The aggregated sales growth of the private (non-financial) corporate business sector further moderated during H1:2013-14. However, an upturn is noticed during the second quarter of 2013-14 – reversing the trend of six previous quarters. This is primarily due to better performance of the large sized companies, while contraction in sales of small companies continued. The improvement in sales growth is not reflected in the profitability. Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) and net profit margins remained low in Q2:2013-14 and dropped significantly during the first half of 2013-14.
The article analyses the performance of the private (non-financial) corporate business sector during the first half (April- September) of 2013-14, based on earnings results of 2,731 listed companies. Besides analysing the aggregate performance, it provides a brief analysis by size and major industry groups. It also The article analyses the performance of the private (non-financial) corporate business sector during the first half (April- September) of 2013-14, based on earnings results of 2,731 listed companies. Besides analysing the aggregate performance, it provides a brief analysis by size and major industry groups. It also captures the trend in sales, expenditure and profit margins of the private corporate sector over a longer
horizon. Detailed quarterly data has been made
available periodically in the website of the Reserve
Bank of India (Q2:2013-14 data released on 20th December 2013).
1. Moderation in Sales Growth and contraction in Net
Profits at the aggregate level
1.1 Sales growth (Y-o-Y) of 2,731 listed companies of
the private corporate sector continued to decelerate
during H1:2013-14. This is the lowest growth rate
observed in aggregate sales after the crisis period
(Table 2). Expenditure on various heads also grew at
lower rates during the first half of 2013-14 (Table 1).
Cost of raw materials which stood at 48.3 per cent of
total sales in H1:2012-13 declined to 46.5 per cent in
H1:2013-14 (Chart 3). However staff costs and interest
expenses increased as a proportion to sales, lowering
further the profit margin.
1.2 EBITDA or operating profits and earnings before
interest and tax (EBIT) remained nearly stagnant. Net
profits contracted by 14.9 per cent (Y-o-Y) against a growth of 11.9 per cent observed in H2:2012-13. EBITDA
and net profit margins recorded a significant drop in H1:2013-14, after remaining around the levels of 13
and 6.4 per cent respectively during 2012-13.
Table 1: Performance of the Listed Non-Government Non-Financial Companies |
No. of companies |
H1:2013-14 |
H2:2012-13 |
H1:2012-13* |
2,731 |
2,912 |
2,832 |
Items |
Amount
(` billion) |
Y-o-Y Growth@ in Per cent |
Y-o-Y Growth@ in Per cent |
Y-o-Y Growth@ in Per cent |
|
1 |
2 |
3 |
4 |
Sales |
14,511 |
5.4 |
6.8 |
12.3 |
Value of Production |
14,544 |
4.8 |
6.1 |
12.4 |
Expenditure |
12,729 |
5.6 |
5.8 |
13.6 |
CRM** |
6,749 |
2.4 |
4.7 |
13.8 |
Staff Cost |
1,130 |
13.1 |
13.7 |
16.1 |
Power and Fuel |
474 |
-0.8 |
6.5 |
18.8 |
Operating Profits(EBITDA) |
1,816 |
-0.8 |
8.0 |
4.9 |
Other Income@@ |
387 |
14.9 |
3.2 |
31.1 |
Depreciation |
522 |
10.1 |
12.4 |
10.7 |
Gross Profits(EBIT) |
1,681 |
-0.8 |
5.9 |
7.7 |
Interest |
578 |
15.0 |
12.1 |
24.4 |
Earnings Before Tax (EBT)^ |
1,085 |
-10.0 |
11.5 |
4.0 |
Tax Provision |
325 |
3.7 |
10.2 |
3.0 |
Net Profits |
760 |
-14.9 |
11.9 |
4.3 |
Paid-up Capital |
1,164 |
5.7 |
5.8 |
4.7 |
* : Published in January 2013 issue of the RBI Bulletin
@ : Growth rates calculated on the basis of common set of companies during any period.
** : CRM : Consumption of Raw Materials.
@@ : Includes forex gain while forex losses are included in Expenditure.
