Nifty companies' profit growth of 4.80%

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Mumbai, Ta. 12 November 2020, Thursday

Corona has seen its profits rise in the September quarter after at least a decade of lows in the first two quarters of the current year, and the bad days for Indian companies are coming to an end.

According to a research report, the gross profit of six of the NSE Nifty 50 companies grew by 2.50 per cent year-on-year in the September quarter. The next two quarters saw a double-digit decline in corporate profits.

IT companies like ICICI Bank and Infosys have outperformed analysts in the Nifty 30, indicating that the business is improving faster than expected.

The bad days seem to be over as far as corporate India's revenue is concerned, the report said. Companies claimed that the increase in profits was due to cost-cutting measures and improvement in demand.

India's economic growth rate is likely to be negative for the first time in four decades in the current financial year. Factors such as the success of the Corona vaccine, the end of the US presidential election and better-than-expected growth in revenue have helped push the Nifty 50 index to new highs.

The report also noted that the index is expected to grow by 3 to 4 per cent from its current level.


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