The Reserve Bank released data on the performance of the private corporate sector during the third quarter of 2022-23 drawn from abridged quarterly financial results of 2,779 listed non-government non-financial companies.
Information technology (IT) companies remained on high growth trajectory and recorded 19.4% rise (y-o-y) in sales during the latest quarter. This is despite the prevailing negative outlook for the industry and comes on top of 21.4% growth recorded in the second quarter. Just for comparison, the sector clocked a growth of 20.7% in Q3 of last year. For comparison with overall industry growth and other sectors refer to the data below:
- Sales growth (y-o-y) of listed private non-financial companies moderated to 12.7% in Q3:2022-23 from 22.6% in the previous quarter.
- Manufacturing companies recorded lower sales growth (y-o-y) of 10.6% in Q3:2022-23 as compared with 20.9% in the previous quarter; the moderation was broad-based across the industries, except for cement.
- Revenue growth for non-IT services companies came in at 19.9% and was supported by steady performance in trade, transport and telecommunication sectors.
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