Indian Inc Premier League: Highlights from March quarter earnings season

India Inc’s Q4 FY23 earnings season has concluded with financials and automobiles being the star performers. Cleaned balance sheets, improved asset quality of banks, declining non-performing assets, margin improvements, and steady slippages have helped the growth of the banks while healthy volume growth, softening commodity prices, favorable product mix, price hikes, and better operating leverage have helped the automobiles. Other sectors like pharma, infrastructure, and IT have also shown strong growth. While FMCG displayed good revenue and profit growth, volume remains a concern despite declining inflation due to muted demand.