Q2 earnings shocker: 36 BSE 500 companies report over 50% profit plunge
earnings season, which has turned out to be the worst one since early 2020 for India Inc, saw at least 36 BSE 500 companies reporting over 50% plunge in their quarterly profit on a year-on-year (YoY) basis. Analysts now warn that the market will eventually end up punishing bad news rather than ignoring them.
Q2 saw auto and banks show some cracks in terms of growth and quality of earnings while weak consumption demand was evident in urban markets.
Within the basket of India's 500 largest companies, at least 36 of them — including fuel retailers IOCL, HPCL and BPCL, Tata Motors, IDFC First Bank and Info Edge — reported over 50% YoY drop in their quarterly profit.
While IOCL's Q2 PAT fell 98.61% YoY to Rs 180 crore, 6 other firms — Devyani International, UPL, APL Apollo Tubes, Equitas Small Finance Bank, JK Lakshmi Cement and Biocon — reported at least 90% drop in their bottomline.
IDFC First Bank reported a sharp 73% YoY drop in its Q2 PAT while Tata Technologies also reported 72% fall in profit. Other stocks in the list include JSW Steel, Adani Power, TVS Holdings and Prestige Estates.
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