According to the latest estimates by leading equity research firms, corporate India may post negative sales and profit in the first quarter ended June 2009. They analyzed 70-130 companies with common sample of about 60 companies. Check this in Business Standard here.
Let's see some key points in their reports (I am quoting it verbatim) -
Citigroup
Banks (34%+) and Cement (23%) lead the pack with strong profit expectations while the long tail comprises Real estate (-87%), Metals (-39%) and Auto’s (-8.7%). More sectors will see earnings fall (10) than rise (6), reflecting broad-based pressures rather than concentrated ones.
BoA - ML -
Key Expected Results Outperformers: Hero Honda, M&M, Ambuja, Bharti, Dr Reddys
Key expected Results Underperformers: Suzlon, ABB, SAIL, Infy, United Spirits
ICICI Securities -
We do not foresee any strong earnings uptrend yet for the April-May-June (AMJ)
’09 quarter as per our estimates. We expect revenue, margin and net income
trends to be broadly in line with that in the past six months
CLSA -
10/14 sectors will report growth, led by Capital goods (+145%), Oil & gas (+55%), Banks (+28%) and Power (+21%). On the other hand, Property (-66%), Metals (-56%) and autos (-2%) are expected to report YoY decline in profit.
Macquarie -
Domestic cyclicals: not great, but looking better
Banks to show robust growth
Operating margins to improve sequentially
Commodities still under pressure
I will try to get more reports and will post the highlights.
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