India’s corporate profits up to $18 billion, industry experts say July 19, 2021 July 19, 2021 admin

Business Insider The growth in corporate profits has accelerated since November 2016.

The latest data from the Confederation of Indian Industry shows the number of companies reporting profits rose to $3.25 trillion in the fiscal year 2017-18.

The figures from the industry body show gross profit rose to Rs 1.35 lakh crore ($22.9 billion) in the year ending March 31, 2018.

That is an increase of 4.8% from the year-ago period.

According to the statistics, the biggest growth was in the financial services sector, with its gross profit up to Rs 3.15 lakh crore, or a 9.3% increase.

The share of non-financial companies in the total increased to 7.7%, a rise of 6.7% from last year.

The biggest increase in profits for the financial sector came in the retail and wholesale sectors, with the figure of Rs 1,500 crore.

This was up by 5.2% from Rs 1 billion in the same period last year, the figures showed.

In other sectors, the share of companies in total income rose by 8.1% to 13.3%.

In the manufacturing sector, the growth was higher, with a rise in gross profit to Rs 2.73 lakh crore.

The statistics also showed that corporate profit rose at a faster pace in the banking and insurance sectors, while the share in the sector of nonfinancial companies grew by 4.5% to 15.5%.

In comparison, the rise in the share by financial services was a little lower at 3.4%.