Maruti. Its operating-level losses in Q1 was a bit of a dampener. Auto companies such as Tata Motors and TVS Motors also suffered operating-level losses as sales volumes tumbled, which coupled with high fixed costs dragged profits.For some companies, rising debt may compound the covid-19 impact.
JSW Steel is a case in point.Banking companies are showing less impact of covid-19 just yet, but provisioning has been rising.
Kotak Mahindra Bank raised provisions. IndusInd Bank, too, increased provisioning for bad loans, and cut back loan growth.The country’s largest bank in number of branches has also raised its provisioning for covid-19-related risks.HDFC was unable to disburse retail loans.