June quarter earnings: Hits and misses

India Inc missed earnings estimates in the June quarter even as revenue growth remained strong. Morgan Stanley, in a note, said this was due to de-stocking and execution of the goods and services tax (GST). For companies covered Morgan Stanley, year-on-year revenue growth stood at nine per cent, earnings before interest tax depreciation and amortisation (Ebtida) growth was flat and net profit declined five per cent. The brokerage said Ebitda margins contracted 180 basis points for the companies under its coverage. Health care and oil PSUs reported the most margin compression. Following are the top companies that surprised negatively and