“Growth (y-o-y) in aggregate sales of 1,685 listed private manufacturing companies moderated further to 3.7 per cent during Q3:2023-24 (4.2 per cent in the previous quarter),” the apex bank said.
Among the major industries, sales of chemical companies declined 13.5 per cent, excluding which sales growth of manufacturing companies stood at 6.4 per cent.
Information Technology (IT) sector witnessed further deceleration in sales growth (y-o-y) to 3.2 per cent from 5.9 per cent in the previous quarter and 19.4 per cent a year ago.
Non-IT services companies remained on high growth trajectory with sales rising 12.9 per cent (y-o-y) in the 2023 December quarter over and above 19.9 per cent growth in the corresponding quarter of last year.
On expenditure, RBI said that in tune with deceleration in sales growth, expenses of manufacturing companies recorded lower rise of 4.1 per cent (y-o-y) in October-December period of 2023 as compared to 12 per cent increase in the corresponding quarter of 2022-23. Further, operating profit margin of listed non-financial companies improved across major sectors and stood at 16.5 per cent in the 2023 December quarter. It was at 14.7 per cent in the third quarter of 2022-23.