JSW Steel, Raymond, DCM Shriram buck the trend, prompt analysts to upgrade earnings estimates

MUMBAI: Earnings growth of Indian companies in the March quarter was broadly disappointing for investors. But, there are a clutch of companies that have bucked the trend, prompting analysts to upgrade their earnings estimates. They include Intellect Design, JSW Steel, Raymond, DCM Shriram and Geometric, among others.

Earnings per share (EPS) estimates of some of these companies for 2016-17 have been upgraded by 16-42%. Some of their price targets have also been raised.

Out of the 26 Nifty companies that have declared results so far, ten have seen earnings upgrades and five have seen downgrades. Average sales growth of 1,009 companies that have posted earnings so far is 4.7%, but profits have declined by 24.9%, according to ETIG Database.



Companies such as Bharti Airtel, Idea, Hindustan Unilever and UltraTech beat estimates, whereas top companies that missed estimates ware ICICI Bank, Grasim, Axis Bank, HDFC and Maruti, among others.