Information technology sector remained in the positive terrain throughout the Covid-19 pandemic period and its sales increased by 5.2% year-on-year in the third quarter of 2020-21, according to the RBI data on performance of private sector corporate released on Friday.
The data is drawn from abridged quarterly financial results of 2,692 listed non-government non-financial companies.
With gradual easing of restrictions related to the Covid-19 pandemic and rebound in demand conditions, sales of 1,685 manufacturing companies expanded by 7.4% Y-o-Y in October-December quarter of 2020-21 after recording contraction during the preceding six quarters.
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The recovery was led by iron and steel, automobiles, cement, chemicals and pharmaceuticals companies.
"Information technology sector remained in positive terrain throughout the Covid-19 pandemic period and their sales increased by 5.2% Y-o-Y in Q3 2020-21," the RBI said while releasing the data.
Sales of 165 IT companies stood at Rs 1,05,724 crore in the third quarter, up 5.2% from Rs 1,01,001 crore in the year-ago period.
On the other hand, non-IT services sector recorded lower contraction annually in sales [(-)5.7% in Q3 2020-21 vis-vis (-)14.5% in the previous quarter], which was supported by better performance of telecommunication, real estate and trade sector companies.
Staff cost growth increased for manufacturing and IT companies in October-December period of 2020-21, whereas it remained in contraction zone for non-IT services sectors.
Manufacturing companies increased their expenditure on raw materials in tune with rise in sales.
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