The second wave of the viral pandemic that unleashed human misery in April and May was widely believed to have disrupted corporate performance as well. Finally, the damage is beginning to show in the numbers.
A Mint analysis of 166 companies, which have declared June quarter earnings, showed that after adjusting for one-time profit or loss, their sales and profit were lower than in the March quarter; however, the figures were far higher than the depressed base of a year ago when a stringent lockdown had crimped sales. The analysis excludes banking, financial services and insurance (BFSI), and oil and gas companies.
Net sales of these companies fell 1.6% sequentially in the June quarter compared to an increase of 6.51% in the
Aviation: Aviation turbine fuel forms a huge chunk of the operating costs of airlines and, therefore, stronger crude hurts profitability. In July 2020, Brent crude prices had averaged at $43 per barrel.
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