No respite, just yet

Headline growth in profit after tax (PAT) for Sensex companies continued to disappoint in the last results season, falling to 0.1%, the lowest since the collapse of Lehman Brothers. Excluding financials, aggregate PAT contracted 5.7%. Sales growth fell to a 3-year low. The slowdown seems to be broadening, as 13 of the Sensex companies and 45% of the broader Bank of America Merrill Lynch coverage companies showed a decline in profits (Click on graphic)