New Delhi: The ongoing economic slowdown has started hurting corporates as well, with companies reporting a sharp decline in both revenue and profit growth numbers in the June quarter, a report said on Wednesday.
India Inc's net sales growth for the June quarter slid to 4.6% as against 13.5% for the same period last year, while the net profit growth moderated to 6.6% as compared to last year's 24.6%.
The findings are based on an analysis of 2,976 companies which have reported their quarterly numbers by domestic rating agency Care Ratings.
"The first quarter of the fiscal year 2019-20 has been marked by disappointing and weak corporate earnings indicative of the overall slowdown in various industries and the economy," it said.
In what can be termed as a silver lining, the broader economic woes do not seem to have had an impact on the orgnaised sector jobs, as the employee expenses growth continued to be stable.