In Q1 2023, nearly half of the companies in the Nifty 200 index posted profit growth, despite a smaller number achieving a growth rate of over 25% than in the previous quarter. Russia’s invasion of Ukraine and rising commodity prices, along with increasing interest rates and inflation, hit earnings through most of the first three quarters of FY23. However, commodity prices began to ease toward the end of the year, with many companies reporting solid sequential and year-on-year performance. Q2 2024 is expected to be less successful than FY23 due to macroeconomic headwinds impacting the tech sector