The earnings of India Inc hit a record high in the 2022-23 (FY23) January-March quarter (fourth quarter, or Q4), compared with their poor showing in the previous two quarters of the financial year. The rise in earnings, however, is exclusively led by banking, financial services, and insurance (BFSI) companies. A better-than-expected showing by banks and non-bank lenders in Q4FY23 more than compensated for the earnings contraction in the non-BFSI space.
"We created a sense of a team, not individuals. We designed team measurable and not individual measurable. At the end of the day, we created a happy environment," said Gary Kirsten, coach of the World Cup-winning Indian cricket team.
Corporate India is more dependent than before on exporters of IT services such as Tata Consultancy Services (TCS), Infosys, and Wipro for earning foreign exchange. Such companies account for nearly 43 per cent of the forex revenues of listed firms, up from 22 per cent a decade ago. The listed IT services companies earned nearly Rs 4.2 trillion through exports in FY22, up 15 per cent from the Rs 3.65 trillion a year earlier. In comparison, the forex revenues or exports of the rest of the BSE500 companies were down 11.9 per cent to Rs 5.6 trillion last financial year.
India Inc's hiring activity witnessed a marginal decline in the month of April, owing to the ongoing appraisal season, but overall industries are upbeat about their hiring sentiment and 2011 is expected to be a landmark year for job creation, job portal Naukri.Com says.
Several fiscal and monetary incentives since December 2008 helped the industry to recover into a growth trajectory. The 10 per cent plus growth in manufacturing, basic goods, mining, electricity has been buoyed by these measures, Confederation of Indian Industry said.
India Inc's investment spirit is down. A majority of leading CEOs expect domestic investments and money infusion abroad by Indian companies to grow by less than 10 per cent or to decline during 2012, in view of the current economic slowdown.
The United States has imposed sanctions on at least half a dozen Indian companies accused of trading in Iranian petroleum and petrochemicals as part of broader action targeting 20 entities worldwide.
The employees, who took part in this study, agreed that monetary transaction at 39.2 per cent is the most prevalent form of corruption.
'If you really love your work and are good at it, it does not matter what is work and life.'
Industry chamber Ficci said, Japan as a nation would overcome the calamity to reassure its place in the comity of most prominent economies of the world.
Brokerages expect India Inc to report an upturn in earnings for the March quarter of 2022-23, after a relatively muted showing in the previous two quarters. This growth is expected to be led by banking, financial services and insurance (BFSI) companies, FMCG firms, and automobile makers. The combined net profit of the Nifty50 companies (excluding Adani Enterprises) is expected to have grown 15.6 per cent to Rs 1.77 trillion in Q4FY23, from Rs 1.53 trillion a year ago.
India Inc (excluding trading and financial services companies) was sitting on a cash mountain of Rs 456,700 crore (Rs 4,567 billion) as on September 30, up 21 per cent from the same time a year before.
There has been a sharp improvement in the productivity of most of the companies, thus making the bottomline growth even stronger.
India Inc said the Foreign Trade Policy would give a significant push to manufactured goods and agriculture- and labour-intensive exports.
Industry sources told India Abroad they wouldn't shed any tears if the legislation died in the House.
Volatility in local share markets have hit India Inc's equity fund-raising plans, with the total deal value this year set to fall below the level seen in 2008.
India Inc has expressed disappointment over the Reserve Bank of India's decision to keep interest rates unchanged. This, according to various industry associations, would result in huge capital inflows leading to further appreciation of the rupee.
The Year of India in Russia - as 2009 is officially known - has helped India Inc get into a long bear hug with the Russian consumer. They are lapping up everything - from Ratan Tata's marquee cars to Vijay Mallya's whisky.
India Inc preferred to tap other sources of funds - a cheaper option - even though bank funds were available in plenty.
According to the quarterly report, hiring sentiment saw a marginal improvement with the employment outlook index for the January to March quarter standing at 47 index points, one per cent higher than the previous quarter.
Green shoots evident, but worries remain.
A survey of CEOs shows corporate India is unsure about the party's ideology, with some feeling its left-of-the-centre politics can be detrimental in the long run.
As per Hewitt's annual Salary Increase Survey 2009-10, the double-digit hike in salaries are anticipated for this year led by sectors like telecom, engineering, pharma and energy.
Hailing Narendra Modi's victory, India Inc hopes the incoming government would boost economic growth and create jobs.
Index measuring this at six-quarter high; however, economic & political volatility a concern.
Operating margins improve, but sales still sluggish
According to a mid-year survey on 'Performance & Reward Trends' by Hewitt Associates, companies across industries are strongly differentiating rewards on the basis of performance but majority of them are not considering any layoffs or severe salary cuts in current fiscal. The survey revealed that 16 per cent of the companies surveyed have a salary freeze and were mainly organizations in the financial services, IT and ITeS sector.
In 2001-02, demand recession had clipped the sales growth rate of corporate India to 2.6 per cent from the double-digit one of the earlier years.
Talking corporate heads are a barometer of the business community's engagement with the economy. If they have nothing to say now there should be cause for concern.
Jobs are back and India Inc is witnessing an upsurge of 15 per cent in hiring trend, thanks to the improving economic climate. However, experts say it is too early to say that the situation has returned back to 'normalcy'.
The net sales growth declines 4.4% in September quarter, the second worst in eight years.
Finance Minister Nirmala Sitharaman on Tuesday unveiled a Rs 39.45 lakh crore Budget with a view to fire up the key engines of the economy to sustain a world-beating recovery from the pandemic. This was Sitharaman's fourth Budget. While the taxpayers were left in the lurch, once again, was she able to cheer Corporate India?
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