Listed companies made their biggest profits during the quarter ended September 2020 in the midst of a lockdown. They did so by cutting costs a lot more sharply than they suffered the fall in sales because of the lockdown. The cost cutting was essentially in raw material and other operating costs enabled largely by a favourable terms of trade for manufacturing companies.
Total income declined by 6.9 per cent. But, costs on raw materials and purchase of finished goods, the biggest expense head declined by a much bigger 18.9 per cent, expenses on salaries grew by 3.4 per cent and
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