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This is an archive article published on January 16, 2011

Corporate profits to grow by 7%: CMIE

Corporate India is expected to report only a seven per cent rise in net profits due to slowdown.

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Corporate India is expected to report only a seven per cent rise in net profits due to slowdown in profit growth of manufacturing sector during FY 11,according to Centre for Monitoring Indian Economy (CMIE).

The corporate India’s expected seven per cent rise in net profit is much lower than the 29 per cent growth in net profits clocked in FY 10.

The main culprit behind the slowdown in profit growth will be the manufacturing sector. Its net profits are expected to fall by 2.1 per cent in 2010-11,as the companies try to partially absorb the sharp increase in raw material prices and wage bill,CMIE said in a report.

The financial services and non-financial services sectors are expected to report 24.6 per cent and 12.5 per cent increase in net profits,respectively,it said.

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