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India Inc is likely to report a sequential decline of 8-10 per cent in revenue at Rs 7.3 lakh crore for the first quarter of this fiscal, Crisil Research said.

The decline has been led by consumer discretionary products such as automobiles, which saw volumes impacted by the lockdowns across states to contain the second wave of Covid-19 infections.

However, Crisil Research said on a yearly basis, the revenue will rise 45-50 per cent on a low base.

The note pointed out that improvement will be seen across sectors, riding on higher volume on a low base and higher realisations due to increase in commodity prices.

Factoring out the commodity sectors, on-year revenue growth will be lower at 37-40 per cent, the note said.

"The robust on-year revenue growth is reflective of higher commodity prices and a low base of last year. On a sequential basis, however, sectors such as automobiles, FMCG and construction have seen moderation, while the likes of steel and aluminium continued to grow strongly because of high commodity prices," Crisil Research Director Hetal Gandhi said.

"Even export-linked sectors such as IT services and pharmaceuticals have shown strong resilience in terms of weathering the blow of the second wave sequentially."