Global recovery may have propelled India's FY24 GDP growth to 8%: SBI

Corporate India continued to report strong numbers, though some pressure on profitability surfaced to the fore after long quarterly spells of balance sheet strengthening.

Around 2,400 listed entities of Indian Inc reported top line growth of 9 per cent in Q4 FY24, while earnings before interest, taxes, depreciation and amortisation (EBIDTA) grew by around 21 per cent in Q4 FY24 compared to almost flat top line in all previous quarters of the fiscal (26 per cent in the previous quarter).

However, profit after tax (PAT) growth declined to around 12 per cent from 42 per cent in the previous two quarters on year-on-year (YoY) basis.

Leading indicators show a secular growth trend across urban and rural landscape, though the incremental growth in rural economy is picking up faster, the newsletter said. Urban indicators showed marked improvement in recent months.

Above normal monsoon augurs well for rural economy by boosting domestic supplies of pulses, oilseeds and cereals.

Corporate gross value added (GVA) grew by around 18 per cent in Q4 FY24 compared to 20 per cent in Q4 FY23 and 26 per cent in Q3 FY24.

Sectors like banking, automobile, capital goods, consumer durables and pharmaceuticals have reported excellent numbers during the quarter ended March 2024.

ALCHEMPro News Desk (DS)