Annual sales growth rate of listed private non-financial companies slowed to 4.7 per cent in FY2023-24 from 19.8 per cent in FY2023, the Reserve Bank of India’s (RBI) data showed. During the fiscal ended March 31, 2024, the listed private non-financial companies recorded double digit growth in profits and improved margins at the aggregated level, the data showed. “Annual sales growth of listed private non-financial companies moderated to 4.7 per cent during 2023-24 from the high of 19.8 per cent in 2022-23, which included the post-pandemic recovery period,” the data on performance of private corporate business sector during 2023-24 showed. The analysis is based on the financial results of 3,281 listed non-government non-financial companies. Among major sectors, sales of manufacturing, information technology (IT) and non-IT services companies rose by 3.5 per cent, 5.5 per cent and 7.9 per cent, respectively, during fiscal 2024 as compared with 18 per cent, 19.4 per cent and 33.5 per cent, respectively, in the previous year. In 2023-24, sales of automobiles, electrical machinery and pharmaceuticals industries remained buoyant but the manufacturing sector’s overall performance was mainly dragged by chemicals and petroleum industries. The data showed that during 2023-24, the listed private non-financial companies recorded double-digit annual growth in profits (18 per cent in FY24 vs (-) 0.2 per cent in FY23). Operating profit growth accelerated for manufacturing companies (12.4 per cent in FY24 vs (-) 1.2 per cent in FY23) and non-IT services companies (27.9 per cent in FY24 vs 15.1 per cent in FY23), while it moderated for IT companies (5.6 per cent in FY24 vs 8.8 per cent in FY23). In the fiscal ended March 31, 2024, operating profit margin improved across major sectors during 2023-24; it stood at 14.4 per cent, 22.4 per cent and 22.7 per cent for manufacturing, non-IT services and IT companies, respectively. On the expenditure front, easing input cost pressures and low sales growth kept the overall expenses on raw materials by manufacturing companies in FY2024 unchanged from the fiscal year 2023, the data showed. Staff costs rose by 10.8 per cent, 6.6 per cent and 15.6 per cent (y-o-y) during 2023-24 for manufacturing, IT and non-IT services companies, respectively.
