Monday, August 7 2006 11:32 Hrs (IST) - World Time -

New Delhi: The midgets of India Inc can no longer be shoved off as underdogs as it is mostly the small and mid-cap companies, not the high profile blue chips and who have reported continuous growth in their net profit and sales over the last eight quarters.

An analysis of all the companies that have released their quarterly results for the April-June 2006 period shows that none of the large-cap companies have posted an increasing trend in their profit after tax for the last eight consecutive quarters and it is the smaller companies who have stolen the show in terms of continuing growth results.

According to the data available with stock exchanges, so far 13 companies have reported an increasing trend in their quarterly profit after tax for the eight consecutive quarters till June 2006. But all of them are either small-cap or mid-cap companies.

However, a relatively better performance has been put forth by the blue chips of corporate India when it comes to an increasing trend in the sales results over the same period.

There are five large-cap companies, belonging to the elite club of 30 Sensex companies, who have witnessed a positive trend in their quarterly operating income figures for the eight consecutive quarters or a two-year period between July 2004 and June 2006.

However, all the five Sensex companies namely HDFC Bank, ICICI Bank, Infosys, Satyam Computer and Tata Consultancy Services belong to the IT and private banking sectors, which have witnessed a robust growth momentum over the recent past.