The earnings season began with the results of IndusInd Bank, which has always been a consistent performer. But, investors were waiting for the bigwigs from the IT sector to fire. They did not and stocks from the sector came crashing down. Take a look at how the earnings season has panned out so far.

Infosys

Infosys came out with results that largely beat expectations. What disappointed investors was the lowering of the dollar revenue guidance to a range of 6.4% to 8.4%.

The stock has declined almost 7 per cent since numbers were reported. The management commentary was good, though investors have got a little circumspect for the coming 2 quarters, which are traditionally weak.

TCS

This was a major disappointment as far as investors were concerned. Revenue in constant currency terms was a drag and so was the net profits. Japan and Diligenta continued to show poor growth. The stock fell 4 per cent a day after its results and continues to languish.

HUL

FMCG Mjaor, Hindustan Unilever, was another biggie, whose results lagged estimates. The company's revenue and net profits were below estimates, though volume growth at 7% was encouraging.

The company's Chairman says that the environment continues to be challenging.

Reliance Industries

This was one company that reported a superb set of results. Net profits of Rs 6720 crores was way higher than estimates. The GRMs at 10.6 dollars a barrel, was also excellent. The stock may react positively to earnings on Monday.

Conclusion

All in, it has been a disappointing earnings season so far. Investors would now look forward to the rest of the season, particularly from big banking names likes ICICI Bank, HDFC Bank and State Bank of India. The sector is a heavyweight and any alarming rise in NPAs, can push benchmark indices lower.

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