Second Covid wave will delay earnings recovery of India Inc: Moody's

Moody's feels restrictions on movement and lockdowns in several parts of the country will lead to a weaker consumer sentiment and will hit housing and automobile sales

The ferocious second wave of coronavirus being witnessed in India will delay earnings recovery for Indian companies, ratings agency Moody's said on Monday.

"The sharp rise in infections will disrupt earnings, recovery recorded by companies over the past six months," it said while adding that prolonged and wider lockdown will have a more severe effect on earnings recovery. 

However, the ratings agency sees limited impact of second wave lockdowns on economic activity so far. 

Moody's further said restrictions on movement and lockdowns in several parts of the country will lead to a weaker consumer sentiment and will hit housing