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Q3FY21: Few disappointments; FMCG players, upstream firms impress

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With companies continuing to cut costs, margins have expanded — up by 400 bps y-o-y — even where sales may not have grown so impressively.

India Inc continues to turn out encouraging numbers for the Q3FY21 earnings season with very few disappointments. The good news is that most companies have managed to notch up a very good top-line growth whether through better volumes or price increases or, in some cases, both. Even manufacturers of capital goods that were expected to see a fall in revenues have surprised the Street.

With companies continuing to cut costs, margins have expanded — up by 400 bps y-o-y — even where sales may not have grown so impressively.
While prices of commodities have gone up, the raw materials bill nonetheless fell 430 bps as a share of sales.

Producers of commodities have reported strong turnarounds posting strong margins. FMCG companies, too, have posted good numbers with supply chains more or less restored and more retail outlets opening.

The stars of the season are undoubtedly the IT companies whose stellar results are expected to continue into the next season.

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