India Inc's Sept quarter earnings a mixed bag: Here're the hits and misses

Overall, the aggregate Nifty companies' earnings estimates for 2018-19 has been lowered by around 3% to Rs 528

India Inc’s second scorecard has been a mixed bag. Of the 34 Nifty companies that have announced results so far, 19 have met or exceeded profit estimates, shows Bloomberg data. However, there have been more earnings downgrades than upgrades. In other words, the number of companies where analysts have revised lower full-year 2018-19 earnings estimates has been more than the number of companies where earnings estimates have been upgraded. Overall, the aggregate Nifty companies’ earnings estimates for 2018-19 has been lowered by around 3 per cent to Rs 528. “The September quarter earnings season has been uneventful so far, with headline numbers broadly meeting estimates with a few disappointments. However, the broader narrative around earnings has not changed much with continued earnings downgrades,” says a note by Motilal Oswal. Among the Nifty companies that have surpassed the Street's expectations are ICICI Bank, Dr Reddy’s and Bajaj Finance. On the other hand, Bharti Airtel, Adani Ports and BPCL have missed expectations.