Six of 10 Nifty100 firms see earnings cut after Q1

Analysts say earnings downgrades are the steepest in recent times

Factoring in the likely disruption due to the introduction of the goods and services tax (GST), the Street had lowered its estimates for the June quarter (Q1) earnings.
 
Yet, to the surprise of investors, the performance of more than six out of 10 CNX Nifty100 companies fell short of even these reduced estimates. What’s more, there are an equally large number of companies that saw their earnings estimates lowered. And analysts say there could be more bad news.
 
To begin with, only 40 per cent of the companies in the Nifty100 universe managed to meet or outperform Street