More cos have managed to beat profit estimates in Q2FY24: ICICI Securities

This has led to an upward revision in earnings growth estimates for FY24 as well as FY25

The September 2023 quarter (Q2FY24) earnings season is currently underway. An early analysis of the result trends by brokerage firm ICICI Securities shows more companies have managed to beat profit estimates. This has led to an upward revision in earnings growth estimates for this fiscal (FY24) as well as next (FY25).

There have been no “major negative surprises with cyclicals driving profit growth, while defensives lag. Overall, within our coverage universe, the upgrades for FY24E/FY25E earnings have been driven by cyclicals related to capex, discretionary consumption, and credit growth (Ultratech, ACC, JSW Steel, Voltamp, Polycab, Maruti, Bajaj Auto,