India Inc is likely to report a halving of revenue growth in the fourth quarter of FY23, a credit rating agency said on Thursday, as companies start reporting their financials.
The revenue growth will come down to 10-12 per cent as against 22.8 per cent for the January-March period in the year-ago, Crisil’s Market Intelligence and Analytics arm said.
For the full fiscal FY23, revenue is estimated to have grown 19-21 per cent, which is slower than over 27 per cent growth registered in FY22, it said, adding that operating margin is likely to have moderated by 3 percentage points.
The continuing headwinds to exports which have had an impact on volume growth, and the high-base were cited as the main reasons which will cause the sharp slowdown in topline growth for Q4FY23, Crisil, which analysed 300 companies across 47 sectors to arrive at the expectations, said.
It said revenues of commodities and export-oriented sectors such as textiles, gems and jewellery, and information technology-enabled services, declined on-year.