Mahesh Nandurkar of CLSA says among the 54 companies under coverage that reported earnings for the March 2016 quarter so far, he reduced FY17 earnings estimates for 24 companies and raised estimates for 17 companies.
Overall, he said he lowered FY17 earnings estimates by 4 percent and consensus by 2 percent during the results season.
According to him, FY17 earnings growth estimate is now 17 percent as against 24 percent for consensus."Although a low base would help earnings growth reach double digits from September 2017, risk of further downgrades to consensus earnings estimates remains high, Nandurkar says.
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