India’s top 10 companies by market value are expected to post a median 23% jump in profit for the last quarter of 2019, driven by a rebound in the financial sector and a smaller tax bill.
This compares with a 14% rise in earnings in the year-ago quarter, and reflects billions in tax breaks given to corporates in 2019 as the government sought to revive the economy from a six-year low.
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The top 10 companies list includes oil-to-telecoms firm Reliance Industries Ltd and IT services provider Infosys Ltd, but is dominated by as many as five banks and financial services companies.
The median profit at these financial companies, which include loan provider HDFC Corp and HDFC and ICICI banks, is expected to have nearly doubled in the October-December period, compared with a 13% growth a year ago.
Source: Yahoo Finance
