Early birds score on sales, falter on profits; RIL props up Q4 earnings

Axis Bank no-show weighs on combined net profit growth

The March quarter earnings of companies which have reported results so far are a case of robust top line growth. Led by a 38 per cent increase clocked by Reliance Industries (RIL), net sales growth of 136 companies at nearly 18 per cent has been the highest in at least 12 quarters. Top line growth has been secular and even without RIL, revenue growth is the highest in six quarters.

The disappointment, however, is on the net profit front largely owing to muted showing by the banking and financials space, which, coupled with information technology (IT) companies, dominates the early