Encouraging signals

Q3FY24 results show private capex and rural demand improving

The Q3FY24 (October-December 2023) results of 3,233 listed companies suggest consumption is still below par but there are a few signs of recovery and a return of corporate investment. Growth in net sales is low — only 7 per cent — compared to the same period of FY23, and is barely ahead of inflation. Profit after tax (PAT) and operating profits, or earnings before interest, taxes, depreciation and amortisation (Ebitda), have risen by 24.5 per cent and 26 per cent, respectively. Operating-profit margins have expanded. There is also a sharp rise in other income (up 25 per cent), which may