“Our assessment so far is that topline growth seems to be bottoming out, with nearly half the companies showing growth acceleration compared with the September quarter. Upside surprise has been frequent in agro-chemicals, auto, and NBFC sectors,” said Sunil Tirumalai, head of research, Emkay Global Financial Services.For a common sample of 2,244 companies tracked over the past 13 quarters, revenue fell 2.4% in the third FY20 quarter, coming off an unusually high base of 19% growth in the year-ago quarter.Net profit, however, climbed 36.2% compared with a fall of 33.8% a year ago. Banks and financial institutions were not included in this set.Analysts believe the broader revenue trend may start improving from the first quarter of FY21 given rising farm incomes and lower commodity prices. To be sure, headline inflation and uneven growth in industrial output remain challenges to economic expansion.Last autumn’s reduction in corporate tax rates to 25% from 35%, including surcharge and education cess, undergirded corporate India’s profit growth in the quarter in which the US and China began the spadework to settle several trade and tariff-related differences, boosting the stock indices in emerging economies.“The blended tax rate (for Nifty 50) was 27.4% compared with 30.1% in the… Read full this story
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