^ : Adjusted for non-operating surplus/deficit. |
Table 2: Important Performance Parameters |
Period |
No. of Companies |
Sales Growth (Y-o-Y) |
Expenditure Growth
(Y-o-Y) |
EBITDA Growth (Y-o-Y) |
Net Profit Growth
( Y-o-Y) |
EBITDA Margin (Per cent) |
Net Profit Margin (Per cent) |
1 |
2 |
3 |
4 |
5 |
6 |
7 |
H1:2010-11 |
2,576 |
21.5 |
24.2 |
11.7 |
6.8 |
16.1 |
8.6 |
H2:2010-11 |
3,075 |
18.9 |
21.5 |
12.4 |
9.1 |
15.4 |
8.2 |
H1:2011-12 |
2,643 |
20.8 |
22.8 |
5.7 |
-4.9 |
13.8 |
6.7 |
H2:2011-12 |
3,063 |
17.2 |
20.0 |
-1.6 |
-15.0 |
12.9 |
6.0 |
H1:2012-13 |
2,832 |
12.3 |
13.6 |
4.9 |
4.3 |
13.1 |
6.4 |
H2:2012-13 |
2,912 |
6.8 |
5.8 |
8.0 |
11.9 |
13.2 |
6.5 |
H1:2013-14 |
2,731 |
5.4 |
5.6 |
-0.8 |
-14.9 |
12.5 |
5.2 |
2. Performance of small companies further worsened
2.1 Small companies (annualised sales up to `1 billion)
witnessed a persistent contraction in sales in the post
crisis period. Sales growth of the medium sized
companies (annualised sales between `1 billion to `10
billion) deteriorated between H1:2010-11 and H2:
2012-13 and improved slightly thereafter to 1.1 per cent
in H1:2013-14. Large companies (annualised sales above
`10 billion) also witnessed sharp moderation in sales
growth since 2012-13. In H1:2013-14 a growth of 6.6
per cent was recorded, which is lowest after the crisis
(Table 3).
Table 3: Size Class - wise Important Performance Parameters |
Size Classes |
Large |
Medium |
Small |
Annualised sales more than `10 billion |
Annualised sales between `1 billion and `10 billion |
Annualised sales less than `10 billion |
Period |
Growth Rate (Y-o-Y) (%) |
Margins (%) |
Growth Rate (Y-o-Y) (%) |
Margins (%) |
Growth Rate (Y-o-Y) (%) |
Margins (%) |
Sales |
EBITDA |
Net Profit |
EBITDA |
Net Profit |
Sales |
EBITDA |
Net Profit |
EBITDA |
Net Profit |
Sales |
EBITDA |
Net Profit |
EBITDA |
Net Profit |
|
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
9 |
10 |
11 |
12 |
13 |
14 |
15 |
H1:2010-11 |
22.6 |
12.2 |
5.0 |
16.7 |
9.2 |
20.2 |
11.8 |
30.8 |
13.9 |
6.6 |
-4.9 |
-16.7 |
-92.3 |
9.5 |
0.4 |
H2:2010-11 |
19.8 |
14.0 |
14.3 |
16.2 |
9.2 |
18.9 |
6.8 |
-12.0 |
12.4 |
4.8 |
-11.7 |
-46.3 |
$ |
4.1 |
-4.9 |
H1:2011-12 |
22.9 |
8.2 |
-0.3 |
14.4 |
7.4 |
12.8 |
-6.6 |
-32.7 |
11.1 |
3.7 |
-7.0 |
-41.7 |
$ |
6.1 |
-0.8 |
H2:2011-12 |
20.8 |
0.5 |
-12.7 |
13.5 |
6.7 |
3.6 |
-13.8 |
-38.0 |
10.9 |
3.2 |
-18.9 |
-41.9 |
$ |
2.6 |
-3.4 |
H1:2012-13 |
14.6 |
5.9 |
7.8 |
13.4 |
7.0 |
3.8 |
0.6 |
-27.1 |
11.9 |
3.5 |
-21.5 |
-19.1 |
$ |
6.9 |
-4.0 |
H2:2012-13 |
9.2 |
10.9 |
22.9 |
13.9 |
7.8 |
-2.7 |
-10.5 |
-86.6 |
10.2 |
0.5 |
-24.3 |
$ |
$ |
-0.3 |
-15.0 |
H1:2013-14 |
6.6 |
1.6 |
-11.4 |
13.0 |
5.9 |
1.1 |
-14.1 |
-40.8 |
10.2 |
2.1 |
-19.3 |
-56.9 |
$ |
4.2 |
-7.7 |
$: Numerator/Denominator nil/negligible. |
 2.2 For the small sized companies, EBITDA has been
contracting and net profits remained negative since
H2:2010-11. For medium sized companies also, EBITDA
and net profits contracted in the recent period. EBITDA
growth of the large companies declined significantly
during H1:2013-14 and net profits contracted. Profit
margins in all size groups remained lower since 2011-12.
