Listed private mfg firms’ sales soar 75 pc in Q1 on low base: RBI data | Sales of private sector listed manufacturing companies up 75 per cent in Q1: RBI data

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Photo: RBI

Sales of private sector listed manufacturing companies up 75 per cent in Q1: RBI data

MUMBAI: Listed private sector manufacturing companies posted an impressive 75 per cent growth in the first quarter of the current financial year 2021-22. The main reason for this is the weakening of the comparative base in the year affected by the corona virus epidemic a year ago. This information was obtained from the data released by the Reserve Bank of India (RBI) on Monday. In the first quarter April-June of the financial year 2020-21, sales declined by 41.1 percent. Sales of manufacturing companies in absolute terms were valued at Rs 7,02,791 crore in the first quarter of 2021-22. Whereas in the same quarter of 2020-21 a year ago it was Rs 3,97,233 crore.

Information technology companies, which have achieved growth even during the pandemic, recorded 17.5 per cent in sales in the first quarter of 2021-22 from 6.4 per cent in the same period a year ago. The sales in absolute terms were valued at around Rs 1,13,807 crore. According to RBI, “Sales of non-IT services companies also increased year-on-year in the first quarter of the current financial year 2021-22. However, the income of the telcos included in the group has come down during this period.

The performance figures of private companies during the first quarter of FY 2021-22 are derived from the abridged quarterly financial results of 2,610 listed non-government non-financial (NGNF) companies. The central bank said, “In line with the increase in sales, manufacturing as well as service sector companies (both IT and non-IT) registered high growth in operating profit in Q1 2020-21.” Manufacturing as per RBI. In the first quarter of the current financial year, the companies increased the expenditure on raw materials as well as on employees, as sales increased.

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