The earnings season this time around (Q3FY20) gains importance as markets will gauge the strength in economy based on the earnings after all the economic activity data, RBI comments and budgetary comments have been factored in by the markets. Market participants are keen to understand whether the economy has bottomed out or there is further downside left to be tackled. So far, going by the earnings, there are no clear signs of economic activity improving substantially even though the improvement in results can be attributed to the tax cut decision announced by the government. This is now the second quarter where the benefits of tax cuts are reflected in the earnings.
Sensex Constituents’ Earnings
Out of the 30 Sensex companies, 28 companies have declared results for the current quarter and we find that ICICI Bank, SBI and Bajaj Finance have impressed investors with their performance while Ultratech Cement, Axis Bank, Asian Paints, HDFC Bank, IndusInd Bank and Infosys have managed to meet the earnings estimate. Mahindra & Mahindra has disappointed investors while RIL reported flat earnings along with the likes of HUL, Bajaj Auto, Larsen & Toubro, Kotak Mahindra Bank and Tech Mahindra.
Auto
The auto industry has been hit due to various factors. BS VI norms and increased insurance prices have resulted in an upward spiral of vehicle prices. The main pain areas for auto manufacturers have been getting rid of BS IV inventory before BS VI becomes mandatory with the help of heavy discounting. The NBFC crisis has also affected auto sales as getting vehicle loans has now become difficult. These factors have affected the numbers in the last few quarters. Of the big auto companies, Bajaj Auto showed a YoY increase in sales of 2.67 per cent and a corresponding PAT increase of 14.56 per cent. Maruti Suzuki also saw similar increase in sales of 3.8 per cent.
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