2.3 Interest coverage ratio (EBIT/Interest Expenses)
continued to decline across size groups. However, the
extent of decline slowed down at the aggregate level
and for medium and large sized companies (Chart 2).
3. Performance worsened further in the Manufacturing
and Services (other than IT) sectors; IT sector
improved
3.1 Moderation in the sales growth was most evident
in the manufacturing sector, which recorded lower sales
growth for four consecutive half years now. The services
(other than IT) sector also evidenced lower demand
(Table 4).
3.2 EBITDA margin declined continuously since 2010-11 for manufacturing sector. For the services (other
than IT) sector, EBITDA margin has remained lower
since 2011-12. Net profit margin also declined for these
two sectors.
3.3 IT sector continued to perform better among the
three sectors with improvement in sales and EBITDA
growth and better margins.
3.4 A closer look at the components of expenditure
revealed that the share of CRM (cost of raw materials)
as a percentage of sales declined in H1:2013-14 for the
manufacturing companies across the different size
groups (Statement 1). However, the increase in staff
cost and interest expenses along with lower other
income resulted in lower EBT margin at the aggregate
level, while increase in staff cost and other expenses
pulled the EBT margin of the manufacturing sector
down (Chart 3). In the services (other than IT) sector,
increases in shares of staff costs and interest expenses
were noticeable (Statement 1). However, as share of
other income in sales increased, it resulted in higher
EBT margin.
Table 4: Sector-wise Important Performance Parameters |
Sector |
Manufacturing |
Services (Other than IT) |
IT |
Period |
Growth Rate (Y-o-Y) (%) |
Margins (%) |
Growth Rate (Y-o-Y) (%) |
Margins (%) |
Growth Rate (Y-o-Y) (%) |
Margins (%) |
Sales |
EBITDA |
Net Profit |
EBITDA |
Net Profit |
Sales |
EBITDA |
Net Profit |
EBITDA |
Net Profit |
Sales |
EBITDA |
Net Profit |
EBITDA |
Net Profit |
|
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
9 |
10 |
11 |
12 |
13 |
14 |
15 |
H1:2010-11 |
24.9 |
10.8 |
9.0 |
14.8 |
7.8 |
10.6 |
11.4 |
6.9 |
18.7 |
7.9 |
15.7 |
8.6 |
5.3 |
24.1 |
18.1 |
H2:2010-11 |
21.2 |
13.7 |
14.2 |
14.0 |
7.4 |
9.0 |
8.7 |
-17.8 |
18.0 |
6.9 |
17.8 |
11.4 |
16.2 |
22.2 |
17.1 |
H1:2011-12 |
22.7 |
5.5 |
-3.7 |
12.5 |
6.0 |
14.3 |
1.3 |
-41.5 |
15.8 |
3.9 |
18.1 |
13.4 |
21.8 |
21.1 |
17.1 |
H2:2011-12 |
17.6 |
-3.4 |
-20.4 |
11.5 |
5.1 |
12.9 |
-2.8 |
-34.1 |
15.7 |
4.1 |
17.8 |
13.8 |
23.9 |
21.6 |
17.7 |
H1:2012-13 |
12.2 |
3.0 |
3.0 |
11.5 |
5.7 |
11.4 |
10.1 |
43.4 |
16.2 |
4.7 |
16.9 |
25.6 |
18.6 |
22.7 |
17.1 |
H2:2012-13 |
6.5 |
6.5 |
8.4 |
11.4 |
5.2 |
13.3 |
2.9 |
-44.3 |
16.4 |
2.9 |
6.0 |
8.7 |
-6.3 |
22.0 |
15.8 |
H1:2013-14 |
4.5 |
-3.6 |
-16.3 |
10.6 |
4.5 |
9.2 |
-3.6 |
