IT’S EARNINGS SEASON again, and the overall mood in corner offices seems upbeat. There are expectations that a further strengthening of the banking and financial sector— which makes up 35.95 per cent of the benchmark Nifty 50 index—and a revival in capex might boost India Inc.’s second quarter results in FY24.
But, with global demand weakening and uncertainties persisting, IT firms may miss their revenue estimates. Separately, an increase in crude prices and high inflation are expected to impact the bottom lines of consumer staples, oil marketing companies (OMCs), airlines, and paint manufacturers, analysts say.
From a macroeconomic perspective, inflation eased to 6.83 per cent in August from 7.44 per cent in July due to a decline in food and vegetable prices, but continued to stay above the Reserve Bank of India’s tolerance level of 6 per cent.
India Inc. will deliver “good numbers” in the September quarter, believes V.K. Vijayakumar, Chief Investment Strategist of Geojit Financial Services. “The overall Q2 results will remain in line with the Q1 results,” he says. Nifty 50 firms, however, posted a 2.3 per cent year-on-year (YoY) fall in consolidated net profit despite a 26 per cent YoY rise in gross sales during Q2FY23. Further, a report from Nuvama Institutional Equities states “We forecast revenue/PAT growth for our coverage universe (excluding OMCs) would be 6-18 per cent YoY”.
This story is from the October 29, 2023 edition of Business Today India.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the October 29, 2023 edition of Business Today India.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
What The Future Holds For Amazon India
The E-commerce Giant Has Seen Steady Growth Since Its Entry Into India In 2013, But The Offline Piece Remains A Challenge. After Losing Out On The Future Retail Acquisition, How Does It Plan To Keep The Growth Engines Revving?
Time To Unshackle?
Young India Is Obsessed With Apps. But The Gateway To Them Is Closely Guarded By Two Tech Behemoths-google And Apple-who Control 99% Of The Market In India. Is It Time For India To Break Free From This Duopoly And Have Its Own App Store?
"Understand what drives key talent"
Novartis India is a part of the Basel, Switzerland-headquartered pharma major Novartis AG
MILLENNIALS MISSING HOME
SKY-HIGH PROPERTY PRICES, COUPLED WITH SLOW INCOME GROWTH, HAVE MADE THE DREAM OF OWNING A HOME A DISTANT ONE FOR MANY MILLENNIALS. THIS COULD LEAD TO STAGNATION IN SOCIAL MOBILITY AND POTENTIALLY DEEPEN EXISTING SOCIAL INEQUALITIES
SIGNATURE MOVE
SIGNATURE GLOBAL, A LEADER IN AFFORDABLE HOUSING, IS LOOKING TO GET BACK IN THE BLACK WITH A SHIFT IN FOCUS TO MID-SEGMENT AND PREMIUM HOUSING AFTER LOW-COST PROJECTS BECAME UNVIABLE FOR DEVELOPERS
MAKING A MARK
PHARMA MAJOR GLENMARK IS STRATEGICALLY PLOTTING ITS WAY UP, ALL BY SHIFTING ITS FOCUS TO BRANDED AND SPECIALITY MEDICINE AND ENSURING IT GETS ITS R&D RIGHT
DIGITAL DICHOTOMY
Where does one draw the line between protecting consumer interests and maintaining market freedom? Industry and experts are debating this even as the Digital Competition Bill seeks to rein in Big Tech firms in India, the world's second-largest internet market
"ChatGPT helped people understand the benefits of using AI"
Humane Inc. Co-founders Imran Chaudhri and Bethany Bongiorno on AI, their product, the company's vision, and more
ON THE FAST TRACK
THE DEDICATED FREIGHT CORRIDORS (DFC) NETWORK OF THE INDIAN RAILWAYS HAS STARTED ATTRACTING MORE FREIGHT PLAYERS. FROM CONNECTING MAJOR PORTS TO CRISS-CROSSING MULTIMODAL LOGISTICS PARKS, DFCS ARE SET TO BE A GAME CHANGER FOR FREIGHT SERVICES IN INDIA
WE HAVE A MODEL MADE IN INDIA, FOR INDIA, AND BY INDIA"
Manish Tiwary, Country Manager of Amazon India, on the opportunities in the country, digital, and more