As India Inc’s profit fell 3.1% in the June quarter due to an unfavorable base effect and a rise in raw material costs for some industries, the decline was led by a group of 40-odd companies whose profits more than halved year-on-year. (YoY) basis.
ET Markets at least Rs. analyzed the data of all companies with a market capitalization of Rs 5,000 crore and found that there were 40 companies that reported a decline of more than 50% in their net profit in Q1.
Allcargo Logistics in June 2023 Rs. 118.94 crore to fall 96% YoY in June 2024 to Rs. 4.28 crore was recorded, according to data from ACE Equity. The company’s shares have lost nearly 18% in value year to date.
Similarly, Rajesh Exports, VIP Industries, Mangalore Refinery and HPCL also saw over 90% drop in profits during the quarter.