Contrary to the gloom and doom prevailing, a Moneylife aggregation of 895 companies shows surprisingly good results for the March quarter
A majority of the companies have reported their March quarter results; we now have the data of 895 companies in the Moneylife sample of 1,150 companies whose results have come out. At first glance, sales, for the final quarter of the 2011-12 fiscal, increased by 19%, year-on-year (y-o-y), to Rs10,68,167 crore. Operating profits has increased by 12%, y-o-y, to Rs1,60,068 crore while net profits increased even more, by 18%, y-o-y, to Rs99,039 crore. This is highly impressive since there has been a severe pressure on margins. An analysis of 895 companies saw margins have actually shrunk a bit, on a y-o-y basis, at 9.27%, when compared to 9.36% recorded last year. The margins have somewhat stabilised now instead of worsening, which is good news.
Out of the 895 companies that reported results, a whopping 72.29% of the companies saw their fourth quarter sales increase over the corresponding period last year. While cost pressures continue to remain, the largest of the companies have managed to increase sales, operating profit as well as net profit, which is a positive sign of the Indian economy ability to withstand difficult times.
As many as 38% (343 companies) of the sample actually recorded higher net profit margin over last year's March quarter. The aggregate results have been somewhat skewed by the performance of a few larger companies. We will discuss the detailed performance once all the results of Moneylife sample, comes in.
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