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The Reserve Bank of India (RBI) in its latest report has said that listed private non-financial companies’ sales growth moderated during Q1FY24. As per the data, Sales growth (y-o-y) of listed private non-financial companies moderated to 2.1 per cent in Q1:2023-24 from 8.0 per cent in the previous quarter and 41.0 per cent a year ago.

During Q1FY24, aggregate sales of 1,712 listed private manufacturing companies remained around their level in corresponding quarter of previous year. Higher sales in pharmaceuticals, cement, electrical machinery and motor vehicles during the quarter were largely offset by contraction in petroleum, chemicals, non-ferrous metals and textiles sales.

Sales of the information technology (IT) sector, which witnessed high growth in the range of 19.5-21.4 per cent (y-o-y) during the six quarters of FY22 and H1 of FY23, has been moderating over the latest three quarters; it recorded 10.9 per cent sales growth during Q1FY24 as compared with 16.0 per cent growth in the previous quarter.

Non-IT services companies also recorded lower rise in sales at 4.5 per cent (y-o-y) as compared with 20.5 per cent growth (y-o-y) during Q4FY23; telecom, transport and communication, hotel and restaurant and hospitality activities mobilized higher revenue, which was, however, muted for the wholesale and retail trade sectors.