Sales growth of listed private non-financial companies surges to 41% in Q1 FY23: RBI
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The Reserve Bank of India (RBI) in its latest report on ‘the private corporate sector performance’ has showed that the manufacturing sector recorded impressive sales growth of 41.6 per cent (y-o-y) in Q1 FY23, aided by both volume and price effects along with broad based demand expansion across industries. Besides, sales growth (y-o-y) of listed private non-financial companies surged to 41 per cent in Q1 FY23 from 22.3 per cent in the previous quarter.
The report further said that annual sales growth of information technology (IT) companies, which remained steady in positive terrain even during the COVID-19 pandemic, stood at 21.3 per cent during the latest quarter, while sales of non-IT services companies swelled by 62.1 per cent (y-o-y) in Q1 FY23, as the service activities continued their ascend on strong revival path after the second wave of the pandemic a year ago.
On the expenditure front, manufacturers’ expenses on raw materials increased by 52.0 per cent (y-o-y) in tandem with robust demand expansion; the ratio of raw material expenditure to sales moved up on both sequential as well as annual basis. Further, annual growth in staff cost for manufacturing, IT and non-IT services companies stood at 10.3 per cent, 23.5 per cent and 20.0 per cent, respectively, whereas the ratio of their staff cost to sales stood at 5.0 per cent, 50.1 per cent and 8.0 per cent, respectively.
