September 17, 2024
03:50
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India reports worst quarter profits, shrinking 3.1%
Corporate India faced a challenging first Quarter, with profits shrinking by 3.1%, marking the worst first-quarter performance since the pandemic. While net sales grew modestly and some sectors like consumer durables and healthcare showed resilience, rising costs and a lacklustre sales environment weighed on overall profitability. Corporate India's profits dropped by 3.1% in Q1, the sharpest decline since the pandemic. This compares to a 31% rise in the same period last year. The profit shrinkage was influenced by muted sales growth and rising expenditure.
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