Early-bird Q4 results do not inspire much confidence

The 17.6% revenue growth of 135 firms drops to just 7.9% if two prominent companies are removed

At first glance, the revenue growth of 17.6 per cent, year-on-year, that the 135 early-bird companies have reported for the January-March quarter, looks good. But if two of these companies — the country’s largest company in terms of revenue and the most efficient metal producer — are removed, the growth drops to just 7.9 per cent. Net profit growth, year-on-year, was an insipid 8.6 per cent with a large chunk of it coming from a handful of companies. If three of the top five profit earners during the quarter — Reliance Industries, HDFC Bank and Hindustan Zinc — are removed,