Remarkable resilience

Third quarter results weather note ban

Corporate results from the “demonetisation quarter” (October-December 2016-17) have delivered a positive surprise. A turnaround in the global commodity cycle, strong agricultural performance and low interest rates helped India Inc overcome some of the impact of demonetisation. The third quarter of 2015-16 was also weak, which created a favourable base effect as well. The results of 1,660 listed companies that have declared results so far show that net profits grew at 27.7 per cent, year on year (YoY), which was the fastest pace in over two years. Revenues, including other income, were up 9 per cent, also the best in