A decline in earnings estimates for companies following poor results

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MUMBAI: Revenue estimates for the current financial year have been cut, with most companies disappointing in their results for the September quarter.

A private brokerage firm has cut its earnings estimates for the current fiscal year for 49 percent of the 147 companies it monitors. A report by the firm also said that the earnings per share of Nifty companies for the current financial year has been cut by 3.70 percent.

However, there has been no change in the earnings estimates for FY2024.

Another brokerage house said that the net profit of the companies in the Nifty-50 index is seeing an increase of 11 percent in the current financial year and 16 percent in the next financial year.

Modest growth in FY 2023 suggests a steep decline in profits in the commodity sector, with BPCL seeing huge losses. However, strong growth in profits in the auto and banking sectors may offset this decline slightly, the brokerage house said in a report.

Weak second-quarter results are reflected in cuts to our profit estimates for fiscal 2023 and 2024, the report added.

There are downside risks to earnings in cyclical sectors like auto and construction. There are also downside risks to export-oriented sectors such as IT services. As a result of inflation and high interest rates, consumption demand is likely to decrease.


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