Q4 Nifty Earnings: The Scorecard So Far

A majority of companies that have so far announced quarterly results either beat or met estimates.

Close To The Halfway Mark

Key Takeaways

Agriculture

• UPL met estimates after two weak quarters.
• FY19 guidance is cautiously optimistic on challenging market conditions.

Automakers

• Maruti Suzuki reported weak earnings for the first time since first quarter of FY17.
• The Ebitda was impacted by one-offs in employee costs and other expenses.
• Hero MotoCorp. reported matched estimates for a fifth straight quarter.

Cement Producers

• Ultratech Cement reported fifth strong quarter in last six on higher volume growth combined with cost efficiencies.

Oil Marketing Companies

• Reliance Industries missed street estimates weighed down by weak refining business and lower-than-expected Reliance Jio numbers.

Financial Services

• Yes Bank reported strong financials; growth momentum accelerates while asset quality sees sharp improvement.
• Axis Bank reported first quarterly loss since listing as new RBI guidelines on bad loans weighs heavily on asset quality and earnings.

IT

• TCS reported solid earnings after six quarters of average performance. Also, strong management commentary with performance led to a rally in shares.
• HCL Tech meets estimates but provides weak outlook on organic growth.
• Wipro earnings impacted by the provisions made for bankruptcy of a telecom client.

Metals

• Higher volumes and commodity prices leads to Vedanta missing estimates.

Ports and Shipping

• Adani Ports meets estimates after two strong quarters; robust volume growth and SEZ income surprise.

Telecom

• Bharti Airtel sees strong Africa business and better than expected average revenue per user in India business.
• Bharti Infratel impacted by consolidation in telecom service provider space that led to tenancy exits.