Profit of Indian companies is estimated to decrease in the second quarter, inflation increased the burden
Highlights
- The report has been prepared on the basis of research done on 300 companies from 47 sectors.
- This will be the fourth consecutive quarter of decline in the profits of listed companies.
- Earnings expected to grow 15% year-on-year during Q2
Indian Corporate profits may fall by three per cent year-on-year in the July-September quarter. This has been said in a report on Wednesday. Rating agency Crisil’s research arm said this would be the fourth consecutive quarter of decline in profits of listed companies. According to the report, “Profits are seeing a decline of three percent due to increase in commodity (commodity) prices.” That is, due to inflation, the cost of production of companies has increased. Which is affecting their profits. This report has been prepared on the basis of research done on 300 companies from 47 sectors.
Companies started announcing results
Sehul Bhatt, joint director, CRISIL Research, said, “The growth in earnings is not reflected in profits.” hopefully. It is noteworthy that from the current week, major companies have started announcing their results for the July-September quarter.
Wipro net profit down to Rs 2,649 crore
Information technology (IT) company Wipro Ltd reported a 9.6 per cent decline in net profit for the second July-September quarter of the current financial year. The company said its net profit declined due to declining earnings in non-US markets. The company said in a statement on Wednesday that it reported a net profit of Rs 2,649.1 crore in the July-September quarter of FY 2022-23, as against Rs 2,930.6 crore in the same period a year ago. The company’s income rose to Rs 22,539.7 crore for the quarter under review as against Rs 19,667.4 crore in the same period a year ago. Wipro said its earnings in non-US markets declined in the second quarter. Earnings in Europe declined to Rs 787.5 crore in the reporting period from Rs 918.6 crore a year ago. Similarly, income in Asia Pacific, West Asia, Africa (APMEA) region declined to Rs 219.4 crore as against Rs 302.8 crore in the same period last year.
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