Nifty Company results, till now, have had it rough, with a 11% drop in cumulative profits in the quarter, compared to last year.
Maruti had impressive results, with a 60% growth in EPS.
If you add all the profits and revenues of the companies that have announced results, we are already seeing a 11% drop in both revenues and profits.
Cairn is the biggest culprit on the profit front, having reversed from profits to losses on oil. And Reliance too saw a revenue drop of over 35,000 cr. for the quarter, which hurt revenues big. Even if you removed both of them, revenue increases were only 11% over the previous year, and profits of the rest still went down by 2%.
This isn’t looking good. If you think markets are down and want a reason for them to go even further down, this is as good a reason as any. Our top company results are disastrous.