36 companies doubled their sales and PAT in a disappointing Q2 earnings season

The second quarter earnings season was a mixed bag across sectors and even though the overall performance was on the slower side, nearly 36 companies doubled their sales and profits in this period.

During Q2, while sectors like pharma and realty demonstrated robust growth driven by strong demand and operational efficiencies, others like energy and Infrastructure faced headwinds in profitability.

Among the 36 companies that managed to double their core earnings, the growth figures soared into the thousand-percentage-point range for some.


For instance, Shakti Pumps reported the highest PAT growth of 10717% in the second quarter from a year-ago, while the biggest sales growth was by Marsons at 2035%.

Notable names which had a robust second quarter include KP Energy, Waaree Renewable Technologies, PB Fintech, Aditya Birla Capital, NMDC Steel, Kolte-Patil Developers among others.


PB Fintech, which operates fintech platform Policybazaar, has clocked a sales growth of 176% in the July-September 2024 period, while profit surged as much as 185%.

Waaree Renewable Technologies, which has had a blockbuster run at the bourses in the recent past, has once again delivered on the earnings front with a sales growth of 249% and a PAT growth of nearly 160% during the second quarter.

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Not just Waaree Renewables, interestingly, nearly 21 out of these 36 outlier companies have delivered multibagger returns to investors over the last one year period.

What to look forward to?

Analysts said the second results reflect the varying impact of external headwinds, sector-specific dynamics, and internal strategic initiatives on market constituents. The second quarter marks the second consecutive quarter of single-digit growth for the Nifty, a trend not seen since the pandemic's onset in June 2020.

However, there are signs that the second half could be better with pickup in rural demand, thanks to a healthy monsoon and festive season.

"Looking ahead, optimism remains for a stronger H2FY25 as sectors gear up for festive demand, rural recovery, and investments in innovation and digital transformation. As the market evolves, a balanced approach between defensive and cyclical plays will remain key for sustained portfolio performance," said Jimeet Modi, Founder and CEO of Samco Group.

"With government spending expected to pick up in the second half of FY25, alongside a strong kharif crop and improving rural demand, the earnings outlook appears brighter for the coming months," said Siddhartha Khemka of Motilal Oswal.

Despite a weak earnings season, analysts said this is an attractive time to focus on growth sectors like BFSI, healthcare, and technology as the economic environment stabilizes.

"After a flat 1HFY25, we expect Nifty earnings to report a growth of 8% YoY. Excluding Metals/O&G, Nifty is expected to report a growth of 9% YoY for 2HFY25," said Khemka with ICICI Bank and ONGC as his top picks.

[With data inputs from Ritesh Presswala]

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)