Revenue of Indian corporates rose 8-10% on-year in Q3FY24: CRISIL

The revenue of Indian T corporates is projected to have increased 8-10 percent on-year in the December quarter -- the growth coming below market expectations -- but declined 100-150 basis points sequentially.

- NIVEDITA MUKHERJEE

Revenue growth seemed to be propelled by volume, particularly in the domestic market, while realisation either declined or grew at a sedate pace, reports CRISIL Market Intelligence and Analytics. Of the 47 sectors tracked, all but 13, accounting for 10 percent of the revenue, recorded an on-year pick-up in revenue growth. In all, the analysis covered 350 companies (excluding financial services and oil and gas sectors).

Revenue growth would have been stronger but for the decline in agri-linked sectors such as fertilisers, consumer staples such as edible oils, industrial commodities such as chlor-alkalis, and commodity chemicals and aluminium. In the September quarter, on-year revenue growth had improved after easing for four quarters on the trot. Construction-linked sectors, which together account for 20 percent of overall revenue, grew 5-7 percent as construction activity picked up post the lean monsoon season, thereby augmenting growth in the cement and steel industries as well.