One of the great frustrations of the past five years has been the abysmal performance of corporate earnings in India. Earnings have compounded at only about 5 per cent in these last five years, significantly undershooting consensus estimates, and frustrating investors.
Every investor is tired of hearing how low the ratio of corporate profits to gross domestic product (GDP) has fallen and how much below the mean Indian corporate profitability currently is. One has seen too many strategy presentations regressing profitability back to the long-term mean over a five year period, and hence ...
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