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Q2 Earnings Review: The bigger they are, the harder they stall?

The Q2 report cards of India’s biggest IT firm, biggest private bank and largest NBFC have a clear message for investors – size can be a double-edged sword.

October 20, 2023 / 10:19 IST
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TCS kicked off the Q2 results season with a contraction in USD revenues for the first time since the pandemic-hit June 2020 quarter

One of the most crucial campaigns of Alexander the Great was the Battle of Hydaspes in 326 BC, when he went up against King Porus of Punjab. Porus’s mighty army relied heavily on its contingent of war elephants, which struck fear into the hearts of his enemies. However, on the day of the battle, the Macedonian phalanx managed to repulse the giant beasts, which turned around in panic and trampled many of their own soldiers to death.

The episode has played out multiple times in Indian history, and not just in warfare. Size might be a critical advantage in many situations, but it also risks being the biggest drag when the winds turn unfavourable.

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Take the current Q2 earnings season, for example.

The country’s biggest IT firm TCS, biggest private sector lender HDFC Bank and largest NBFC Bajaj Finance have for long been benchmarks for Corporate India.