Following India Inc’s less-than-ordinary performance in the three months to September, earnings for both 2018-19 and 2019-20 have seen downgrades. Analysts have lowered their forecasts for the Nifty earnings by about 4-5% with the biggest cuts for Tata Motors and Vedanta. Only a handful of companies beat analysts’ estimates during the quarter while many disappointed the Street. In a weak demand environment, companies have not been able to push through higher input costs to consumers, leaving operating profit margins weak. The reported net profit for the Nifty50 companies grew just 6.9% year-on-year.