahindra Bank *	32,817	34,643	20.21	26.90	72,593	73,598	6.09	7.56
State Bank of India *	1,91,604	1,71,457	12.48	0.65	4,10,725	4,19,277	-0.13	1.95
Total	5,98,559	5,68,996	8.46	3.11	11,96,038	12,02,165	2.92	3.44
Company Name	PAT Actual	PAT Expected	PAT Growth Actual	PAT Growth Expected	Sales Actual	Sales Expected	Sales Growth Actual	Sales Growth Expected
	(in INR million)		(in % YoY)		(in INR million)		(in % YoY)
CAPITAL GOODS
Bharat Electronics	9,691	8,962	24.87	15.47	44,168	48,138	5.19	14.65
Larsen and Toubro +	36,172	37,867	29.85	35.93	6,36,789	6,30,662	15.53	14.42
Total	45,863	46,829	28.76	31.47	6,80,958	6,78,800	14.80	14.43
Company Name	PAT Actual	PAT Expected	PAT Growth Actual	PAT Growth Expected	Sales Actual	Sales Expected	Sales Growth Actual	Sales Growth Expected
	(in INR million)		(in % YoY)		(in INR million)		(in % YoY)
CEMENT
Ultratech Cement +	22,643	21,760	43.05	37.47	2,12,755	2,13,372	13.06	13.38
Total	22,643	21,760	43.05	37.47	2,12,755	2,13,372	13.06	13.38
Company Name	PAT Actual	PAT Expected	PAT Growth Actual	PAT Growth Expected	Sales Actual	Sales Expected	Sales Growth Actual	Sales Growth Expected
	(in INR million)		(in % YoY)		(in INR million)		(in % YoY)
CHEMICALS
Asian Paints +	10,998	10,821	-6.00	-7.51	89,386	89,950	-0.35	0.28
Grasim Industries	-1,182	-2,484	N.A.	N.A.	92,231	90,339	33.79	31.04
Total	9,816	8,337	-12.19	-25.42	1,81,617	1,80,289	14.49	13.65
Company Name	PAT Actual	PAT Expected	PAT Growth Actual	PAT Growth Expected	Sales Actual	Sales Expected	Sales Growth Actual	Sales Growth Expected
	(in INR million)		(in % YoY)		(in INR million)		(in % YoY)
FINANCE
Bajaj Finance + *	46,996	46,137	20.13	17.94	1,02,270	1,05,044	22.25	25.57
HDFC Life Insurance Co. #	5,465	4,900	14.41	2.59	1,44,661	1,52,960	15.64	22.27
Shriram Finance *	21,557	21,572	8.84	8.92	57,725	58,597	10.29	11.96
Total	74,018	72,610	16.19	13.98	3,04,655	3,16,602	16.69	21.26
Company Name	PAT Actual	PAT Expected	PAT Growth Actual	PAT Growth Expected	Sales Actual	Sales Expected	Sales Growth Actual	Sales Growth Expected
	(in INR million)		(in % YoY)		(in INR million)		(in % YoY)
FMCG
Hindustan Unilever	28,590	25,525	10.56	-1.30	1,59,310	1,59,113	3.86	3.73
ITC	49,124	49,835	1.92	3.39	1,97,499	1,79,204	20.62	9.45
Nestle India	6,592	7,399	-11.70	-0.90	50,962	50,938	5.86	5.81
Tata Consumer Products +	3,342	3,390	8.69	10.26	47,789	48,429	9.81	11.28
Total	87,647	86,148	3.60	1.83	4,55,560	4,37,684	11.44	7.07
Company Name	PAT Actual	PAT Expected	PAT Growth Actual	PAT Growth Expected	Sales Actual	Sales Expected	Sales Growth Actual	Sales Growth Expected
	(in INR million)		(in % YoY)		(in INR million)		(in % YoY)
IT
HCL Technologies +	38,430	42,289	-9.73	-0.66	3,03,490	3,03,203	8.17	8.07
Infosys +	69,210	67,845	8.68	6.54	4,22,790	4,18,317	7.54	6.40
Tata Consultancy Services +	1,27,600	1,21,932	5.98	1.27	6,34,370	6,46,619	1.32	3.27
Tech Mahindra +	11,406	12,065	33.95	41.69	1,33,512	1,33,899	2.66	2.96
Wipro +	33,304	32,618	10.90	8.61	2,21,346	2,20,507	0.78	0.40
Total	2,79,950	2,76,749	5.56	4.36	17,15,508	17,22,545	4.00	4.43
Company Name	PAT Actual	PAT Expected	PAT Growth Actual	PAT Growth Expected	Sales Actual	Sales Expected	Sales Growth Actual	Sales Growth Expected
	(in INR million)		(in % YoY)		(in INR million)		(in % YoY)
JEWELLERY
Titan Co.	10,300	9,204	33.77	19.53	1,45,640	1,43,537	20.83	19.09
Total	10,300	9,204	33.77	19.53	1,45,640	1,43,537	20.83	19.09
Company Name	PAT Actual	PAT Expected	PAT Growth Actual	PAT Growth Expected	Sales Actual	Sales Expected	Sales Growth Actual	Sales Growth Expected
