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India Inc had a mixed quarter to March with select sectors and companies exposed to the global markets accounting for the bulk of the growth<\/a> even as the average operating profitability of 17.1% was on a par with the previous quarter and the highest over the past three years.\n
An analysis by the ET Intelligence Group<\/a> shows this was the third successive quarter of strong performance, with 13.1% growth in sales, while net profit grew at a healthy 24.8%, which was slower than the previous 3-month period.
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The analysis of the results of 1,650 companies — excluding banking and finance, and oil and gas players — shows IT<\/a>, telecom<\/a> and some smaller industries such as auto ancillaries, and fertilisers and pesticides proved to be the major earnings growth driver. The IT sector, which accounts for 22% of the aggregate earnings, was the major earnings growth driver; its earnings grew 45%. But cyclical sectors, such as capital goods, cement, construction, metals and mining, continued to suffer from declining earnings.
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\nAnalysts say the situation is likely to change after a quarter or two, with the cyclicals expected to drive earnings growth instead of the companies focused on exports.
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\"Growth in the IT and other export-focused industries has remained high due to the sharp depreciation in the rupee. However, this advantage will start fading from the current quarter. The fall in the rupee began in the June quarter last year, so the lower base advantage will go away and it may also be possible that in the September quarter, the rupee will be positive year-on-year,\" said Rajat Rajgaria, managing director-institutional equities, Motilal Oswal Securities<\/a>. \"We expect the domestic demand to pick up gradually, which will start reflecting in the numbers with a lag of one or two quarters.\"
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\nAmong the heavyweights, metals, cement, auto and capital goods suffered decline in earnings over the year-ago period, while FMCG and mining showed a decline in earnings growth. This was primarily due to lower realisations on account of depleted demand. \"Although the domestically driven companies did not witness robust growth, they were able to sustain their margins. The companies have taken strong costcutting measures and the benefit of all these measures will start reflecting from the September 2015 quarter onwards once the demand also picks up,\" said Daljeet Kohli, head of research at IndiaNivesh.
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\nSuch companies witnessed weak growth, but their numbers were in line with the expectations since analysts and investors had factored in lower growth given the weak demand.
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\"At the aggregate levels, the numbers were soft but within these sectors, the leaders did not disappoint, which is a positive indicator. Results of Larsen & Toubro<\/a>, ITC and JSW Steel were quite good. Also, some of the mid-cap companies performed well,\" said Rahul Arora, CEO of Nirmal Bang Equities. There will be an upward revision in the earnings growth of such companies going forward, as lower base effect would kick in and interest rates would be the key factor, he said. \"Eventually, the interest rates have to come down, whether in six months or one year, and the street will gradually start discounting this,\" he said. \n<\/body>","next_sibling":[{"msid":35931171,"title":"ING Vysya to tap wearable technology for banking purposes","entity_type":"ARTICLE","link":"\/news\/industry\/ing-vysya-to-tap-wearable-technology-for-banking-purposes\/35931171","category_name":null,"category_name_seo":"industry"}],"related_content":[],"msid":35929680,"entity_type":"ARTICLE","title":"IT, telecom sector main drivers of Q4 growth","synopsis":"The analysis of the results of 1,650 companies \u2014 excluding banking and finance, and oil and gas players \u2014 shows IT, telecom and some smaller industries.","titleseo":"industry\/it-telecom-sector-main-drivers-of-q4-growth","status":"ACTIVE","authors":[{"author_name":"Jwalit Vyas","author_link":"\/author\/479213102\/jwalit-vyas","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/479213102.cms?width=100&height=100&hostid=268","author_additional":{"thumbsize":false,"msid":479213102,"author_name":"Jwalit Vyas","author_seo_name":"jwalit-vyas","designation":"Editor","agency":false}}],"Alttitle":{"minfo":""},"artag":"ET Bureau","artdate":"2014-06-02 09:21:24","lastupd":"2014-06-02 09:35:02","breadcrumbTags":["industry","Larsen & Toubro","Motilal Oswal Securities","ET Intelligence Group","Telecom","IT","Growth"],"secinfo":{"seolocation":"industry\/it-telecom-sector-main-drivers-of-q4-growth"}}" data-authors="[" jwalit vyas"]" data-category-name="Industry" data-category_id="18" data-date="2014-06-02" data-index="article_1">
印度公司3季度好坏参半,选择行业和公司暴露在全球市场占大部分增长尽管平均营业利润率为17.1%,与前一个季度,在过去的三年里最高的。一个分析等情报组显示强大的性能,这是连续第三个季度销售额增长了13.1%,而净利润增长24.8%,低于前三个月期间。
1650家公司的分析结果,包括银行和金融、和石油和天然气的球员——显示它,电信和一些较小的行业,如汽车辅助服务提供,化肥和农药被证明是主要的盈利增长驱动。IT部门,占总收益的22%,是主要的盈利增长的驱动因素;利润增长了45%。但周期性行业,如资本货物、水泥、建筑、金属和矿业,继续遭受收益下降。
分析人士说,情况可能会改变在一到两个季度之后,有望推动收益增长与景气循环而不是公司专注于出口。
“它和其他外向型工业的增长一直保持高由于卢比大幅贬值。然而,这种优势将从当前季度开始衰落。卢比的下跌开始于去年6月季度,所以较低的基础优势将会消失,它也可能在第三季度,卢比将积极的同比,”总经理说Rajat Rajgaria director-institutional股票,Motilal Oswal证券。“我们预计,国内需求逐渐加快,这将开始反映在数字滞后一个或两个季度。”
的重量级人物、金属、水泥、汽车和资本货物遭受去年同期收入下降,而快速消费品和矿业收益增长有所下降。实现。这主要是由于低的消耗需求。“尽管国内驱动型公司没有证人强劲增长,他们能够维持他们的利润。公司已经采取了强有力的costcutting措施和所有这些措施带来的好处将会反映出从2015年9月季度起一旦需求也好转,”克里Daljeet IndiaNivesh研究主管说。
这些公司目睹了疲软的经济增长,但他们的数据符合预期以来,分析师和投资者已消化低增长疲软的需求。
“总水平,数字软,但在这些行业中,领导没有让人失望,这是一个积极的指标。的结果Larsen & Toubro公司ITC和勒西南钢铁质量非常好。同时,一些中型公司表现良好,”首席执行官拉胡尔Arora说:“爆炸的股票。将会有一个向上修正这些公司未来的盈利增长,低基数效应将踢和利率的关键因素,他说。“最终,利率下降,是否在6个月或一年,和街道将逐渐开始打折,”他说。
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