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The first quarter of the Financial Year 2022-2023 listed non-financial companies has logged an impressive 42 per cent sales growth, according to a report by the Reserve Bank of India.
The RBI came out with its report, collating the data from the quarterly financial results of 2,749 listed private non-financial companies.
"Sales growth (yoy) of listed private non-financial companies surged to 41.0 per cent in Q1:2022-23 from 22.3 percent in the previous quarter," it said.
Notably, annual sales growth of information technology (IT) companies, which withstand economic downturn during the Covid-19 pandemic, witnessed 21.3 per cent growth during the latest quarter ending June.
Likewise, manufacturing logged sales growth of 41.6 percent driven by broad based demand expansion across industries aided by both volume and price effects.
Sales of non-IT services companies surged by 62.1 percent while hotels and restaurant, transport, trade and real estate sectors bounced back sharply, the report pointed out.
On expenditure, the RBI said the raw material expenses increased by 52 per cent yoy in tandem with robust demand expansion.
Annual growth in staff cost for manufacturing, IT and non-IT services companies stood at 10.3 per cent, 23.5 per cent, and 20 per cent, respectively, whereas the ratio of their staff cost to sales stood at 5 per cent, 50.1 per cent, and 8 per cent, respectively.
According to the RBI, the operating profit margin moderated for manufacturing and IT companies both on sequential and annual basis.
Pricing power, as reflected in net profit margin, moderated for manufacturing and IT companies, whereas it remained in negative terrain for non-IT services companies, mainly due to the losses recorded by telecom and transport companies.
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