A worker plays darts at the Oyu Tolgoi copper-gold mine in Mongolia. (Photographer: Taylor Weidman/Bloomberg)

Nifty Q2 Earnings Scorecard: The Big Hits And Misses So Far

More than two-thirds of the Nifty 50 companies either met or beat the average estimate in the quarter ended September, aided by higher profit of Bharti Airtel Ltd., GAIL (India) Ltd., Dr. Reddy’s Laboratories and Larsen and Toubro Ltd.

Of the 44 companies that have reported results so far, nearly 45 percent met the consensus earnings per share estimate, according to BloombergQuint’s calculations.

But the ratio of strong-to-weak earnings during the period reversed from last year. So far, a total of 10 companies beat estimates in the three months ended September. That’s lower than 15 a year ago. Also, 14 firms missed estimates, higher than eight in the year-ago period.

The remaining six companies will declare their financials in the next three days.

  • Nov. 12: Coal India Ltd., Eicher Motors Ltd.
  • Nov. 13: Tata Steel Ltd., Sun Pharmaceutical Industries Ltd.
  • Nov. 14: Mahindra & Mahindra Ltd., Grasim Industries Ltd.

Here’s how the individual sectors performed in the September quarter

Nifty Q2 Earnings Scorecard: The Big Hits And Misses So Far


  • UPL met estimates for the third straight quarter.
  • Prices rose for the second quarter in a row.
  • Latin America dynamics improved and UPL gained market share.


  • Auto sales and performance remained muted for the second straight quarter.
  • Demand headwinds in a competitive pricing environment.
  • Weak monsoon and delayed festive season impacted financials.


  • UltraTech’s Rs 739-a-tonne earnings before interest, tax, depreciation and amortisation was at a multi-quarter low.
  • Margin pressure offset strong volume growth.

Consumer Stocks

  • Hindustan Unilever Ltd. and ITC Ltd. met estimates, while Asian Paints disappointed.
  • ITC posted strong cigarette volume growth, while its agricultural business was weak.
  • Asian paints posted strong volume growth despite a normalised base.
  • Titan missed estimates on higher expenses that hit margins.

Oil & Gas


  • L&T’s profit surpassed the highest analyst estimate on a strong order inflow.


Information Technology

  • Wipro and Tech Mahindra reported weak financials among IT peers.
  • All IT companies maintained guidance.


  • Dr. Reddy’s posted strong emerging market and India growth to offset weak U.S. cues.
  • Cipla disappointed with weak growth across all segments.


  • Strong growth in domestic advertising revenues helped Zee Entertainment Enterprises.
  • Operational performance beat estimates even as profit declined due to exceptional gains in the year-ago period.



  • Global steel prices and uptick in input costs impacted JSW Steel.
  • Vedanta’s operating profit missed estimates.