Ind-AS pulls down listed cos' profit 6.2%, says Grant Thornton

Companies in construction, engineering and infra sectors were hit the most with profit down 117.5%

Adoption of the new Indian Accounting Standards (IndAS) resulted in a 6.2 per cent decline in the reported net profit of 500-plus listed companies for the financial year ended March 2016.

The decline of Rs 13,680 crore, on average, over the reported numbers for the same year under the earlier accounting standard, Indian GAAP, is shown in a study by accountants Grant Thornton India. The net worth of these companies has, however, improved by 1.7 per cent, on average, said to reflect the net result of certain accounting policy choices made by these companies upon transition to Ind-AS.

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