Listed non-financial private companies report 41% sales growth in Q1FY23: RBI

The Reserve Bank of India (RBI) said on Thursday that the first quarter of FY23 saw publicly listed private non-financial companies register a 41% growth in sales.

The RBI has released its report, drawing data from the abbreviated quarterly financial results of 2,749 listed private non-financial companies.

“Sales growth (year-on-year) of publicly listed private non-financial corporations jumped to 41.0% in the first quarter of 2022-23, from 22.3% in the previous quarter,” he said.

According to the RBI, the manufacturing sector recorded sales growth of 41.6%, driven by a broad-based demand expansion across all sectors, helped by both volume and price effects.

Annual sales growth for information technology (IT) companies, which has remained stable in positive territory even during the Covid-19 pandemic, stood at 21.3% in the last quarter, a- he indicated.

Sales of non-IT service businesses increased 62.1% (year-on-year) in the first quarter of 2022-23, as service businesses continued their ascent on the path to a strong recovery from the second wave of economic downturns. the pandemic a year ago – hotels and restaurants, transportation, retail and real estate sectors rebounded strongly, the report notes.

On spending, the RBI said spending on raw materials rose 52% year-on-year alongside a strong expansion in demand, and the ratio of raw material spending to sales increased at the same time. on a sequential and annual basis.

Annual growth in personnel costs for manufacturing, IT services and non-IT companies was 10.3%, 23.5% and 20%, respectively, while the ratio of their personnel costs to sales was 5%, 50.1%. , and 8%, respectively.

According to the RBI, the operating profit margin moderated for manufacturing and IT companies on both a sequential and annual basis.

Pricing power, as reflected in the net profit margin, moderated for manufacturing and IT companies, while it remained in negative territory for non-IT services companies, mainly due to losses recorded by companies telecommunications and transportation.

–IANS

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