Jewellery displayed at a Gitanjali Gems store in Mumbai. (Photographer: Dhiraj Singh/Bloomberg)

Q4 Earnings: The Mid-Cap Companies That Stood Out

A stronger rupee, higher raw material prices and slowdown in consumption were expected to weigh on fourth-quarter earnings of Indian companies. Still a group of mid-sized firms stood out.

These are the top 10 companies, with a market capitalisation of at least Rs 500 crore, that saw their revenue and operating income jump by at least 20 percent. Godrej Properties, which recorded record home sales during the quarter ended March, led the chart.

Q4 Earnings: The Mid-Cap Companies That Stood Out

Godrej Properties

The company reported its best quarterly sales led by delivery of the flagship Trees project in Vikhroli, in Mumbai, and due to the launch of four projects—two in NCR and one each in Pune and Bengaluru. Area sold jumped over 2.5 times to 3.7 million square feet in the fourth quarter. Godrej Properties’ Ebitda margin rose to a nine-quarter high of 15.8 percent.

Great Eastern Shipping

The company’s Ebitda rose eleven-fold due to higher charter rates, or the shipping rate agreed between the owner of a vessel and the person/firm wanting to use it. The average rate earned on crude carriers jumped 68 percent compared with last year, while that of products increased by nearly 12 percent.

Tejas Networks

The maker of networking gear, after six lackluster quarters, met its topline guidance aided by higher revenue from the international market. The company said it would diversify. The company expects international revenue to comprise half of its total revenue in the medium term from 21 percent in FY19.

DCM Shriram

Higher sugar and chemical segment revenue aided growth due to an increase in volumes. Chemical segment revenue increased as the company commissioned new capacity, while sugar segment revenue rose due to higher domestic and export sales.

Granules India

Sales increased 22 percent due to higher sales from formulations division, while Ebitda more than doubled due to a superior product mix and low raw material costs.

Capri Global

Growth in mortgage finance and corporate finance lending aided the jump in net interest income. Housing finance assets under management jumped over three times to Rs 793 crore, while corporate finance lending increased by 27 percent to Rs 1,201 crore.

Orient Cement

High cement prices in key markets and lower cost doubled Ebitda in Q4 over last year. Realisation per tonne grew to a six-quarter high of 11 percent due to higher prices. This coupled with nine percent volume growth aided topline and Ebitda. Total costs declined due to lower freight costs and lower other costs due to operating leverage benefits from higher capacity utilisation.


Continued momentum in biosimilars and performance of Syngene International Ltd. aided company’s financials. Sales of biologics grew 87 percent on pick-up in trastuzumab and insulin sales in emerging markets and market share gains in Fulphila (pegfilgrastim) in U.S. Biocon’s Ebitda margin expanded to 26.4 percent and is expected to remain at current levels despite high investment and capital expenditure.

Sterlite Technologies

Higher growth from the service segment due to execution of Navy orders aided a near-200 percent jump in revenue. The company’s Ebitda grew only 48 percent due to lower margin from the segment. The services business is expected to be the key growth driver and its contribution is expected to rise to 50 percent of total revenue over the next two years from 37 percent in FY19.


Strong performance in discovery services and development services aided the over 20 percent growth in the company’s topline and Ebitda. The company said it expects a growth momentum of at least 20 percent to sustain in FY20. It said margin would contract due to investments and lower other income.