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India Inc’s Q2 report card: Big misses and huge hits

There are some firms in the Nifty500 index, whose numbers had wider variance with the consensus analysts’ estimates. This piece has only assessed companies excluding real estate and insurance.

By Yoosef K  Dec 7, 2023 1:00:33 PM IST (Updated)

3 Min Read

Quite a number of companies have managed to match Dalal Street estimates for the three months ended September 2023, even though there are many who missed consensus analysts’ estimates for the quarter.  
However, there are also some firms in the Nifty500 index, whose numbers had wider variance with the consensus analysts’ estimates. For instance, Bharti Airtel reported less than half of the analysts estimated profit for the quarter ended September 2023. Similarly, Tata Steel posted a surprise net loss of ₹6,196 crore in Q2FY24 following poor performance at its European units, which dragged the steel majors bottom-line. For Bharti Airtel, it was one-time charges and weak revenues from its African operations that weighed down its net profit.
Other companies that reported net profits which are at least 50 percent lower to the Bloomberg consensus estimates include UPL, Gujarat Fluorochemicals, Voltas, Laurus Labs, Samvardhana Motherson and many others. At ₹34 crore, the net profit of Bata India came in at 51 percent lower to Bloomberg consensus estimates. Moreover, BHEL posted a net loss of ₹238 crore in Q2FY24, against the expectations of a loss of about ₹110 crore. Similarly, the net profits of Gujarat Fluorochemicals, Voltas and Laurus Labs were also about 60 percent to 65 percent lower than analysts’ estimates.