India Inc. delivered an improved performance in the March quarter, with the earnings momentum gaining pace after two straight quarters of weakness.
There are now visible benefits for corporates gaining from falling raw material, freight and energy costs, leading to improved profitability for manufacturers. Banks and financial services companies, however, continue to remain key earnings drivers like in the previous two quarters.
Data compiled by Mint for 3,535 companies, including banking and finance, showed profit grew 18% from a year ago in the March quarter. This marks a rebound from a 1.2% growth in the December quarter and an 8.6% drop in the preceding three months.
Profit in the fiscal fourth quarter rose 29% sequentially for 3,003 companies though it grew at a modest 2.4% from a year ago if banks and financial companies are excluded from the total sample, indicating banking and financial services remained key growth drivers. This, however, marked a sharp improvement compared to the 14.8-24.5% profit decline seen in the previous two quarters compared to a year earlier.
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