Almost two-thirds of the near 200 Indian companies with market capitalization of $100 million and more have reported a rise in profit for the September quarter, data tracked by Reuters showed
Of the 191 companies tracked, 118 reported a rise in profit, Refinitiv data showed, with almost 90% of those logging in a rise in quarterly revenue.
Apparel retailers, restaurants, banks, construction companies all saw a rise in sales and orders, as the country geared up for the first pandemic-free festive season in two years."There is definitely a festive boost which cannot be denied and which is reflected in earnings performance," said Vivek Kumar, economist at Mumbai-based QuantEco Research.
"There was also some comfort on input prices moderating in the quarter, and a boost from pent-up demand. All these factors came together to help." Retail sales in India peaks during Diwali, the festival of lights, when Indians usually splurge on apparel, accessories, consumer goods and automobiles. This year's Diwali fell on Oct. 24.
"It's the first Diwali after COVID where people are able to get out and mingle with their friends and family and that's definitely helping," Shoppers Stop Ltd
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