look news india
Mumbai: The results so far for the fourth quarter of the financial year 2023-24 are the highest in the last four quarters. The results of 178 companies that came till the end of last week showed a year-on-year increase of 13.20 percent in company sales.
According to a research report, as a result of sales growth, the total revenue of companies stood at Rs 9.10 trillion. However, the growth has been led by banks and financial sector companies.
If other income is included, total income has seen a growth of 16 percent year-on-year.
The earnings growth of these companies was 12.70 percent, which was good on both annual and quarterly basis. Compared to the fourth quarter of 2022-23, profit has increased by 3.10 percent, while compared to the December quarter, it has seen an increase of 1.10 percent. 70 percent increase in profits has been attributed to financial sector companies. Usually the initial results include more IT companies than the financial sector.
The report also states that the gross interest income of companies in the financial services sector has increased by 30.30 percent year-on-year to Rs 2.36 trillion.
Revenue growth also remained steady at 22.40 percent and was the highest in the last four quarters. The financial services sector has been particularly strong, led by the banking sector. Banks have performed well due to strong credit growth, high fee income.
Excluding financial sector companies, sales growth of companies in other sectors like IT and software, auto, metal, FMCG has slowed to 8.20 per cent and income growth has slowed to 6.40 per cent, the report said.
The total net profit of companies including the financial services sector stood at Rs 1,19,205 crore. Excluding the financial services sector, the net profit of companies was Rs 68389 crore.