New Delhi, Feb. 7 -- The EPS cuts for Nifty 50 companies, which began during the second quarter of the current fiscal year, have persisted into the December quarter, driven by a moderate set of numbers, prompting analysts to further reduce their earnings multiples to incorporate weaker-than-expected revenue growth, margin pressures, and cautious management outlooks for the coming quarters.

Modest earnings growth was once again driven by BFSI, with positive contributions from technology, real estate, healthcare, and capital goods. Conversely, earnings were weighed down by global cyclicals such as oil & gas, along with metals, cement, automobiles, and consumer sectors.

As expected by analysts, 3QFY25 earnings aligned with modest expectati...