Company Slowdown

Their combined net sales were up just 7.4 per cent year-on-year (Y-o-Y) in Q3FY23, which was the lowest in nine quarters then

Sample of early-bird companies shows worst net sales since Q3FY21

Nike said its revenue in the full year, ending May 2024, is expected to be down by about 1 per cent

The SoftBank-backed company reported losses of Rs 102 crore in FY22 after reporting a profit of Rs 28 crore in the previous financial year

Besides rising input costs, the company also pointed to a brief shutdown in March to implement key digital projects that impacted its bottom line

Combined profit before tax of 81 firms down 37.5% y-o-y, worst show in at least 3 years

The data on companies' inventory, a balance sheet entry, is only reported on a half-yearly and annual basis and is not available for Q3

The poor reading signals a protracted slowdown, and may influence the Reserve Bank of India to cut interest rates for a sixth time this year in December

Top banks like HDFC Bank and Axis Bank are slated to add around 10,000 jobs in the next 9 to 12 months

Credit-driven sales were also high in consumer durables this Diwali, with around 70 per cent of sales in urban areas coming from finance schemes and cashbacks

After strong sales in summer season, they have continued to clock 15-20% growth in recent months

Some companies surpassed economic sluggishness and the demonetisation-induced slowdown