Even as Prime Minister Manmohan Singh is expressing hopes about a quick recovery of the economy, early-bird companies showed dismal picture during the fourth quarter. The net profit of 147 early-bird companies decreased 3.3% to Rs 13,191 crore during Jan-Mar 2009, from Rs 13,638 crore during the same period last fiscal?indicating poor performance of major corporates.

Kishor Ostwal, CMD, CNI Research said, ?The Y-o-Y trend was downward definitely because of the slowdown in the economy post Oct crash. But the Q-o-Q numbers are better than expected. In fact, the figures are much better than analysts? expectations. This has given good amount of confidence that Q1 and Q2 will be defiantely better now as the major impact of stimulus package is yet to be seen. We believe that the metal on a whole has bottomed out in Q4 and the HR prices are likely to go up.?

However, despite down trend in aggregates, some major private banks such as Axis Bank, HDFC Bank and some great performers in IT sector like Infosys Technologies and Polaris Software showed an upward trend in their bottomline.

On the other hand, companies that are responsible for decreasing the overall profits of the early birds were Reliance Industries, Hindustan Zinc, MMTC, Pfizer, Praj Industries, SKF India, Sesa Goa, Tata Sponge Iron, Upper Ganges Sugar, Marico and Merck.

The net profit of Reliance Industries decreased 9.4% to Rs 3,546 crore during Jan-Mar 2009, from Rs 3,912 crore during the corresponding quarter last fiscal. The sales of the company also decreased 23.9% during the quarter. On the other hand, the net profit of MMTC decreased 55.9% to Rs 39.97 crore during Q4. The company?s sales decreased 48.1% to Rs 4,874 crore.

But in the banking sector, Axis Bank?s performance was significantly good. While main income increased 50.8% to Rs 3,039 crore, the net profit rose 60.9% to Rs 581 crore during the forth quarter.

HDFC Bank is another private bank which registered a sharp 43.8% increase in main income to Rs 4,250 crore and a 33.9 % rise in net profit to Rs 630 crore.

In the IT sector, Infosys Technologies? performance has turned out to be impressive. While sales jumped 24% to Rs 5,253 crore, the net profit rose 32.7% to Rs 1,569 crore during the quarter ended March 2009. Polaris Software is another IT company which posted a sharp 19.7% increase in sales to Rs 286 crore and a 161.1% increase in net profit to Rs 35.35 crore.

In the Cement Sector, ACC?s performance has turned out to be good. While sales jumped 17.8% to Rs 2,081 crore, the net profit rose 13.3% to Rs 404 crore during the quarter ended March 2009.

Ultratech Cement is another cement company which posted a sharp 17.1% jump in sales to Rs 1,875 crore and a 9.4% rise in net profit to Rs 309 crore.