-31.2 |
16.0 |
3.8 |
15.1 |
20.5 |
14.0 |
24.8 |
17.9 |
 3.5 The long term trend since beginning of the last
decade reveals that CRM and staff cost to sales ratio for the private corporate sector has remained fairly stable
and range bound (Statement 1, Chart 4). Manufacturing sector showed an increase in CRM to sales ratio in the
recent period while staff cost to sales ratio declined
from the levels observed in 2000-01. Interest expenses
have increased in the recent years. At the aggregate
level and also for the manufacturing sector, however,
interest to sales ratio has remained below the levels
observed in 2000-01.
4. Sales growth was lower in most of the industries
4.1 In the basic goods sector, sales of iron & steel and
cement industries contracted during H1:2013-14 (Chart
5.1, 5.2). Sales growth in these industries has been
declining since 2011-12 and 2012-13 respectively.
EBITDA margin also declined for both the industries.
A size - wise analysis indicates a sales contraction in all
the size groups with falling EBITDA and net profit
margins (Statement 2).
4.2 In the consumer goods sector, motor vehicles
industry suffered steady decline in sales growth with
contraction since H2:2012-13 (Chart 5.3). For the
pharmaceuticals industry, sales growth declined
sharply in H2:2012-13 but an upturn was noticed in
H1:2013-14. EBITDA margin remained flat during the
period (Chart 5.4). Sales growth of the textile industry
declined in H1:2013-14, after some recovery during
2012-13. EBITDA margin dropped in H2:2012-13 and
remained the same in H1:2013-14 (Chart 5.5).
4.3 In the Capital Goods sector, machinery industry
recorded declining sales growth since H1: 2012-13.
Profit margin fell sharply in H1:2012-13 and has
remained low (Chart 5.6).
4.4 Construction industry showed some improvement
in sales growth in H1:2013-14 though profit margin continued to contract (Chart 5.7). Electricity generation
and supply industry showed minor improvement in
sales growth and EBITDA margins in H1: 2013-14
(Chart 5.8).
5. On a quarterly basis, sales growth improved, profit
margin remained low
5.1 An analysis of the performance of NGNF listed
companies over the quarter’s reveals that aggregate sales growth (Y-o-Y) improved in Q2:2013-14, after
successive deceleration since Q3:2011-12 (Table 5,
Chart 1). Y-o-Y growth in interest expenses increased
in Q2:2013-14 across all sectors. Interest coverage ratio (EBIT/Interest expenses) was distinctly lower than the
levels observed in Q2:2012-13; however, it remained at similar level when compared to the previous quarter. The improvement in sales growth was not reflected in
profit margin; and pricing power remained low since
Q2:2011-12 with further erosion in Q2:2013-14
(Chart 1). EBITDA margin declined at the aggregate level
while net profit margin showed little change.
