Quick Comment – Revenue growth very strong,
margins up marginally and profit growth ahead of
Morgan Stanley expectations: Ten companies from
our coverage universe have reported up until today.
Aggregate earnings are up 33% YoY compared with
our analysts’ expectation of 29%. In terms of surprise
breadth, five companies have come ahead of
expectations by 5% or more and three companies are
behind our expectations by 5% or more. Five Sensex
companies have reported thus far with an aggregate
growth in net profit of 34%, ahead of Morgan Stanley
expectations of 29%. At the sector level, three out of
the four sectors, namely, financials, technology, and
industrials, have reported earnings above our analysts’
expectations. The strongest performing sector so far
has been financials.

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