Early-bird results: 7-day Covid-19 lockdown in March affected India Inc

Combined profit before tax of 81 firms down 37.5% y-o-y, worst show in at least 3 years

As expected, Covid-induced lockdown has begun to hit corporate earnings even though economic activity was shut for only seven days during the January-March 2020 quarter (Q4FY20). 

The combined profit before tax of 81 early bird firms that have declared Q4 results is down 37.5 per cent year-on-year against 48 per cent y-o-y growth a year ago. The blow to bottom line was, however, cushioned by a cut in corporation tax rate cut announced in September last year. Combined net profit was down 36.8 per cent y-o-y in Q4 compared to 49.5 per cent y-o-y growth a year ago and 18.3