Sales growth of manufacturing companies and IT sector down in Q3: RBI study

Among major industries, sales of chemical companies declined by 13.5 percent.

The sales growth of listed private manufacturing companies and the information technology (IT) sector moderated in the October-December quarter of the financial year 2023-24, the Reserve Bank of India (RBI) data on the performance of the private corporate sector showed.

The data showed that the aggregate sales of 1,685 listed private manufacturing companies, on a year-on-year (YoY) basis, moderated to 3.7 percent during the quarter. Among major industries, sales of chemical companies declined by 13.5 percent. The IT sector witnessed further deceleration in sales growth to 3.2 percent from 19.4 percent in the corresponding quarter last year.

Growth in sales for non-IT service companies stood at 12.9 percent during the quarter, compared to 19.9 percent growth in the corresponding quarter last year.

RBI data also showed that sales of listed private non-financial companies recorded 5.5 percent growth compared to 4.4 percent growth sequentially.

And the operating profit of listed non-financial companies improved across major sectors and stood at 16.5 percent compared to 14.7 percent last year.