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[RBI] Private Corporate Business Sector's Performance (Q4 of 2018-19)

Jul 10, 2019: Today, the Reserve Bank released data on performance of the private corporate sector during the fourth quarter of 2018-19 drawn from abridged financial results of 2,701 listed non-government non-financial (NGNF) companies.

Data pertaining to Q4:2017-18 and Q3:2018-19 are also presented in the tables to enable comparison.

The data can be accessed at:
DBIE Portal >> Statistics >> Corporate Sector >> Listed Non-Government Non-Financial Companies



• Demand conditions in the manufacturing sector weakened as reflected in a sharp moderation of sales growth (y-o-y), primarily due to contraction in sales of petroleum products and slowdown in demand faced by motor vehicles and other transport equipment companies.

• Sales growth improved for food products and beverages and textiles while it remained steady and in double digits for cement and cement products and pharmaceuticals.

• Sales growth of the information technology (IT) sector remained broadly unchanged; while it improved for transport and storage services industries and moved out of the contraction zone in the case of the telecommunication sector.


• Input costs (i.e., raw materials) eased for manufacturing companies in Q4:2018-19 in line with the softening of commodity prices.

• The manufacturing sector also experienced a deceleration in staff cost growth mainly in motor vehicles and other transport equipment, and iron and steel industries whereas the services sector continued to experience elevated staff cost growth.

Operating profit

• Operating profit growth in the manufacturing sector continued to slacken in the face of lower growth in the value of production.

• The services (non-IT) sector showed signs of improvement in terms of operating profit growth assisted by transport and storage services industries.


• The manufacturing sector recorded a small increase in interest expenses growth (y-o-y) in Q4:2018-19 on a sequential basis, but it was still muted on a year-on-year basis.

• The interest coverage ratio (ICR) of the manufacturing sector improved from the level observed in the preceding quarter; while the ICR for the services (non-IT) sector declined due to increase in interest expenses.

Pricing power

• Pricing power in terms of operating margin remained flat in case of the manufacturing sector; lack of support from non-operating income led to a decline in net profit margin.

• Robust demand conditions led to an increase in operating profit margin of the services (non-IT) sector; however, net profit margin recorded by this sector turned negative due to heavy losses booked by the telecommunication companies.

Performance of Listed Non – Government Non-Financial Companies


• The coverage of companies in different quarters varies, depending on the date of declaration of results; however, this is not expected to significantly alter the aggregate position.

• Explanatory notes containing the methodology followed for compilation of data, and the glossary (including revised definitions and calculations that differ from previous releases) are given at the end.

Source: RBI

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