In terms of sectors, materials and consumer discretionary stocks reported the strongest revenue growth and the most improvement in margins on the back of higher commodity prices, pent-up demand and operating leverage. Energy stocks posted the most significant recovery in profitability while financials reported the most significant “beat” versus consensus on lower provisioning.
As the March earnings season draws to a close, we saw impressive “breadth” in the earnings-driven recovery of companies in India.
For the third quarter in a row, the share of profits of the top 10 companies by market cap as a percentage of the aggregate profit pool of the BSE-500 declined and is at a four-year low.
