New Delhi, Feb 23 (IANS) The Nifty 500 companies delivered strong performance and reported an earnings growth of 25 per cent YoY in 3QFY24, as per a report by Motilal Oswal Financial Services.
The earnings growth was again fueled by the healthy earnings performance of the BFSI and Auto sectors, which reported 22 per cent and 59 per cent YoY earnings growth, respectively. Oil and Gas reported healthy 40 per cent YoY earnings growth fueled by OMC’s soaring profitability due to strong marketing margins.
The earnings performance of the Nifty 500 companies was propelled by just a few heavyweights. The top five companies, i.e., IOC, HDFC Bank, TTMT, GAIL, and Adani Power contributed 33 per cent to the incremental YoY accretion in earnings during the quarter, the report said.
Of the 496 companies within the Nifty 500 that have declared their Dec’23 quarter results, 329 companies recorded earnings growth, while 167 posted an earnings decline/loss in 3QFY24.
Among the companies that declared profits, 251 posted an earnings growth of over 15 per cent YoY for the quarter, the report said.
Of the 18 sectors (incl. BFSI) within the Nifty 500, 13 sectors reported profit growth, while five posted a decline during the quarter. Auto reported a 59 per cent YoY jump in earnings in 3QFY24.
–IANS
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