Sales growth rate of listed private non-financial companies plunged further to 2.1 per cent in the first quarter (April-June period) of 2023-24 from 8.0 per cent in the previous quarter ended March 2023 and 41.0 per cent a year ago in June 2022.
The growth rate in net profits of these companies fell by 9 per cent to Rs 1.36 lakh crore in June 2023 from 24.6 per cent (Rs 1.18 lakh crore) in June 2022, according to a Reserve Bank of India (RBI) study on the performance of 2,836 companies (excluding financial companies). Sales were at Rs 14.75 lakh crore for the quarter ended June 2023. Raw material costs declined by 7.2 per cent to Rs 5.82 lakh crore in June 2023 as against a rise of 50.6 per cent to Rs 6.20 crore a year ago.
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