More than half of the companies under Morgan Stanley's radar have surpassed analysts' expectations in the September quarter earnings season with relative stock performance at 50%.
"So far, the broader market (1,061 companies) has reported YoY revenue and net profit growth of 24% and 28%, respectively, and margin expansion of 52bp," the brokerage outlined in its equity strategy note.
It added that 33 Nifty stocks have reported a revenue growth of 21%, which is percentage points above analyst estimates, while net profit has grown 5 percentage points (ppt) above analysts' expectations by 20%.
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Profitability has been strongest in Energy and Utilities, while it dragged the most in Healthcare, Morgan Stanley underlined. Additionally, margins have expanded for 30% of the brokerage's coverage.
"Energy, Utilities and Public Sector Banks led the beats vs. our analysts' expectations," MS stated, adding that excluding oil and PSU revenue, EBITDA and PAT grew 22%, 22% and 21% year-on-year, respectively, beating analyst estimates by 4ppt, 10ppt and 8ppt.
As far as the Sensex is concerned, 23 stocks that have reported so far delivered 21% revenue growth and 17% net profit growth, 5ppt and 7ppt above MS analysts' estimates, respectively.
Earnings In Focus
Investors will track a busy earnings calendar today, with results due from over 250 companies including several heavyweight names across banking, financial services, pharmaceuticals, industrials and market infrastructure.
Key companies slated to announce their quarterly numbers include State Bank of India, Bajaj Finserv, National Stock Exchange of India (NSE), Solar Industries India, Lupin, Multi Commodity Exchange of India (MCX), Linde India, Emcure Pharmaceuticals, Global Health, GlaxoSmithKline Pharmaceuticals, Mahanagar Gas, Bata India, SKF India, Metropolis Healthcare, Endurance Technologies, AIA Engineering, Gujarat Fluorochemicals, Asahi India Glass, Chambal Fertilisers and Chemicals, Bayer CropSc
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