Macro Lessons From Q3 FY21 Corporate Results: Motilal Oswal
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Motilal Oswal Report
The Reserve Bank of India released the Q3 FY21 financials of listed non-government non-financial (NGNF) companies. Here are the key highlights -
Net sales of the listed NGNF corporate sector (comprising about 2,700 companies) grew for the first time in six quarters by 4% YoY in Q3 FY21.
After falling for five successive quarters, total expenditure also grew 2.7% YoY in Q3. Corporate sales are strongly correlated with the wholesale price index measure of inflation.
The interest coverage ratio improved to nine-year highs (this data is available only since FY12) of 4.5 times in Q3 vis-a-vis 3.4 times a year ago..
The Ebitda margin also stood at record highs of 22.6% in Q3 FY21 vis-a-vis 18.3% a year ago.
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