Covid effect: Worst Indian profits in a decade are beating expert estimates

Analysts have cut the 12-month average profit estimates for Nifty members by 20% since January on concerns about a patchy recovery and climbing virus numbers

You wouldn’t expect analysts to draw comfort when a nation’s top companies post the worst profit decline in at least 10 years. The pandemic has made that a reality in India.

While aggregate net income of 47 NSE Nifty 50 Index members slumped 40% in the quarter ended June from a year ago, nearly two thirds of these companies met or exceeded estimates, data compiled by Bloomberg show. For analysts struggling to justify the stock market’s rebound since March, that passes for good news.

“To be honest, we had written off this quarter,” said Abhimanyu Sofat, head of research at