The top 100 companies listed on BSE saw an average 5 per cent growth in sales for the three months ended March 2016, after four consecutive quarters of decline, according to a Credit Suisse report.
According to global financial services major, nearly half of the BSE 100 companies registered a sales growth in the fourth quarter of 2015-16. Comparitively, about 34 per cent companies had registered double digit growth in sales in the preceding quarter.
“Aggregate BSE 100 sales grew 5 per cent year-on-year in fourth quarter of fiscal 2015-16, after four consecutive quarters of decline,” Credit Suisse said in the report.
On excluding oil and metals producers, the sales rose an average 11 per cent for the quarter ending March 2016 compared to the same period year-ago — the highest in seven quarters the report noted.
As many as 18 firms saw growth of 20 per cent and above while nine saw surge of 30 per cent and more in their quarterly sales figures.
These include Yes Bank, IndusInd, Lupin, Glenmark, Eicher, Ashok Leyland and HDIL.
However, the report noted that headline operating profit fell 22 per cent in the fourth quarter compared to same period year-ago. “This was close to the worst ever seen at the trough of the financial crisis in June 2009,” it added.
As per the report, excluding oil and metal companies, the profit decline was the worst in recent history, primarily due to the one-off losses booked in banks.