As India Inc. kicks off the fourth-quarter earnings season for 2024–25, the divide between outperformers and underachievers will come into sharp focus. Against the backdrop of one of the most uncertain global economic environments in recent memory—shaped by the ripple effects of the US tariff war—the trajectory of corporate earnings will serve as a key test of India Inc.’s resilience.
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A Mint analysis of companies that have announced their March-quarter results so far shows largely flat revenue growth year-on-year, with aggregate net profit rising nearly 5%. Stripping out the banking, financial services, and insurance (BFSI) sector, topline growth stands at 5%, while net profits are down about 3%. The BFSI sector continues to hold steady, while IT companies are grappling with persistent global headwinds.
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The analysis covered 93 BSE-listed companies (including 23 banking and financial services firms) that had declared their results so far and whose data was available on Capitaline’s database.
Scroll down for select company-wise details.
Also read: What analysts miss in concalls while chasing guidance
Also read: In charts: Sombre mood grips India’s top IT firms amid tariff tantrums
Tata Consultancy Services
TCS missed expectations on both revenue and margins. Revenue saw a 0.8% quarter-on-quarter decline but a modest 2.5% year-on-year growth in constant currency in Q4. Profit also fell 1.3% sequentially, with a slight 1.7% annual increase.
The company cited delayed discretionary spending decisions and noted emerging demand uncertainty starting in March 2025. Read more, as Jas Bardia reports.
Infosys
Infosys reported a 3.5% quarter-on-quarter revenue decline in Q4, although year-on-year growth in constant currency was 4.8%. Profits were flat sequentially but rose 12% year-on-year. The company attributed roughly two-thirds of the revenue drop to lower third-party costs and deal slippages, while management expressed optimism about future guidance. Jas Bardia reports further.
ICICI Bank reported robust loan growth of 13.3% year-on-year and 2.1% quarter-on-quarter, fuelled by strong business banking and mortgage growth.
Deposit growth also remained strong at 14% year-on-year. Maintaining benign asset quality with a significant 15.5% sequential decline in fresh slippages, ICICI also demonstrated tight cost controls, resulting in a reduced cost-to-income ratio of 37.9%. Anshika Kayastha has the details.
HCL Tech
HCL Technologies Ltd’s investors are upbeat, especially in a world where global macroeconomic gloom has lately kept IT stocks on tenterhooks.
Sequentially, the company’s revenue dropped 0.8% in constant currency terms last quarter, compared to the consensus estimate of a 0.5% revenue drop, hurt by the usual seasonality in its software business. Yet, shares rose, possibly driven by HCL’s FY26 guidance and robust deal wins. Read Harsha Jethmalani’s Mark to Market analysis.
Upcoming: Reliance Jio
Reliance Jio Infocomm Ltd, India’s largest telecom operator by market share, is expected to report a steady performance in the March quarter, driven by subscriber additions and the lingering impact of the July 2024 tariff hike, according to analysts.
The telecom operator, along with its parent Reliance Industries Ltd, will announce its fourth quarter results for 2024-25 on 25 April. Jatin Grover has a preview.
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