In the March 2023 quarter, the cummulative earnings of 280 listed companies declined 64.5% from a year earlier to Rs92.6 billion, according to First Capital Research. Although the decline is the steepest since 2020, the fact that most listed companies are holding up despite the economic challenges is encouraging. The Food, Beverages and Tobacco sector led the slide, earnings falling 80.3% from a year ago, alongside sharp falls in Capital Goods and Diversified Financials. Meanwhile, the Telecommunications and Energy sectors offered bright spots, with earnings increasing by 173.3% and 243.7%, respectively. A mixture of factors, such as the rupee appreciation, chemical export restrictions, and international oil price volatility, shaped this contrasting performance.