In the pandemic, many companies' profits are declining but profitability is stable or even improving. Profit is an absolute measure, say Rs 100. But profitability is relative to another financial measure, usually sales. Profitability measures how much of sales is retained after meeting expenses. If revenue is Rs1000, then profitability, in our example is 10percent--Rs 1000 divided by Rs 100. But, if revenue falls to Rs 800 and net profit to Rs 90, then profitability has actually increased to 11.3 percent. That explains why profits may go down but profitability could increase.