Metals lead in profit growth: Know how various sectors of Nifty 100 index performed over the last 8 quarters

Source: Reuters-Refinitiv. Numbers in brackets are the number of companies in each sector. 95 companies of the Nifty100 index are considered for the analysis. LP: Loss to profit. PL: Profit to loss. Nifty 100 index represents about 67% of the free float market capitalisation of the stocks listed on NSE at the end of March 2025.

Earnings growth slows amid weak demand

The weakness in consumption and demand is evident in the earnings performance of the Nifty 100 index, with 95 out of 100 companies reporting an aggregate consolidated net profit growth of just 12.7% year-on-year. While the performance appears better when compared to the December 2024 quarter, with 10.9% growth, there is a marked decline compared to the 23.5% growth in the March 2024 quarter.

The metals sector, particularly steel companies, delivered strong performance driven by lower raw material costs and a seasonal rise in demand from the construction industry. In contrast, the construction materials (cement) sector faced headwinds from both demand and rising costs. However, the sector’s overall growth was supported by solid earnings from Grasim and UltraTech Cement.

The banking sector’s performance was dragged down by IndusInd Bank, which reported a consolidated net loss amid higher provisions and lower interest income. The financials sector reported a modest performance, aided by healthy growth in disbursements.

The IT sector continues to see challenges amid global uncertainties. The sector is seeing stress in multiple verticals, including manufacturing, automotive, retail, and logistics.

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The consumer staples sector showed mixed results—rural demand improved, but urban slowdown and input cost pressures weighed on performance. A 210% profit jump in the Nifty 100 was largely driven by ITC’s exceptional gains from its hotel business sale. Among the largest five heavyweight stocks of the Nifty 100 index, Bharti Airtel, ICICI Bank and HDFC Bank reported the highest year-on-year growth in the consolidated net profits of 432%, 15.7% and 6.9% respectively.