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Drop in India Inc’s revenues in Sept quarter

Recent media reports suggest that India Inc’s revenue dropped marginally in the September quarter, the first decline in nine quarters. This depicts demand-side distresses, destocking of piled-up inventories and a higher base effect in the form of double-digit growth in the year earlier. However, owing to a cut in corporate tax rate and buoyed by the financial sector, India Inc’s net profit grew in double digits. Industry experts also said that operating margins may improve slightly due to cost cutting and streamlining of operations, owing to the sluggishness of economic indicators.