21 January 2011

India Strategy: QE Dec-10 Earnings Season Thus Far :: Morgan Sanley

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India Strategy
Quick Comment: QE Dec-10 Earnings Season Thus Far

Revenue and earnings growth seem to be strong. So far, the broad  •
market is ahead of the narrow market on both parameters.
About two-thirds of the companies (16 out of 25) have beaten  •
MS analyst expectations (see slide 3 for details).
Margin compression in five out of eight sectors. •
During the past week, the Healthcare sector saw the most positive  •
revision, while Materials saw the most negative revision (see slide 4
for details) for F11.
In aggregate, consensus has revised down F11 estimates for MSCI  •
India constituents by 0.5% in the past one week.
192 companies in the broad market have reported revenue and  •
earnings growth of 28% and 25% YoY, respectively

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