profits while many others have fared even worse, hit by rising costs and subdued demand.The January-March quarter earnings season has been bad for a host of other companies as well, including public sector giants like NMDC and Coal India which announced their results last week.Similar was the case for Hindalco, Wockhardt, Omaxe, United Breweries and Bajaj Hindustan from the private sector.The disappointing results have come at a time when India has overtaken China to become the world’s fastest growing economy by clocking 7.5 per cent GDP for the March quarter. However, a sharp downward revision of growth figure for the previous quarter has led to economists raising concerns.Besides, agriculture remains a weak area for the economy. For Mahindra and Mahindra, unseasonal rains played the spoilsport as rural economy took a hit and impacted its key tractor business. The case was similar for Escorts Ltd.Things appeared to be no better for Sun Pharma, which has been fast emerging as a multinational giant from India, as its net profit plunged almost 45 per cent to Rs 888 crore in the fourth quarter ended March 31.Drug major Cipla’s consolidated net profit remained flat at Rs 259.66 crore for the quarter ended March 31.Realty… Read full this story
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