A trader monitors financial data. (Photographer: Alex Kraus/Bloomberg)

Q2 Nifty Earnings: The Scorecard So Far 

The second quarter earnings season has been mixed so far with lack of a clear trend either on strong or weak side.

Of the 27 companies from the NSE Nifty 50 Index, sixteen reported earnings in line with analysts’ forecast while five beat consensus estimates, according to BloombergQuint’s analysis.

Among the six that missed analyst targets, three belong to the financial services sector.

The Big Picture

  • Beat Estimates: 5
  • In Line With Estimates: 16
  • Missed Estimates: 6
Q2 Nifty Earnings: The Scorecard So Far 

Just Over The Halfway Mark

Q2 Nifty Earnings: The Scorecard So Far 
Q2 Nifty Earnings: The Scorecard So Far 

Key Takeaways


  • UPL met estimates for third straight quarter.
  • Pricing growth witnessed for second successive quarter.
  • Latin America dynamics improved and UPL gained market share.


  • Maruti, Hero MotoCorp and Bajaj Auto met estimates.
  • Auto sales and performance have remained muted for second straight quarter.
  • Demand headwinds seen amid competitive pricing environment.
  • Weak monsoon and delayed festive season impacted earnings.


  • Ultratech’s Ebitda of Rs 739 per tonne was at a multi-quarter low.
  • Margin pressure negating strong volume growth.

Consumer Stocks

  • HUL and ITC met estimates while Asian Paints disappointed.
  • ITC posts strong cigarette volume growth while agri business was weak.
  • Asian Paints reported strong volume growth despite normalised base.

Oil & Gas

  • Strong petrochemical performance offset weaker refining performance for Reliance Industries.
  • Strong subscriber addition helps Jio but ARPU drops due to discounts to JioPhone users.


  • ICICI Bank posted strongest growth among private sector banks.
  • Strong commentary from Bajaj Finance while Kerala floods impacted Bajaj Finserv.
  • IL&FS exposure weighed on Yes and IndusInd Bank.


  • Wipro reported weakest financials among large-cap IT.
  • All companies maintained sales guidance.


  • Dr. Reddy’s reported strong emerging markets and India growth to offset weak U.S. cues.


  • Strong growth in domestic advertising revenue aids Zee.
  • The company reported strong financials after three quarters of muted growth.


  • Bharti Infratel’s operating profit gained from higher energy spread.
  • Higher costs and competition weighed on Bharti Airtel’s earnings.


  • JSW Steel met analysts’ estimates even as global steel prices and uptick in input costs weighed.


  • Adani Ports beat analyst estimates boosted by higher cargo revenue.

Watch the video here