Early birds' Q2 profit soars, revenue growth slowest in 11 quarters

Earnings up 21.8% Y-o-Y; top line a worry

The combined net profit of “early bird” companies, those that have declared their quarterly results, rose for the third consecutive quarter in July-September 2023 (Q2FY24). But the figures suggest a continued slowdown in revenue growth and stagnation in earnings over recent quarters. 

This slowdown is severe for companies in the manufacturing and non-financial service sectors. Banks and other financial companies managed to grow their gross interest income by double digits in the September quarter, but this growth was lower than in previous quarters.

The combined net profit of 213 early bird companies increased by 21.8 per cent year-on-year (Y-o-Y) to Rs 96,348.5