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Dolat Capital Report
Capital Goods, Engineering, Consumer Durables, Utilities - Corporates across our universe saw revenue and profit declines in this quarter, which was along expected lines.
The decline was pervasive across sectors barring a select few like Information Technology, pharma and FMCG where growth was helped by the pandemic.
It was a quarter of reduced operations where companies uniquely saw demand slowdown on one side and supply side disruption on the other occur simultaneously.
While most companies saw a revival in June and partly in July, part of it is attributable to pent up demand.
HDFC Bank Ltd. in its call commented on this recovery, ‘A part of this demand is indeed pent-up demand from the lockdown phase that could lose steam’.
What has queered the pitch is the resumption of regional lockdowns in July and August which has again disrupted operations.
Managements of most companies found it difficult to pin any number or guidance for FY21 as things continued to remain in flux.
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