Table 5: Performance of Select Companies over the Quarters |
Item |
2012-13 |
2013-14 |
Item |
2012-13 |
2013-14 |
Q1 |
Q2 |
Q1 |
Q2 |
Q1 |
Q2 |
Q1 |
Q2 |
1 |
2 |
3 |
4 |
1 |
2 |
3 |
4 |
No. of companies |
2,790 |
2,749 |
2,768 |
2,708 |
No. of companies |
2,790 |
2,749 |
2,768 |
2,708 |
Y-o-Y Growth Rates in Per Cent |
Ratios in Per Cent |
Sales |
13.4 |
11.3 |
2.6 |
7.4 |
EBITDA Margin |
12.8 |
13.1 |
12.7 |
12.2 |
Expenditure |
15.8 |
12.1 |
2.2 |
8.0 |
EBIT Margin |
11.6 |
12.7 |
11.8 |
11.3 |
Operating Profits (EBITDA) |
-3.7 |
10.8 |
1.1 |
-1.3 |
Net Profit Margin |
5.9 |
6.9 |
5.2 |
5.1 |
Other Income |
29.5 |
49.0 |
28.0 |
-0.2 |
Interest to Sales |
3.9 |
3.6 |
4.2 |
3.9 |
Depreciation |
10.3 |
10.4 |
9.4 |
11.6 |
Interest to EBIT |
34.0 |
28.2 |
35.3 |
34.8 |
Gross Profits (EBIT) |
-2.5 |
18.3 |
3.9 |
-4.6 |
Interest Coverage (Times) |
2.9 |
3.5 |
2.8 |
2.9 |
Interest |
37.9 |
11.5 |
12.1 |
19.9 |
|
|
|
|
|
Net Profits |
-10.7 |
23.0 |
-10.9 |
-20.5 |
|
|
|
|
|
Statement 1 : CRM, Staff Cost and Interest Expenditure as percentage to sales |
|
CRM |
Staff Cost |
Interest |
CRM |
Staff Cost |
Interest |
CRM |
Staff Cost |
Interest |
CRM |
Staff Cost |
Interest |
Aggregate |
Large |
Medium |
Small |
|
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
9 |
10 |
11 |
12 |
Manufacturing |
H1:2010-11 |
57.0 |
4.7 |
2.4 |
57.9 |
4.1 |
2.0 |
53.8 |
6.7 |
3.4 |
48.3 |
8.4 |
6.1 |
H2:2010-11 |
60.1 |
4.3 |
2.6 |
60.8 |
3.8 |
2.4 |
57.7 |
6.3 |
3.7 |
52.8 |
6.7 |
4.9 |
H1:2011-12 |
59.0 |
4.4 |
2.5 |
59.9 |
3.9 |
2.2 |
54.8 |
6.6 |
4.0 |
51.1 |
9.9 |
4.8 |
H2:2011-12 |
62.3 |
4.2 |
3.0 |
63.3 |
3.7 |
2.7 |
57.6 |
6.5 |
4.4 |
52.4 |
9.6 |
7.1 |
H1:2012-13 |
60.8 |
4.5 |
3.0 |
62.0 |
4.0 |
2.7 |
54.4 |
6.8 |
4.5 |
52.7 |
9.5 |
8.6 |
H2:2012-13 |
60.6 |
4.5 |
3.1 |
61.3 |
4.0 |
2.7 |
56.7 |
7.5 |
4.8 |
52.7 |
10.1 |
8.9 |
H1:2013-14 |
59.3 |
4.8 |
3.1 |
60.0 |
4.4 |
2.9 |
55.1 |
7.0 |
4.4 |
49.6 |
9.9 |
9.3 |
Services (Other than IT) |
H1:2010-11 |
9.1 |
6.7 |
5.3 |
8.4 |
5.7 |
5.0 |
11.0 |
10.2 |
6.1 |
16.3 |
12.5 |
8.1 |
H2:2010-11 |
7.9 |
6.0 |
5.0 |
6.8 |
5.1 |
4.2 |
10.8 |
9.0 |
7.6 |
17.4 |
10.5 |
6.6 |
H1:2011-12 |
17.1 |
6.3 |
6.2 |
18.3 |
5.1 |
5.5 |
10.6 |
11.8 |
9.5 |
18.3 |
12.2 |
8.6 |
H2:2011-12 |
7.2 |
6.0 |
6.3 |
