India's industrial sector grows, manufacturers continue to struggle

Their revenue share in listed space declined to record low of 27.2% in Q1FY22

India’s industrial sector has seen a recovery from the lows of the first wave of the pandemic last year but the revival is being led by commodity producers such as metals and oil & gas companies while manufacturers such as auto firms and makers of consumer goods continue to struggle.

The listed manufacturers’ combined revenues were down 16 per cent quarter-on-quarter (Q-o-Q) in April-June FY22 and were just 1.8 per cent higher than in April-June FY20. In comparison, the combined revenues of all 2,900 listed companies in the Business Standard sample were down 9 per cent Q-o-Q in April-June FY22 and