India Inc revenues estimated to have risen by 8-10% in Q2 of FY24

Revenue of Indian corporates is estimated to have grown 8-10 per cent in the September quarter (Q2FY24), as revenue growth picked up after four-quarter moderation, marking the first such improvement in the pace of growth after four quarters.

- NIVEDITA MUKHERJEE

The improvement in revenue growth would have been stronger had it not been for a decline in agri-linked sectors such as fertilisers, industrial commodities such as chloralkalis, petrochemicals and commodity chemicals and aluminium, as emerged from a study of more than 300 companies (excluding financial services and oil and gas sectors). Of the 47 sectors that CRISIL MI&A Research tracks, nine sectors, accounting for more than 70 per cent of overall revenue, saw a pick-up in on-year growth.

Aniket Dani, DirectorResearch, CRISIL Market Intelligence and Analytics views the growth in revenue as largely skewed towards consumer discretionary products and services, where automobiles and the retail sector led the pack, and construction-linked sectors, where companies accrued benefits from an early deployment of capital expenditure by the roads and railways ministries.