Mumbai : Net profits of listed private sector companies in non-financial businesses contracted sharply by 21.2 per cent in the first quarter of 2017-18 due to high cost of raw material, power and fuel, RBI data showed on Wednesday. Net profit of the companies totalled Rs 44,700 crore in the first quarter of the current fiscal. They had posted a growth of 11.2 per cent in the similar period of last fiscal.
The Reserve Bank has compiled and released data based on abridged financial results of 2,744 listed non-government non-financial (NGNF) companies in April-June period of 2017- 18. As per the report, sales growth (Y-o-Y) of manufacturing companies remained robust in Q1, led by industries like cement and cement products, iron and steel, electrical machinery and apparatus and food products and beverages.
The IT sector witnessed further decline in sales growth. Sales of the services sector companies witnessed a turnaround.
