Going by just standalone earnings – which I agree is misleading but it’s what has daily released data – we see that the Nifty EPS growth has slowed to 7.34%, as the Earnings per share has slid to 297. Last year, at the same time, we were at 276.
Indeed, look at the Earnings Growth (which might actually mimic the earnings growth number at a consolidated level) and the P/E ratio released by the NSE:
What it seems like is that the P/E is remained above 15 since 2009, and the EPS growth has hardly ever crossed 15% in the same time frame. I wonder if consolidated earnings have grown that much.
The next earnings season, for Q2 2012-13, will be out soon. Let’s see if the slowdown is behind us or we’re still continuing to slide.