Q1 Scorecard: BPCL To Asian Paints, Top Firms See Profits Dip
A total of 14 constituents commanding an over 40% weightage in the benchmark Nifty 50 have reported results so far in the quarter ended June 30.
First-quarter results for India's largest listed companies in terms of market capitalisation so far indicate an over 8% decline in operating incomes, compared both sequentially, and against the year-ago period.
A total of 14 constituents commanding an over 40% weightage in the benchmark Nifty 50 have reported results so far in the quarter ended June 30.
Bharat Petroleum Corp. led the greatest decline in operating profits, with a 39% drop against the prior quarter, followed by JSW Steel Ltd.
The steel producer's results reported a 21.8% decline in earnings before interest, tax, depreciation and amortisation expenses when compared to the year-ago quarter. Sequentially, the figure fell 10%.
Asian Paints Ltd. also reported a 20% Ebitda decline, on account of lower revenues due to a high base, price cuts and subdued demand.
Sectoral Trends
Of the six companies belonging to the information technology sector, five have reported their quarterly results with the combined profit-after-tax declining by 5.8% against the previous quarter.
All but one reported results in-line with consensus estimates per analysts polled by Bloomberg. HCL Technologies Ltd. beat its earnings estimates with a 7% climb in profits, driven by gains from divestments made during the quarter.
In the sector, only Tech Mahindra Ltd. is yet to reports results, which are expected on July 25.
Operating profits for those that have reported results remained flat against the previous quarter for the sector companies.
Three of the 14 that have reported results so far, beat analysts' estimates for their quarterly results, while three missed estimates, and the remaining eight reported results meeting their expectations.
