RBI releases data on performance of private industries during first quarter of current financial year
The Reserve Bank of India yesterday released data on the performance of the private industries during the first quarter of the current financial year. Data says, sales of manufacturing companies have registered massive growth of 75 per cent which was -41.1% in the same quarter of last financial year. RBI said, all the major sectors recorded high growth during the quarter. Sales of IT companies increased by 17.5 per cent as compared to 6.4 per cent last year.
To meet sales demand, companies have increased their expenditure on raw material. Rise in sales has also impacted positively on profits of these companies and high growth is reported in profit of IT and non IT companies.
As per RBI, Operating profit margin remained stable for manufacturing and IT companies during the quarter, but it moderated for the non-IT services companies.