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Date : Mar 31, 2023
Finances of Non-Government Non-Financial Private Limited Companies, 2021-22

Today, the Reserve Bank released the data relating to financial performance of non-government non-financial (NGNF) private limited companies during 2021-22 (!2_45) based on audited annual accounts of 9,659 companies, which reported in the Indian Accounting Standards (Ind-AS) format for three accounting years from 2019-20 to 2021-22.

The paid-up capital (PUC) of these companies amounted to ₹5,59,510 crore, which accounted for 30.1 per cent of the total PUC of NGNF public limited companies in March 20221. Their economic sector classification is based on their principal business activity reported in MGT-7 form (web-link: of the Ministry of Corporate Affairs, Government of India, which is the primary source of these data.



  • Sales of private limited NGNF companies surged by 31.7 per cent during 2021-22 after recording low growth of 3.6 per cent in the previous year, which was hit by the peak of the COVID-19 pandemic and the related restrictions (Statement 1).

  • All major sectors (viz., manufacturing, electricity, construction, and services), except mining and quarrying, recoded high sales growth as the economy moved on the recovery path during 2021-22 (Statement 6).


  • As business activities picked up in both manufacturing and services sectors, operating expenses of private limited NGNF companies recorded high growth of 34.0 per cent during 2021-22 (Statements 1 and 6).

  • In tandem with the expansion in sales, the share of expenses on raw material in total expenditure increased to 55.2 per cent in 2021-22 from 51.8 per cent in the previous year (Statements 1 and 2).

Net profits

  • Profit before tax and post-tax profits of the sample companies increased by 39.4 per cent and 35.4 per cent, respectively, during 2021-22 (Statements 1).

  • Net profit margin and return on equity (i.e., profit after tax to net worth) improved significantly during 2021-22 for most of the major sectors (Statements 1, 2 and 7).


  • At the aggregate level, leverage (measured in terms of debt-to-equity ratio) of the sample companies declined during the year (Statement 2).

  • Interest coverage ratio [ICR, which is the ratio of earnings before interest and taxes (EBIT) to interest expenses and is a measure of debt servicing capacity of a company, with minimum viable value of 1] improved across major sectors as well as at the aggregate level, owing to significant rise in profits during the year (Statements 2 and 7).


  • Net fixed assets of the sample companies increased by 8.0 per cent in 2021-22 as compared with 5.4 per cent in the previous year; the share of net fixed assets to total net assets, however, moderated to 33.8 per cent in 2021-22 from 35.9 per cent in the previous year and 37.1 per cent two years back (Statements 1 and 2).

Explanatory notes to the statements are given in the Annex.

Ajit Prasad            
Director (Communications)

Press Release: 2022-2023/1944

1 The previous data release in the series was published on September 22, 2022. It covered 9,086 companies for the years 2019-20 and 2020-21 with total PUC of ₹4,82,152 crore at end-March 2021.