Nifty Company results, till now, have had it rough, with a 11% drop in cumulative profits in the quarter, compared to last year.

The worst performers have been Cement companies, with ACC and Ultratech losing over 25% in profits.

The IT sector saw TCS lose 30% on that big fat bonus payment, but HCLTech, Wipro and Infosys barely kept their heads above water, in terms of profit growth. (low single digits in percentage growth)

Of the Banks, HDFC Bank and IndusInd both grew profits at 20% or more, but ICICI Bank disappointed with a mere 13% growth in net profit.

Cairn slipped from a 3,000 cr. profit to a loss in the quarter. The other oil and gas player, Reliance Industries, saw profits up 8.5% even as revenues declined by a third.

Maruti had impressive results, with a 60% growth in EPS.

Consolidated and Added Up: Minus 11%

If you add all the profits and revenues of the companies that have announced results, we are already seeing a 11% drop in both revenues and profits.

Cairn is the biggest culprit on the profit front, having reversed from profits to losses on oil. And Reliance too saw a revenue drop of over 35,000 cr. for the quarter, which hurt revenues big. Even if you removed both of them, revenue increases were only 11% over the previous year, and profits of the rest still went down by 2%.

This isn’t looking good. If you think markets are down and want a reason for them to go even further down, this is as good a reason as any. Our top company results are disastrous.