# Quarterly Results India > Break down an Indian listed company's quarterly results the way a buy-side analyst does — beat/miss versus consensus, quality of the beat, one-offs, segment mix, and what it does to full-year estimates. Use when given a quarterly results filing, limited review report, or investor presentation for an NSE/BSE-listed company, or when the user asks how a company's Q1/Q2/Q3/Q4 went, whether a quarter was good, or what changed this quarter. - Skill: `sharma23yash-oss/quarterly-results-india` (Agent Skill) - Install (CLI): `npx skillmds@latest add sharma23yash-oss/quarterly-results-india` - Raw SKILL.md: https://api.skillmd.com/api/skills/sharma23yash-oss/quarterly-results-india/raw - Safety review: pending - Works with: Claude Code, Claude.ai, OpenAI Codex - Category: Docs & Writing - License: MIT - Author: sharma23yash-oss (https://skillmd.com/u/sharma23yash-oss) - Updated: 2026-09-17 - Page: https://skillmd.com/skills/sharma23yash-oss/quarterly-results-india --- # Quarterly Results Analysis (India) ## What you are actually given Under SEBI LODR Regulation 33, listed entities file quarterly financial results within **45 days** of quarter end, and annual audited results within **60 days** of year end. Q1–Q3 carry a **limited review** report, not an audit. Q4 is usually published as the balancing figure: full-year audited minus nine months. That construction matters — **Q4 is where the year's accounting decisions land**, so treat a Q4 beat with more scepticism than any other quarter. Consolidated results are mandatory quarterly. Always analyse consolidated; use standalone only to locate where profit sits. ## Step 1 — The comparison grid Never look at a quarter in isolation. Build: | | Q (this) | Q-1 (QoQ) | Q-4 (YoY) | Consensus | Δ vs cons | |---|---|---|---|---|---| | Revenue | | | | | | | EBITDA | | | | | | | EBITDA margin | | | | | | | Other income | | | | | | | Finance cost | | | | | | | Depreciation | | | | | | | PBT (before exceptional) | | | | | | | Exceptional items | | | | | | | Tax / ETR | | | | | | | PAT | | | | | | | EPS | | | | | | For Indian companies, **YoY is the primary comparison** — most sectors are seasonal (H2-heavy in industrials and consumer, Q4-heavy in capital goods and infrastructure, monsoon-sensitive in agri and rural-facing consumer, festive-season Q3 in retail and auto). QoQ without a seasonality adjustment is usually noise. ## Step 2 — Quality of the beat A beat is not a beat until you know where it came from. Decompose: ``` ΔPAT = ΔRevenue effect + ΔGross margin + ΔOpex + ΔOther income + ΔFinance cost + ΔDepreciation + ΔTax rate + ΔExceptional ``` Rank by quality: 1. **Volume-led revenue beat with stable margin** — highest quality 2. **Price/realisation-led revenue beat** — check sustainability and pass-through 3. **Gross margin expansion from input costs** — cyclical, will reverse 4. **Operating leverage on flat opex** — good, but check whether spend was deferred 5. **Other income** — not operating. Strip it. 6. **Lower effective tax rate** — non-recurring unless the company moved regime 7. **Lower depreciation from a useful-life change** — accounting, not performance 8. **Exceptional item classification** — lowest quality **Rule:** restate PAT excluding other income and exceptional items, and compare that series across eight quarters. That line is the business. ## Step 3 — One-offs List every exceptional and "one-time" item for the last 8 quarters in a single table. Then: - Sum them. If one-offs appear in 5 of 8 quarters, they are operating costs and belong in the run rate. - Check the sign asymmetry: companies disclose one-off *costs* enthusiastically and one-off *gains* quietly inside other income. - Watch for: restructuring provisions, impairments, forex gain/loss on borrowings, sale of land or investments, insurance claims, arbitration awards, ESOP charges, and CSR under-spend reversals. ## Step 4 — Below the operating line - **Finance cost vs net debt**: implied cost of debt = annualised finance cost / average gross debt. A falling implied rate with rising debt suggests capitalised interest. Check the capitalisation note. - **Depreciation vs gross block**: a sudden fall in the depreciation rate means a useful-life revision. Quantify the EPS impact. - **Effective tax rate**: compare against 25.17% (concessional 22% regime, incl. surcharge and cess) or ~34.94% (default regime). Explain any gap — SEZ benefits, brought-forward losses, deferred tax reversal, or an MAT credit. - **Minority interest**: rising MI with flat consolidated PAT means the parent's share is shrinking. ## Step 5 — Balance sheet, when disclosed Listed entities must publish a balance sheet **half-yearly** (H1 and full year) under LODR. Use it: - Net debt trajectory and net debt / EBITDA - Debtor days and inventory days — the quarterly P&L can be managed; working capital is harder - Cash flow statement, also half-yearly: check H1 CFO against H1 PAT Between balance sheet dates, use the results filing's disclosed borrowing figures and the credit rating agency's latest rationale. ## Step 6 — Segments Quarterly segment reporting is mandatory. Build a segment revenue and segment margin grid across 8 quarters. Look for: - Growth concentrated in the lowest-margin segment (mix deterioration masked by headline growth) - A segment being merged into another — always investigate, it usually hides a decline - Unallocated expenses rising as a share of revenue ## Step 7 — Estimate revision The output of the analysis is a number. Take the prior full-year estimate and roll it: ``` FY revenue = 9M actual + Q4 estimate FY EBITDA = ... ``` State explicitly: what you changed, why, and by how much. "We cut FY27 EBITDA by 4% on a 60bp margin reduction, holding revenue" is a finding. "Results were mixed" is not. ## Step 8 — Cross-check the concall Pair with `concall-analysis`. Numbers plus management commentary together; neither alone. ## Output format ```markdown # — Q FY **Verdict:** Beat / In line / Miss — and on what. ## Headline | Metric | Qtr | YoY | QoQ | Cons | Δ | ## Quality of the print - Revenue: volume X% / realisation Y% - Margin bridge: ... - Adjusted PAT (ex-other income, ex-exceptional): ₹X cr vs ₹Y cr YoY ## One-offs (8 quarters) | Qtr | Item | ₹ cr | Recurring? | ## Segments | Segment | Rev | Δ YoY | Margin | Δ bps | ## Balance sheet / working capital - ... ## Estimate changes | | Old | New | Δ% | | FY26E revenue | | | | | FY26E EBITDA | | | | | FY26E EPS | | | | ## What to watch next quarter 1. ... ``` ## Hard rules - **All figures in ₹ crore unless stated.** Convert consistently; never mix crore and million in one table. 1 crore = 10 million; 1 lakh = 0.1 million. - **State the consensus source** or say "no consensus available" — do not invent an estimate to declare a beat. - **Q4 is a residual.** Say so whenever you analyse one. - **Limited review ≠ audit** for Q1–Q3. Flag it when a quarter carries an unusual item. - This is analysis, not a recommendation. Do not attach a target price unless the user has asked for a valuation and you have run `dcf-india` or `relative-valuation-india`.