March quarter earnings likely to grow 4-5%, financials a key risk: Chola Securities

Chola Securities expects March quarter earnings growth to stay modest due to a high base, with financials—banks and non-banking financial companies—seen as the key risk. Higher bond yields and possible provisioning pressures could weigh on the segment, which also makes up about 38% of Nifty earnings. Autos are likely to lead with around 17% growth, while pharma, chemicals and metals should remain steady, offering some support to the overall earnings.