Q2FY12
• It was expected that Q2 FY12 results would have no surprises and be dull. The markets had already priced this in.
• Without exception, the results have been on expected lines.
• Top-line y-o-y growth came in at 19.28%, with a 34.58% drop in the bottom line. Interest cost increased almost 44.61%. Subdued 'other income' was seen in select companies, mainly due to forex losses.
• Slower economic growth, higher raw material costs, higher interest costs and forex losses, mainly due to the rupee depreciation, contributed to the poor results of India Inc.
• This resulted in revised estimates and recommendations - a downward trend.
• Nervousness and fear of slowdown, globally and domestically.
• Inflation still on the higher side, slower pace of reforms and policies, dull investment cycle, higher interest costs are factors holding things back.
• This will continue for some time.
• This has led to downgrades and lower estimates for FY12 and FY13.
• For real growth, government has to take pro-active and corrective measures and quicken its pace of reforms.
• Global situation also needs to be supportive.
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