sample has risen just 92 basis points y-o-y, a much smaller increase compared with that in previous quarters. Lower fuel prices, for example, have driven up profits at Ultratech while Asian Paints gained by paying less for key inputs.
Critical areas like mining continue to be in trouble; the ban on mining operations in Goa and Karnataka, for instance, hit Sesa Goaís bottom line with the miner posting a loss of R170 crore.
So far the results show few signs that corporate India is getting back into investment mode; while L&Tís order book grew 14% y-o-y in the December quarter, analysts point out that about 22% of the inflows during the quarter was from overseas markets. Moreover, they add that execution of projects remains tardy.
While the IT companies have done well to combat the slowdown in the global market ó both Infosys and TCS reported good numbers and strong deal flows, sectors like two-wheelers remain under pressure.
Both Bajaj Auto and Hero MotoCorp turned in lukewarm results, especially the latter. The profit warning from Tata Motors for its Jaguar-Land Rover subsidiary is a sign that the global economy too needs to look up before India Inc can call a recovery.