In the latest quarter, while the earnings have largely been in-line with expectation, PSU banks and telecom stocks have been the major disappointments, according to a report. In its \u2018India Strategy and Earnings Review\u2019 report, Motilal Oswal noted that the September corporate earnings were broadly in line with expectations as far as the Nifty earnings are concerned. \u201cHowever, MOSL Universe numbers missed our expectations, entirely attributed to disappointments from PSU Banks and Telecom sectors,\u201d the report noted. Taking stock of the reported numbers in the latest quarter, Motilal Oswal said that one of the key positives from this earnings season was the improving revenue growth trajectory. \u201cTop-line growth for\u00a0MOSL Universe and Nifty was at a multi-quarter high. However, it failed to translate into concomitant EBITDA growth, underscoring the erosion in pricing power in an inflationary input cost environment,\u201d said the report.\u00a0 Also read:\u00a0RIL, HDFC stocks at huge discount: Motilal Oswal\u2019s top 10 large-cap picks that could give up to 50% returns The other important takeaway from the Q2 results pertains to Corporate Banks. A material sequential improvement in the slippage\/asset quality trends was visible in Corporate Banks. This provides some succour to the earnings outlook as Corporate Banks were one of the key drivers for the earnings miss over the past few years, noted Motilal Oswal.\u00a0Sectorally, auto volumes have seen moderation, with the near-term demand trajectory also appearing slightly uncertain due to the rising cost of ownership. Further margin pressures from higher input costs add to the earnings risks, said the report.\u00a0In the same report, the brokerage firm has also handpicked 10 large-cap stocks which have slipped up to 27% from their 52-week highs and could deliver gains of up to 9-40%. These 10 large caps are Reliance Industries, HDFC, Infosys, State Bank of India, ICICI Bank, Maruti Suzuki, L&T, Axis Bank, Titan Company and Hindalco. while Motilal Oswal sees an upside of 31% in Reliance Industries, Hindalco could deliver up to 47% returns, the report showed.