Sector analysis · India

Services sector earnings growth, Q3 FY24

The 20 largest Services companies by market cap at the end of Q3 FY24 (31 Dec 2023), compared with Q3 FY23.

The top 20 at Q3 FY24

Q3 FY24 vs Q3 FY23: combined net profit ₹7,287 cr (+33%), median EPS −10% (8 of 18 up), market-cap-weighted price +27%. 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	Adani PortsADANIPORTS	33.0%	6.09 → 10.22	+68%	+16.0 pp	+25%
2	InterGlobe Aviation LimitedINDIGO	17.1%	36.91 → 77.68	+110%	+28.3 pp	+48%
3	Container Corporation of India LimitedCONCOR	7.8%	3.86 → 4.34	+12%	+0.7 pp	+16%
4	GMR Airports LimitedGMRAIRPORT	7.2%	0.32 → −0.53	to loss	−9.1 pp	+103%
5	JSW InfrastJSWINFRA	6.5%	— → 1.19	sources disagree	—	—
6	Allcargo Logistics LimitedALLCARGO	4.7%	— → 0.03	sources disagree	—	−20%
7	Delhivery LimitedDELHIVERY	4.3%	−2.69 → 0.16	turned profitable one-off	+3.7 pp	+17%
8	Blue Dart Express LimitedBLUEDART	2.6%	37.37 → 37.46	0%	0.0 pp	−4%
9	The Great Eastern Shipping Company LimitedGESHIP	2.1%	43.93 → 37.70	−14%	−1.6 pp	+46%
10	Redington LimitedREDINGTON	2.1%	4.86 → 4.36	−10%	−0.7 pp	−2%
11	Firstsource Solutions LimitedFSL	1.9%	2.27 → 1.85	−19%	−0.5 pp	+81%
12	eClerx Services LimitedECLERX	1.9%	12.92 → 14.14	+9%	+0.1 pp	+103%
13	MMTC LimitedMMTC	1.3%	0.65 → 0.37	−43%	−0.8 pp	+58%
14	TVS SupplyTVSSCS	1.3%	0.44 → 0.22	−50% one-off	−0.1 pp	—
15	Quess CorpQUESS	1.2%	5.94 → 4.30	−28% one-off	−0.4 pp	+27%
16	S C ISCI	1.1%	6.00 → 2.88	−52%	−2.6 pp	+20%
17	Gujarat Pipavav Port LimitedGPPL	1.1%	1.74 → 2.40	+38%	+0.6 pp	+52%
18	VRL Logistics LimitedVRLLOG	1.0%	2.78 → 0.78	−72%	−0.6 pp	+42%
19	Transport Corporation of India LimitedTCI	1.0%	11.17 → 10.22	−9%	−0.1 pp	+33%
20	Nesco LimitedNESCO	0.9%	9.95 → 13.30	+34%	+0.4 pp	+45%
	Sector earnings growth	100%			+33.2 pp

Who joined and who left

2 joined and 2 left the top 20 since Q2 FY24, as market caps moved.

Joined the top 20 since Q2 FY24 2

now #5 JSW Infrast JSWINFRA
now #20 Nesco Limited NESCO

Left the top 20 since Q2 FY24 2

was #19 TCI Express TCIEXP
was #20 CMS Info Systems Limited CMSINFO

EPS growth by company, Q2 FY24 to Q1 FY27

Each company's EPS growth year on year, 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
sources disagree our two sources disagree, so the figure is left out of the sector totals
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
ADANIPORTS	+2%	+68%	+76%	+47%	+40%	+14%	+48%	+6%	+27%	+14%	+4%	+2%
INDIGO	turned profitable	+110%	+106%	−12%	to loss	−18%	+62%	−20%	loss, bigger	−78%	to loss	to loss
CONCOR	+21%	+12%	+14%	+5%	0%	+11%	−6%	+3%	+4%	−9%	−12%	0%
GMRAIRPORT	to loss	to loss	loss, smaller	loss, bigger	loss, bigger	turned profitable	loss, bigger	loss, smaller	loss, smaller	−52%	turned profitable	turned profitable
JSWINFRA	outside	sources disagree	−2%	−19%	+45%	+32%	+55%	+32%	−3%	+9%	−18%	−19%
ALLCARGO	sources disagree	sources disagree	to loss	outside	outside	outside	outside	outside	outside	outside	outside	outside
DELHIVERY	loss, smaller	turned profitable	loss, smaller	turned profitable	turned profitable	+113%	turned profitable	+65%	to loss	+56%	0%	−65%
BLUEDART	−22%	0%	+12%	−13%	−14%	−9%	−29%	−9%	+30%	−16%	−11%	+81%
GESHIP	−23%	−14%	+25%	+41%	−3%	+10%	−60%	−38%	+1%	+37%	+188%	+159%
REDINGTON	−22%	−10%	+5%	−1%	−3%	+17%	+105%	+12%	+32%	+9%	−41%	+77%
FSL	−2%	−19%	−5%	+7%	+9%	+24%	+20%	+25%	+30%	−25%	+27%	−2%
ECLERX	+12%	+9%	−2%	+5%	+6%	+2%	+20%	+31%	+31%	+40%	+26%	+17%
MMTC	−97%	−43%	+571%	+200%	−9%	−95%	−96%	0%	+256%	+1,450%	+4,100%	+130%
TVSSCS	to loss	−50%	turned profitable	turned profitable	turned profitable	to loss	outside	+967%	outside	outside	outside	outside
QUESS	+71%	−28%	+185%	sources disagree	sources disagree	sources disagree	to loss	outside	outside	outside	outside	outside
SCI	−47%	−52%	−19%	+70%	+344%	−44%	−40%	+21%	−35%	+436%	+119%	+75%
GPPL	+28%	+38%	−32%	+62%	−18%	−14%	+71%	−5%	+113%	+8%	+27%	outside
VRLLOG	−37%	−72%	outside	outside	outside	outside	outside	outside	outside	outside	outside	outside
TCI	+20%	−9%	+25%	+10%	+24%	+29%	+14%	+19%	+6%	+14%	+9%	outside
NESCO	outside	+34%	outside	−8%	+22%	outside	−16%	+38%	+11%	−5%	+5%	+4%