India Inc mirrors GDP contraction in Q1: Revenues of 2,170 firms dip 24.3%

It’s not often that the macroeconomy and microeconomy move together and mirror each other. Mostly the latter reacts with some lag. In the April-June quarter (Q1), however, India Inc numbers have perfectly mirrored the country’s macroeconomic headline. 

The combined revenues of 2,170 listed firms was down 24.3 per cent year-on-year during Q1, mirroring 23.9 per cent contraction in India’s gross domestic product (GDP) for the same period. At current prices, GDP was down 20.6 per cent, doing better than India Inc. 

In contrast, India Inc underperformed the growth in headline GDP by a significant margin. Combined corporate revenues were up