The earnings push

As the second quarter (Q2) earnings season gets over, the results of a sample of 2,776 listed companies indicates a pickup in profitability. While sales have contracted 3 per cent to Rs 23.57 trillion in Q2, compared to Rs 24.35 trillion in the corresponding quarter last year, operating profit (profit before depreciation interest and taxes, or PBDIT) has grown 30.4 per cent, and profits after tax (PAT) a whopping 316.8 per cent. Adjustments are, of course, required to understand the profit jump. For example, this includes the extraordinary losses of Rs 73,966 crore registered by telecom majors.....

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