Sector analysis · India

Consumer Services sector earnings growth, Q3 FY24

The 20 largest Consumer Services companies by market cap at the end of Q3 FY24 (31 Dec 2023), compared with Q2 FY24.

The top 20 at Q3 FY24

Q3 FY24 vs Q2 FY24: combined net profit ₹2,998 cr (+39%), median EPS +18% (14 of 20 up), market-cap-weighted price +15%. 20 of 20 reported.

Quarter

Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27

Compared with

YoY QoQ

Weight is each company's share of the 20 companies' combined market cap. Contribution is the change in its owners' profit divided by their combined base profit, in percentage points, so the column adds up to the sector's earnings growth. EPS cannot be added across companies, which is why contributions use profit.

#	Company	Weight	EPS ₹, base → now	EPS growth	Contribution	Price
1	Avenue Supermarts LimitedDMART	27.9%	9.58 → 10.61	+11%	+2.8 pp	+11%
2	Trent LimitedTRENT	11.4%	4.40 → 7.02	+60%	+5.8 pp	+47%
3	Eternal LtdETERNAL	11.2%	0.04 → 0.16	+300%	+4.2 pp	+22%
4	I R C T CIRCTC	7.5%	3.68 → 3.75	+2%	+0.2 pp	+30%
5	Info Edge (India) LimitedNAUKRI	7.0%	3.18 → 2.34	−26%	−2.2 pp	+23%
6	The Indian Hotels Company LimitedINDHOTEL	6.5%	1.18 → 3.18	+169%	+11.8 pp	+7%
7	FSN E-Commerce Ventures LimitedNYKAA	5.2%	0.02 → 0.06	+200%	+0.4 pp	+14%
8	Jubilant Foodworks LimitedJUBLFOOD	3.9%	1.47 → 1.00	−32%	−1.3 pp	+6%
9	Vedant Fashions LimitedMANYAVAR	3.2%	2.02 → 6.49	+221%	+4.5 pp	−5%
10	Devyani International LimitedDEVYANI	2.5%	0.28 → 0.08	−71%	−1.0 pp	−10%
11	Aditya Birla Fashion and Retail LimitedABFRL	2.1%	−1.89 → −0.82	loss, smaller	+4.2 pp	+4%
12	Indiamart Intermesh LimitedINDIAMART	1.7%	11.57 → 13.65	+18%	+0.5 pp	−5%
13	EIHEIHOTEL	1.6%	1.49 → 3.51	+136%	+5.2 pp	+12%
14	Chalet Hotels LimitedCHALET	1.5%	1.77 → 3.44	+94%	+1.4 pp	+25%
15	BLS International Services LimitedBLS	1.4%	1.91 → 2.05	+7%	+0.2 pp	+28%
16	Westlife Foodworld LimitedWESTLIFE	1.3%	1.43 → 1.11	−22%	−0.2 pp	−13%
17	RattanIndia Enterprises LimitedRTNINDIA	1.1%	1.02 → 1.36	+33%	+2.0 pp	+34%
18	Lemon Tree Hotels LimitedLEMONTREE	1.0%	0.29 → 0.45	+55%	+0.5 pp	+5%
19	Sapphire Foods India LimitedSAPPHIRE	1.0%	0.48 → 0.32	−33%	−0.2 pp	−2%
20	Medplus Health Services LimitedMEDPLUS	0.9%	1.22 → 1.15	−6%	0.0 pp	−2%
	Sector earnings growth	100%			+38.8 pp

Who joined and who left

1 joined and 1 left the top 20 since Q2 FY24, as market caps moved.

Joined the top 20 since Q2 FY24 1

now #17 RattanIndia Enterprises Limited RTNINDIA

Left the top 20 since Q2 FY24 1

was #20 Mahindra Holidays & Resorts India Limited MHRIL

EPS growth by company, Q2 FY24 to Q1 FY27

Each company's EPS growth quarter on quarter, every quarter it was in the top 20.

≤ −40%−20%0+20%≥ +40% Blue is growth, red is decline, grey is about zero; the colour stops deepening at ±40%.

turned profitableto loss crossed zero, so there is no growth rate to print
loss, smallerloss, bigger a loss in both quarters
outside not in the sector's top 20 that quarter

EPS growth of each company in the sector's top 20, by quarter
Company	Q2 FY24	Q3 FY24	Q4 FY24	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
DMART	−5%	+11%	−18%	+37%	−15%	+10%	−24%	+40%	−11%	+25%	−23%	+31%
TRENT	+35%	+60%	+88%	−44%	−14%	+47%	−36%	+35%	−12%	+36%	−22%	+30%
ETERNAL	turned profitable	+300%	+25%	+45%	−31%	−70%	−33%	−25%	+133%	+57%	+64%	−44%
IRCTC	+27%	+2%	−5%	+8%	0%	+11%	+5%	−8%	+3%	+15%	−17%	+1%
NAUKRI	+29%	−26%	−60%	+287%	−90%	+939%	+91%	−36%	+7%	−14%	+108%	−21%
INDHOTEL	−25%	+169%	−8%	−40%	+123%	+5%	−10%	−43%	−4%	+217%	−34%	−40%
NYKAA	+100%	+200%	−67%	+50%	+33%	+125%	−22%	+14%	+50%	+83%	+23%	+4%
JUBLFOOD	+234%	−32%	+214%	−73%	+14%	−33%	+12%	+90%	+112%	−64%	+13%	+21%
MANYAVAR	−47%	+221%	−27%	−46%	+7%	+138%	−36%	−31%	−20%	outside	outside	outside
DEVYANI	+180%	−71%	to loss	turned profitable	to loss	loss, bigger	loss, bigger	turned profitable	to loss	loss, smaller	outside	outside
ABFRL	loss, bigger	loss, smaller	loss, bigger	loss, smaller	loss, bigger	loss, smaller	loss, smaller	outside	outside	outside	outside	outside
INDIAMART	−15%	+18%	+22%	+14%	+18%	−10%	outside	−15%	outside	outside	outside	outside
EIHOTEL	−10%	+136%	+1%	−59%	+41%	+103%	−4%	−87%	+237%	+114%	−2%	−51%
CHALET	−59%	+94%	+17%	−31%	to loss	turned profitable	+28%	+64%	−24%	−20%	+31%	−47%
BLS	+14%	+7%	−4%	+41%	+21%	−13%	+12%	outside	outside	outside	outside	outside
WESTLIFE	−23%	−22%	−95%	+320%	−90%	outside	outside	outside	outside	outside	outside	outside
RTNINDIA	outside	+33%	to loss	turned profitable	to loss	outside	outside	outside	outside	outside	outside	outside
LEMONTREE	−3%	+55%	+89%	−71%	outside	outside	outside	outside	outside	outside	outside	outside
SAPPHIRE	−38%	−33%	−75%	outside	to loss	outside	outside	outside	outside	outside	outside	outside
MEDPLUS	+281%	−6%	outside	outside	outside	outside	outside	outside	outside	outside	outside	outside