The Q3FY2007 performance of the Sensex companies
was way ahead of expectations. The year-on-year (y-o-y) and
quarter-on-quarter (q-o-q) growth in the Sensex earnings stood at
40% and 12.6% respectively compared to the market expectations of a
26% y-o-y and a 1.2% q-o-q growth. However, in our Q2FY2007 earnings
review we had not considered Reliance Communication's earnings and
excluding the same the earnings growth stood at 37% year on year
(yoy) and 12% quarter on quarter (qoq). The operating profit margin
(OPM) for all non-banking Sensex companies has shown an improvement
of 140 basis points
yoy.
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