“However, earnings upside was witnessed in Banks (+17%YoY), Telecommunication (+259%YoY), Materials (+101%YoY) and Diversified Financials (+3%YoY) negating the negative performance in the above mentioned sectors.”
Food, Beverage and Tobacco, Insurance and Capital Goods sectors weakened the quarterly earnings: Lackluster performance in Food, Beverage and Tobacco, Insurance and Capital Goods sectors was mainly owing to the lower consumer spending stemmed from subdued economic growth.
MELS earnings declined by -20%YoY in line with the dip in finance income and NEST dipped by -17%YoY along with the weakened consumer demand and rise in cost of sales.
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