6.6 |
4.9 |
5.1 |
8.2 |
9.8 |
11.3 |
16.8 |
11.3 |
6.4 |
H1:2012-13 |
6.9 |
6.0 |
6.6 |
6.2 |
4.7 |
5.4 |
8.8 |
10.8 |
11.5 |
15.5 |
13.1 |
8.3 |
H2:2012-13 |
8.1 |
5.5 |
5.8 |
7.2 |
4.4 |
4.5 |
10.4 |
9.8 |
11.3 |
23.4 |
10.1 |
6.4 |
H1:2013-14 |
4.3 |
6.1 |
6.6 |
3.1 |
5.0 |
5.3 |
9.5 |
11.1 |
12.3 |
15.8 |
12.6 |
13.4 |
IT |
H1:2010-11 |
3.2 |
35.3 |
1.1 |
2.7 |
35.9 |
0.7 |
4.3 |
33.1 |
2.6 |
12.5 |
25.4 |
6.1 |
H2:2010-11 |
5.6 |
33.3 |
1.2 |
5.3 |
33.5 |
0.8 |
7.3 |
32.8 |
3.1 |
8.7 |
26.4 |
6.2 |
H1:2011-12 |
3.6 |
36.1 |
1.4 |
3.4 |
35.7 |
1.1 |
3.8 |
40.4 |
3.0 |
15.0 |
31.6 |
8.0 |
H2:2011-12 |
3.7 |
35.7 |
1.7 |
3.4 |
36.3 |
1.2 |
4.6 |
31.4 |
4.3 |
10.7 |
33.0 |
10.6 |
H1:2012-13 |
3.3 |
37.8 |
1.5 |
2.6 |
38.1 |
0.9 |
8.3 |
34.8 |
5.8 |
11.3 |
35.5 |
10.9 |
H2:2012-13 |
2.0 |
39.9 |
1.5 |
1.3 |
40.5 |
0.8 |
7.6 |
35.4 |
5.9 |
10.1 |
32.2 |
13.5 |
H1:2013-14 |
1.9 |
39.5 |
1.3 |
1.6 |
39.6 |
0.6 |
2.3 |
39.1 |
7.2 |
22.4 |
31.3 |
19.0 |
Aggregate |
H1:2010-11 |
45.6 |
7.1 |
2.8 |
45.8 |
6.7 |
2.5 |
45.2 |
8.6 |
3.9 |
40.4 |
10.4 |
6.4 |
H2:2010-11 |
47.3 |
6.5 |
3.1 |
47.3 |
6.1 |
2.8 |
47.7 |
8.1 |
4.3 |
42.4 |
9.5 |
5.9 |
H1:2011-12 |
47.5 |
7.2 |
3.1 |
47.9 |
6.8 |
2.7 |
45.8 |
9.0 |
4.7 |
42.7 |
11.9 |
6.2 |
H2:2011-12 |
49.0 |
6.7 |
3.6 |
49.4 |
6.3 |
3.2 |
47.2 |
8.3 |
5.5 |
41.4 |
12.2 |
8.0 |
H1:2012-13 |
48.3 |
7.3 |
3.7 |
49.0 |
7.0 |
3.3 |
44.5 |
8.9 |
5.8 |
41.5 |
12.4 |
9.2 |
H2:2012-13 |
47.7 |
7.2 |
3.7 |
47.9 |
6.8 |
3.3 |
46.9 |
9.2 |
6.0 |
43.2 |
12.0 |
9.1 |
H1:2013-14 |
46.5 |
7.8 |
4.0 |
46.7 |
7.5 |
3.6 |
45.7 |
9.1 |
6.0 |
40.5 |
12.3 |
11.4 |
Statement 2: Important Performance Parameters of Select Industries |
Industry |
Period |
All Companies |
Large |
Medium |
Small |
Sales |
EBITDA |
Net Profit |
Sales |
EBITDA |
Net Profit |
Sales |
EBITDA |
Net Profit |
Sales |
EBITDA |
Net Profit |
Growth (Y-o-Y) |
Margin (Per Cent) |
Margin (Per Cent) |
Growth (Y-o-Y) |
Margin (Per Cent) |
Margin (Per Cent) |
Growth (Y-o-Y) |
Margin (Per Cent) |
Margin (Per Cent) |
Growth (Y-o-Y) |
Margin (Per Cent) |
Margin (Per Cent) |
|
|
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
9 |
10 |
11 |
12 |
Cement & Cement Products |
H1:2012-13 |
20.2 |
21.8 |
11.7 |
20.4 |
22.7 |
11.9 |
20.0 |
14.2 |
9.9 |
-1.5 |
