Moreover, the impact of note ban, announced on November 8, will continue into the fourth quarter (January- March) of the current fiscal, it said.
"However, the pace of growth in the fourth quarter would still recover to 5-7 per cent. For the third quarter ended December 31, corporate topline growth is seen declining to 4.1 per cent on-year because of demonetisation," it added.
The analysis - excluding banking, financial services and insurance (BFSI) and oil companies - took into account expected results of 390 companies, which account for estimated 64 per cent of the market capitalisation of the National Stock Exchange (NSE) listed companies.
As consumer spending on discretionary items have dried up due to the currency swap exercise, Crisil said consumer- linked sectors like FMCG, housing, retail, telecom services and textiles are likely to see de-growth in Q3 of 2016-17.
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"On the other hand, steel product companies are expected to report a robust 25 per cent growth, primarily led by 18 per cent higher realisations helped by government support and robust export growth," Koparkar added.
He noted that revenue growth of IT services companies has been gradually declining over the last couple of quarters.
"In the third quarter 2016-17, rupee revenue of IT services industry is projected to grow at a slower pace of 7 per cent on-year."
The impact of Jio's entry on revenue is expected to be more visible in urban areas, while demonetisation will have the maximum impact in rural regions, the report said.
In a strong step to curb black money, the Government had scrapped the currency notes of Rs 500 and Rs 1,000 denominations with effect from November 9.