BPCL, Tata Motors lead upgrades race after Q3, Zomato, ABFRL downgraded

Oberoi Realty and ACC too see substantial increase in their earnings forecasts for the ongoing financial year

broker, market, shares, trading, stocks, growth, profit, loss, exchange, brokerage
BS Reporter Mumbai
2 min read Last Updated : Feb 21 2023 | 6:27 PM IST
State-owned oil marketing company Bharat Petroleum Corporation (BPCL) and four-wheeler major Tata Motors have topped the FY23 earnings upgrade charts after the completion of December 2022 quarter earnings season (Q3FY23). Oberoi Realty and cement manufacturer ACC too have seen substantial increase in their earnings forecasts for the ongoing financial year.

“BPCL upgrade is driven by favourable macros in Q3FY23 leading to marketing profits despite stagnant retail fuel prices. Better-than-expected average selling price at Jaguar Land Rover and Ebitda for the domestic CV business as the industry shifts from demand push to pull mode drove Tata Motors upgrade,” said a note by Ambit Institutional Equities.

Meanwhile, Zomato, Indus Towers and Aditya Birla Fashion and Retail (ABFRL) saw the maximum downgrades.

“Zomato’s downgrades were due to weaker food delivery growth driven by weaker order and monthly transacting users (MTU) growth. Indus towers downgrade is led by Vodafone India’s funding constraints weighing on Indus’ ability to grow dividends & telcos focus likely on loading & fabrication instead of new tower additions. Downgrade in ABFRL was led by increase in marketing spends & losses of new businesses,” the Ambit note said.

The long and short of it | Companies that have seen highest upgrades and downgrades to their FY23 earnings estimates
   
Biggest FY23 upgrades Earnings forecasts hiked by (%)
BPCL 99
Tata Motors 98
Oberoi Realty 56
ACC 21
Dalmia Bharat 16
   
Biggest FY23 downgrades Earnings forecasts cut by (%)
Zomato Profit-to-loss
Indus Towers -80
Aditya Birla Fashion -68
Lupin -66
Voltas -58
   
Source: Ambit; Note: Universe: NSE 200 cos under coverage; Hike and cut in FY23 earnings forecasts between Jan 8 (Q3 preview) and Feb 20 (after Q3 results)

Great minds don’t just skim the surface, they uncover the full story.

Already subscribed? Log in

Subscribe to read the full story →

Quarterly Starter

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 premium stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

Topics :Q3 resultsOberoi RealtyTata MotorsZomato

Next Story