ET Intelligence Group: After a dip in the previous quarter, aggregate net profit of the Nifty50 companies is expected to catapult in the December 2019 quarter due to lower comparable base a year ago, lower corporate tax rate, and better performance by select banks and finance companies amid lower provisioning towards bad loans. The top line growth, however, is expected to be modest amid demand slack and higher base a year ago. Although the downward trend seems to have bottomed out, analysts do not expect a major turnaround anytime soon. According to the ET Intelligence Group’s estimates, net profit of the Nifty 50 companies is likely to jump by a ninequarter high at 55.2 per cent year-on-year in the December quarter compared with 12.2 per cent drop in the previous quarter as several companies fully adjusted for the deferred tax assets in the aftermath of the government’s decision in September to cut corporate tax rates. Profits had fallen sharply by 23.5 per cent in the year-ago quarter. The actual profit growth will depend upon the extent of deferred tax adjustments by companies. Net sales may increase by 3.6 per cent in the September quarter on a higher base of 24.1… Read full this story
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