Mncs Outperform Local Peers In Q3

Multinationals companies (MNCs) in India have outperformed their Indian peers in the quarter ended December 2001.

The aggregate net profit of 71 MNCs increased by 16.3 per cent while 2,205 Indian companies have reported a 23 per cent decline. The sample of domestic companies excludes banks, non-bank finance companies and financial institutions.

But when it comes to topline growth, MNCs were as much hit by the slowdown as Indian companies. The 71 MNCs reported a 2 per cent growth in the topline (sales) during the quarter ended December 2001, while Indian companies reported a drop of 2.7 per cent.

The difference in financial performance is most pronounced in the personal care, electronics, pumps and compressors, and lubricants and food processing sectors. Interestingly, the pharmaceuticals sector had a very different story to tell in that Indian majors Ranbaxy Laboratories and Dr Reddy