For the ex-banks and oil and gas universe, he forecasts a revenue growth of 3.1 percent (YoY).
This is the weakest YoY revenue growth recorded in the past 3 years and the disruptions due to the implementation of GST, rupee appreciation, rising overheads and the impact of higher commodity prices are the factors that are hurting earnings growth in the quarter, he said.
Mukherjee expects a revival in Q2FY18, but the results season is unlikely to drive any earnings upgrade.
The rupee has seen resistance at 64.50/dollar. The trading range for the spot USD-INR pair is seen between 64.50-64.75 for the day.
Equity benchmarks opened moderately higher on Wednesday, with the Nifty climbing above 9,800 level despite weak Asian cues, backed by Reliance Industries, healthcare and auto stocks.
The 30-share BSE Sensex was up 62.75 points at 31,809.84 and the 50-share NSE Nifty gained 25.45 points at 9,811.50.
IndusInd Bank, ACC, Ambuja Cements, Bharti Airtel, Idea Cellular and IOC were early gainers.
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