	(in INR million)		(in % YoY)		(in INR million)		(in % YoY)
METAL
Hindalco Industries +	40,040	35,716	17.63	4.92	6,42,320	6,04,150	12.66	5.97
JSW Steel +	21,840	19,977	158.46	136.42	4,31,470	4,29,477	0.48	0.01
Tata Steel +	22,098	16,891	67.72	28.20	5,31,781	5,14,188	-2.91	-6.12
Total	83,978	72,584	50.86	30.39	16,05,571	15,47,815	3.77	0.03
Company Name	PAT Actual	PAT Expected	PAT Growth Actual	PAT Growth Expected	Sales Actual	Sales Expected	Sales Growth Actual	Sales Growth Expected
	(in INR million)		(in % YoY)		(in INR million)		(in % YoY)
OIL & GAS
Oil and Natural Gas Corp.	80,242	78,805	-10.22	-11.83	3,20,029	3,09,803	-9.25	-12.15
Reliance Industries +	1,80,700	1,99,539	19.37	31.81	24,36,320	24,00,724	5.11	3.58
Total	2,60,942	2,78,344	8.38	15.61	27,56,349	27,10,528	3.21	1.50
Company Name	PAT Actual	PAT Expected	PAT Growth Actual	PAT Growth Expected	Sales Actual	Sales Expected	Sales Growth Actual	Sales Growth Expected
	(in INR million)		(in % YoY)		(in INR million)		(in % YoY)
PHARMA, HEALTHCARE
Apollo Hospitals Enterprise +	4,328	3,699	41.81	21.18	58,421	57,233	14.88	12.54
Cipla +	12,976	12,294	10.19	4.40	69,575	70,250	3.94	4.95
Dr. Reddy's Laboratories +	14,181	15,476	1.85	11.15	85,721	87,381	11.38	13.54
Sun Pharma +	30,824	29,617	9.67	5.37	1,38,514	1,36,283	9.47	7.71
Total	62,309	61,086	9.58	7.43	3,52,231	3,51,146	9.63	9.29
Company Name	PAT Actual	PAT Expected	PAT Growth Actual	PAT Growth Expected	Sales Actual	Sales Expected	Sales Growth Actual	Sales Growth Expected
	(in INR million)		(in % YoY)		(in INR million)		(in % YoY)
PORTS
Adani Ports +	33,146	29,662	1.73	-8.97	91,261	86,879	20.72	14.93
Total	33,146	29,662	1.73	-8.97	91,261	86,879	20.72	14.93
Company Name	PAT Actual	PAT Expected	PAT Growth Actual	PAT Growth Expected	Sales Actual	Sales Expected	Sales Growth Actual	Sales Growth Expected
	(in INR million)		(in % YoY)		(in INR million)		(in % YoY)
POWER
Coal India +	87,434	85,555	-20.22	-21.94	3,58,422	3,49,374	-4.43	-6.84
NTPC	47,747	47,081	5.85	4.37	4,25,726	4,36,668	-4.18	-1.71
Power Grid Corp.	36,532	37,372	7.07	9.52	99,282	1,13,501	-1.39	12.73
Total	1,71,713	1,70,007	-9.06	-9.97	8,83,430	8,99,543	-3.97	-2.22
Company Name	PAT Actual	PAT Expected	PAT Growth Actual	PAT Growth Expected	Sales Actual	Sales Expected	Sales Growth Actual	Sales Growth Expected
	(in INR million)		(in % YoY)		(in INR million)		(in % YoY)
RETAIL
Trent	4,226	3,780	23.51	10.48	47,813	49,214	19.78	23.29
Total	4,226	3,780	23.51	10.48	47,813	49,214	19.78	23.29
Company Name	PAT Actual	PAT Expected	PAT Growth Actual	PAT Growth Expected	Sales Actual	Sales Expected	Sales Growth Actual	Sales Growth Expected
	(in INR million)		(in % YoY)		(in INR million)		(in % YoY)
SERVICES
Eternal +	250	1,035	-90.12	-59.07	71,670	66,750	70.40	58.70
Total	250	1,035	-90.12	-59.07	71,670	66,750	70.40	58.70
Company Name	PAT Actual	PAT Expected	PAT Growth Actual	PAT Growth Expected	Sales Actual	Sales Expected	Sales Growth Actual	Sales Growth Expected
	(in INR million)		(in % YoY)		(in INR million)		(in % YoY)
TELECOM
Bharti Airtel +	59,479	73,880	73.67	115.71	4,94,626	4,92,126	28.45	27.80
Total	59,479	73,880	73.67	115.71	4,94,626	4,92,126	28.45	27.80
Grand Total	19,60,524	19,17,935	8.24	5.89	1,32,37,368	1,29,67,341	5.85	3.69

 

End

 

Data compiled by Vinod Bhovad 

Edited by Akul Nishant Akhoury

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

 

Informist Media Tel +91 (22) 6985-4000

Send comments to feedback@informistmedia.com

 

© Informist Media Pvt. Ltd. 2025. All rights reserved.