India Inc earnings disappoint, analysts see little hope in festive season

India Inc has turned in its most disappointing quarterly numbers in at least three years and analysts warn hopes for any festive season cheer are likely to be dashed by a slowing economy.

More than 60% of 125 firms that have reported so far, and are tracked by analysts, missed profit forecasts for the June quarter, the most since at least 2016, Refinitiv data shows.

India’s biggest lenders and automakers have all sounded warning bells over the slower growth in demand and consumption.

“It’s going to be a gloomy Diwali. Things are not going to change immediately in the next