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ICICI Securities Report
The Central Statistic Office is scheduled to release gross domestic product numbers for Q3 FY21 and Second Advance Estimates for FY21 today.
Ahead of the data release, we analyse 1,722 manufacturing companies' quarterly results for Q3 FY21 to assess how the sector has performed during the quarter.
Our analysis shows the following -
The total income of our sample companies recorded flat growth in Q3 FY21 in year-on-year terms. This comes on the back of down 39% and down 10% year-on-year growth in total income in Q1 and Q2 FY21 respectively.
This indicates that the manufacturing sector's performance is normalising after recording a sharp contraction during H1 FY21 which marked the worst of Covid-19 related lockdowns and restrictions.
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