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India Strategy
Quick Comment: QE Dec-10 Earnings Season Thus Far
Revenue and earnings growth remain strong for the MS coverage •
universe at 22% YoY. Aggregate earnings for MS coverage
companies are ahead of MS analysts’ expectations by 6ppt.
Ex-Energy, MS coverage earnings growth was at 12% YoY (i.e., •
4ppt ahead of MS analysts’ expectations).
ed an aggregate of of them) have report Sensex companies (22 •
24% growth in earnings – ahead of expectations.
Around 63% of the companies (50 out of the 80 companies) have •
beaten MS analyst expectations.
Eight out of the 10 sectors saw more earnings beats than misses. •
More than four-fifths of the companies (19 out of 23 companies) in •
the Financials sector have beaten MS analysts’ expectations while
two-thirds of the companies in Consumer Discretionary space have
missed.
Margin compression in eight out of 10 sectors. The exceptions are •
Financials and Energy.
1,446 companies in the broader market have reported earnings •
growth (of 23% YoY) more or less in line with the narrow market.
Please see slide 3 for a granular breakdown of earnings by market cap
quintile.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
India Strategy
Quick Comment: QE Dec-10 Earnings Season Thus Far
Revenue and earnings growth remain strong for the MS coverage •
universe at 22% YoY. Aggregate earnings for MS coverage
companies are ahead of MS analysts’ expectations by 6ppt.
Ex-Energy, MS coverage earnings growth was at 12% YoY (i.e., •
4ppt ahead of MS analysts’ expectations).
ed an aggregate of of them) have report Sensex companies (22 •
24% growth in earnings – ahead of expectations.
Around 63% of the companies (50 out of the 80 companies) have •
beaten MS analyst expectations.
Eight out of the 10 sectors saw more earnings beats than misses. •
More than four-fifths of the companies (19 out of 23 companies) in •
the Financials sector have beaten MS analysts’ expectations while
two-thirds of the companies in Consumer Discretionary space have
missed.
Margin compression in eight out of 10 sectors. The exceptions are •
Financials and Energy.
1,446 companies in the broader market have reported earnings •
growth (of 23% YoY) more or less in line with the narrow market.
Please see slide 3 for a granular breakdown of earnings by market cap
quintile.
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