India Inc's combined net profit down 2.6% led by telcos, textile firms

Festival sales and restocking of goods after the goods and services tax (GST) roll-out provided some relief to corporate India during the July-September quarter, but the gains were not enough to completely erase the losses caused by the note ban and the new indirect tax system.

While consumer companies and large manufacturers recovered some of their mojo during the second quarter, investment-related sectors and second-tier manufacturers continue to struggle with a flat-to-low-single-digit growth in their top line and a decline in earnings.

The combined net profit of all 1,852 companies in the sample was down 2.6 per cent year-on-year (YoY), better than