As expected, Covid-induced lockdown has begun to hit corporate earnings even though economic activity was shut for only seven days during the January-March 2020 quarter (Q4FY20). The combined profit before tax of 81 early bird firms that have declared Q4 results is down 37.5 per cent year-on-year against 48 per cent y-o-y growth a year ago.
The blow to bottom line was, however, cushioned by a cut in corporation tax rate cut announced in September last year. Combined net profit was down 36.8 per cent y-o-y in Q4 compared to 49.5 per cent y-o-y growth a year ago and 18.3 per cent y-o-y ...
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First Published: Mon, May 11 2020. 01:30 IST
