Info know-how (IT) sector remained within the optimistic terrain all through the COVID-19 pandemic interval and its gross sales elevated by 5.2 per cent year-on-year within the third quarter of 2020-21, based on the RBI information on efficiency of personal sector company launched on Friday. The info is drawn from abridged quarterly monetary outcomes of two,692 listed non-government non-financial (NGNF) firms.
With gradual easing of restrictions associated to the COVID-19 pandemic and rebound in demand situations, gross sales of 1,685 manufacturing firms expanded by 7.four per cent (Y-o-Y) in October-December quarter of 2020-21 after recording contraction in the course of the previous six quarters. The restoration was led by iron and metal, cars, cement, chemical substances and prescription drugs firms. “Info know-how (IT) sector remained in optimistic terrain all through the Covid-19 pandemic interval and their gross sales elevated by 5.2 per cent (Y-o-Y) in Q3:2020-21,” the RBI mentioned whereas releasing the information.
Gross sales of 165 IT firms stood at Rs 1,05,724 crore within the third quarter, up 5.2 per cent from Rs 1,01,001 crore within the year-ago interval. However, non-IT companies sector recorded decrease contraction yearly in gross sales [(-)5.7 per cent in Q3:2020-21 vis–vis (-)14.5 per cent in the previous quarter], which was supported by higher efficiency of telecommunication, actual property and commerce sector firms. Employees price progress elevated for manufacturing and IT firms in October-December interval of 2020-21, whereas it remained in contraction zone for non-IT companies sectors. Manufacturing firms elevated their expenditure on uncooked supplies in tune with rise in gross sales.