16.5 |
1.3 |
H2:2012-13 |
7.6 |
17.8 |
8.2 |
8.3 |
19.0 |
9.1 |
5.8 |
10.1 |
3.0 |
-36.9 |
29.4 |
-18.6 |
H1:2013-14 |
-2.5 |
14.1 |
5.9 |
-1.4 |
15.2 |
6.8 |
-9.9 |
6.7 |
-0.7 |
-15.0 |
5.2 |
-8.0 |
Iron & Steel |
H1:2012-13 |
12.5 |
15.5 |
4.8 |
16.6 |
16.8 |
5.8 |
-8.0 |
6.6 |
0.7 |
-31.4 |
-3.8 |
-46.1 |
H2:2012-13 |
1.5 |
15.5 |
3.6 |
5.5 |
17.2 |
4.6 |
-16.4 |
4.8 |
-1.0 |
-42.0 |
1.3 |
-32.7 |
H1:2013-14 |
-4.0 |
14.5 |
1.8 |
-2.3 |
16.4 |
3.2 |
-9.3 |
4.8 |
-3.2 |
-43.3 |
-3.2 |
-47.7 |
Motor Vehicles & Other Transport Equipments |
H1:2012-13 |
3.7 |
10.1 |
5.8 |
4.1 |
10.3 |
6.2 |
0.1 |
8.5 |
2.1 |
-0.9 |
6.6 |
8.0 |
H2:2012-13 |
-3.8 |
10.0 |
4.8 |
-3.2 |
10.2 |
5.0 |
-7.8 |
8.9 |
3.4 |
-30.6 |
-1.6 |
-4.9 |
H1:2013-14 |
-3.7 |
10.5 |
5.3 |
-3.4 |
10.9 |
5.7 |
-5.0 |
7.6 |
2.0 |
-24.6 |
5.2 |
3.9 |
Pharmaceuticals & Medicine |
H1:2012-13 |
14.5 |
16.9 |
11.0 |
19.3 |
18.1 |
13.4 |
11.0 |
13.9 |
5.2 |
-46.4 |
4.3 |
-15.7 |
H2:2012-13 |
-1.3 |
18.0 |
8.8 |
6.0 |
21.2 |
11.4 |
-11.9 |
11.5 |
3.9 |
-46.8 |
-8.8 |
-19.8 |
H1:2013-14 |
7.6 |
17.2 |
8.8 |
8.1 |
17.9 |
9.7 |
8.3 |
15.9 |
7.7 |
-16.7 |
2.8 |
-22.9 |
Textiles |
H1:2012-13 |
9.0 |
12.7 |
2.8 |
12.9 |
14.4 |
3.8 |
3.4 |
9.7 |
1.2 |
-7.7 |
5.5 |
-4.4 |
H2:2012-13 |
13.3 |
12.2 |
1.8 |
19.5 |
14.5 |
3.8 |
4.1 |
8.3 |
-1.3 |
-15.1 |
0.7 |
-12.0 |
H1:2013-14 |
9.9 |
12.2 |
1.7 |
10.6 |
13.9 |
2.9 |
10.8 |
9.1 |
0.3 |
-12.8 |
2.5 |
-15.1 |
Machinery* |
H1:2012-13 |
10.2 |
8.6 |
4.0 |
13.1 |
8.4 |
3.6 |
-1.0 |
9.2 |
6.2 |
2.1 |
10.1 |
0.0 |
H2:2012-13 |
-0.1 |
8.5 |
3.1 |
5.7 |
9.3 |
5.3 |
-14.5 |
5.6 |
-4.6 |
-37.8 |
1.3 |
-12.9 |
H1:2013-14 |
-1.7 |
8.6 |
3.5 |
-1.2 |
8.8 |
3.6 |
-0.2 |
7.8 |
2.7 |
-29.2 |
6.1 |
4.8 |
Construction |
H1:2012-13 |
9.8 |
13.3 |
4.6 |
12.7 |
13.3 |
4.7 |
-8.8 |
14.3 |
4.4 |
-24.2 |
7.9 |
-2.3 |
H2:2012-13 |
0.2 |
12.0 |
3.8 |
1.2 |
12.0 |
4.1 |
-8.4 |
13.0 |
0.9 |
-22.1 |
7.1 |
-1.1 |
H1:2013-14 |
2.3 |
11.7 |
2.3 |
4.0 |
11.5 |
2.5 |
-12.3 |
14.0 |
0.5 |
-10.7 |
12.3 |
2.3 |
Electricity Generation & Supply |
H1:2012-13 |
15.0 |
20.7 |
7.0 |
15.5 |
21.1 |
6.9 |
1.0 |
6.3 |
-0.7 |
-19.8 |
-3.9 |
$ |
H2:2012-13 |
-2.3 |
21.2 |
8.0 |
-2.8 |
21.8 |
6.6 |
21.7 |
9.8 |
2.7 |
-11.4 |
$ |
$ |
H1:2013-14 |
2.7 |
23.4 |
1.7 |
2.4 |
23.8 |
1.6 |
