The October-December quarter earnings season continues to maintain its steam with most companies posting a decent set of numbers with consumer demand showing signs of picking up. Management commentary has so far been encouraging from most of the companies which have declared results though rising input cost continues to remain a worry. Though signs of modest recovery cannot be ruled out, it would still be early to conclude that a full revival has taken place. Tata Steel, which announced its earnings during the latter part of last week, saw its net profit rise nearly five-fold though short of estimates. The profits were impacted to some extent due to some provisions made for mining operations as mandated by the Supreme Court. Net sales were much above the estimates, growing by 15.23% year-on-year, which also drove up the ebitda margin. The company said the performance was largely driven by improved domestic volumes and better realisations across geographies due to rising commodity prices. For the country\u2019s largest two-wheeler manufacturer, Hero MotoCorp, the volume growth was sound as most of the festivals fell during the quarter. The company\u2019s total net revenues increased by 17% y-o-y while dipping by 12.6% q-o-q as volumes were up 16% y-o-y, and dipped by 15.4% q-o-q. Realisations were up by 0.8% y-o-y and 3.3% q-o-q. Raw material costs to sales came in at 67.4% against 66.1% y-o-y as the impact of rising RM prices was felt well in this quarter. Margins came in at 15.8% which were slightly lower than expected as competitive intensity along with higher marketing spends were observed during the quarter. Analysts maintain that volume growth would continue in the coming quarters as the company is performing well on the scooter side. This would be aided by demand for motorcycles picking up in rural markets. In urban markets launches of premium bikes is expected to bring good dividends. Mahindra and Mahindra also posted numbers in line with estimates and the management expects demand to be buoyant though analysts also see pressures on the company as other auto manufacturers have also started focusing on the utility vehicle segment. A clutch of companies like Eicher Motors, Cipla, SpiceJet and ACC also posted numbers which were either in line with estimates or above it.