Q1 early-bird results better than expected; IT, financial services do well

Early bird results for the June 2020 quarter hint at a better-than-expected showing by India Inc. The combined profit before tax (PBT) of the 95 companies that have declared results so far fell 8.6 per cent year on year (YoY), while their net profit and net sales were down 3.4 per cent each during the first quarter.

However, analysts expect the numbers to deteriorate as more companies announce their results. They say the data in the current sample is dominated by companies from the information technology and financial services sectors, which have been least impacted by the lockdown announced by