20.5 |
7.7 |
1.3 |
8.6 |
3.7 |
49.8 |
$: Numerator/Denominator nil/negligible
Includes Machinery & Machine Tools and Electrical Machinery and Apparatus |
Annex
Explanatory Notes
1. To compute the growth rates in any quarter, a common set of companies for the current and previous
period is considered.
2. The classification of industries and sectors broadly follows the National Industrial Classification (NIC).
The manufacturing sector consists of industries like Iron & Steel, Cement & Cement products, Machinery & Machine Tools, Motor Vehicles, Rubber, Paper, Food products etc. This does not include ‘Tea Plantations’
and ‘Mining & Quarrying’ industries. The services (other than IT) sector includes Real Estate, Wholesale & Retail Trade, Hotel & Restaurants, Transport, Storage and Communication industries. This does not
include Construction and Electricity Generation & Supply Industries.
3. FOREX gain and loss are reported on net basis by companies and included in the net profit calculation.
While net FOREX loss is considered as a part of the expenditure and thus included in EBITDA, net FOREX
gain is considered as a part of other income and included in EBIT.
4. Other income includes various regular incomes like rents, dividends, royalties etc. and does not include
extra-ordinary income/expenses.
5. Extra-ordinary income/expenses are included in EBT and net profit. As the name suggests, these income/
expenses can be very large for some of the companies in a particular quarter.
6. Some companies report interest on net basis. However, some companies include the interest expenses
on gross basis, where, interest received is reported in other income.
7. The ratio / growth rate for which denominator is negative or negligible is not calculated, and is indicated
as ‘$’.
Glossary of Terms |
EBITDA |
-Operating Profits / Earnings before Interest, Tax, Depreciation & Amortization |
-Sales + Change in Stock – Expenditure |
EBIT |
-Gross Profits/Earnings before Interest & Tax |
-EBITDA + Other Income – Depreciation & Amortisation |
EBT |
-Earnings before Tax |
-EBIT – Interest Payment + Extra-ordinary income/expenses |
Net Profit |
- |
-EBT – Tax |
Interest Burden |
- |
-Interest Payment / EBIT*100 |
Interest Coverage |
- |
-EBIT/Interest Payment |
|