Aggregate earnings [SENSEX Companies Rssults Declared So Far] are up 13% YoY, a tad ahead of our analyst expectations of 12%. In terms of surprise breadth, three of these eight companies reported net profit that exceeded expectations by 5% or more, while two trailed our expectations by 5% or less. Four companies in the BSE Sensex have reported 20% growth in earnings. It is still early days to analyze the earnings at the sector level.
Broader Market Earnings Lead the Narrow Market – 212 companies have reported. Aggregate earnings for the broad market are up 24%. The sharp recovery in margins, up 5.8ppt YoY, is the key driver for the strong earnings growth. However, revenues for the sample are up 4% YoY.