• 14/08/2022 11:39 pm

#Nifty Q1 Earnings: Saving Cash During Pandemic Is The Theme

Hormaz Fatakia
Indian Inc. cut costs in a quarter marred by the impact of Covid-19 lockdown to cushion their operating performance.
For 35 Nifty 50 constituents that have reported their earnings for three months ended June, focus was on cushioning themselves from the unprecedented impact of the world’s strictest lockdown to contain the pandemic. Managements, however, sounded more certain than in the previous quarter as the economy gradually reopens after two months of near-complete lockdown.
Banks and financial institutions continued to report double-digit growth in their net interest income or core income. Most information technology companies resumed their sales and margin guidance, which they suspended in the previous quarter because of the uncertainty arising from the pandemic.

Auto companies that have reported earnings so far saw their revenue fall by half as April was a complete washout. Tractors were an outlier with Mahindra & Mahindra Ltd.’s farm segment notching a growth during the quarter, aided by sales in May and June.

Five of the 35 companies that have reported earnings so far, including India’s largest passenger carmaker Maruti Suzuki India Ltd., reported a quarterly loss.

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