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Wednesday, January 2, 2013

India Inc’s Q3 profits to grow 26% on lower costs

After battling slowing growth for nearly two years, companies listed on the BSE and NSE are likely to post an increase in profit after tax (PAT) of 25.9% year-on-year (y-o-y ) for the third quarter (October-December) of the current financial year. According to estimates, India Inc would post earnings growth of over 18% for the second successive quarter for the first time in two years. The growth in profitability would be largely aided by a sharp reduction in expenses, data compiled by the Centre for Monitoring Indian Economy (CMIE) showed. Total expenses of companies would increase 10.1% y-o-y in the December quarter, the slowest pace since the meltdown in the aftermath of the global financial crisis in early 2009. "We believe that the earnings downgrade cycles have come to an end. It would be more visible in the (January to) March quarter," says Sunil Singhania, head of equities, Reliance Capital Asset Management.

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