quarterly-results-indialisted

# 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