Given the Reserve Bank of India?s recent credit squeeze and the likelihood of rising inflation due to the weaker rupee, the environment will be more challenging in the second quarter of 2013-14.
Until last Saturday, 399 listed companies from across manufacturing, as well as banking and finance, reported results for the first quarter of this financial year (2013-14).
The numbers suggest that India Inc is still struggling for growth momentum and may, in fact, have lost some ground.
The total operating income of the sample was Rs 3.88 lakh crore (Rs 3.88 trillion).
Sales have grown by four per cent over April-June 2012, while profit after tax has grown by five per cent -- the lowest growth rates in the past five quarters.
Allowing for wholesale inflation, which ran at just below five per cent, the results indicate stagnation.
This impression is reinforced by operating profits (profit before depreciation, interest and tax), which have grown at 7.7 per cent for the whole sample, and at 4.6 per cent for non-financial enterprises -- again, the lowest growth in the last five quarters.
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