Nifty Q3 Scorecard: Profit Rises 15.8% As More Companies Beat Estimates

Among the constituents of Nifty 50, only 18 reported results in line with consensus estimates as reported by Bloomberg, as compared with 23 in the second quarter.

A dart hits the bulls eye on a board. (Source: Pixabay)

Cumulative profit grew 15.87% for Nifty 50 companies as compared with the year-ago period, as fewer companies met analysts' consensus estimates during the third quarter of fiscal 2024.

Among the constituents of NSE's benchmark index Nifty 50, only 18 reported results in line with consensus estimates as reported by Bloomberg, as compared with 23 in the second quarter of the fiscal.

Companies with primary activities involved in the automobile and auto components sector, as classified by the NSE, recorded the most number of beat against the street's estimates, with four of six in the index surpassing expectations for their bottom-line.

Notably, Tata Motors Ltd. more than doubled its profit for the period, as compared with the year-ago period, while Maruti Suzuki India Ltd., Bajaj Auto Ltd. and Eicher Motors Ltd. also beat analysts' consensus estimates.

Those in the financial services sector reported the most number of in-line results, as five out of 10 met profit estimates, while four reported a 'miss'. Bajaj Finance Ltd., State Bank of India, and SBI Life Insurance Co. were among those which failed to meet analysts' expectations.

Three of five companies in the fast-moving consumer goods sector missed estimates, namely Hindustan Unilever Ltd., Nestle India Ltd., and Tata Consumer Products Ltd.

Operating profit for the companies included in the benchmark index (ex-financials) fell over 30% year-on-year, while net profit for the same companies grew by 14.1%.

The top line for ex-financial companies rose by 5% as compared with the same period last year.

Notable Results

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WRITTEN BY
Chinmay Vasdev
Chinmay Vasdev covers Business and Markets as a part of the research team. ... more
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