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Non-financial services sector PAT to grow at 14.9% in FY10: CMIE

Non-financial services sector PAT to grow at 14.9% in FY10: CMIE
PTI
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First Published: Tue, Jul 21 2009. 10 47 AM IST
Updated: Tue, Jul 21 2009. 10 47 AM IST
Mumbai: Profit after tax (PAT) growth of the non-financial services sector is likely to improve and clock around 14.9% growth in the current fiscal on account of an accelerated sales growth, economic think-tank CMIE said in a report.
“We expect the PAT growth of the non-financial services sector for the year 2009-10 to be 14.9%,” Centre for Monitoring Indian Economy (CMIE) said in its report on the state of the Indian economy.
PAT growth is expected to improve in tandem with sales growth which would average at 10.1%, it said.
According to CMIE, starting from 8.3% in the June 2009 quarter, the growth would accelerate to 20.7% in the December 2009 quarter.
However, the report forecast a slightly slower growth in Q4 of the current fiscal at 17.4% on account of the high base last year.
The PAT margin at 12.2% during the quarter would, however, be higher than those in the preceding three quarters, the report said.
On the sales side, the CMIE said, in June 2009 quarter,sales would grow by three per cent and in the September quarter by 5.9%.
“This growth will still be weaker than the close to 30% growth recorded in the first quarter of FY 09,” the report added.
“Fortunes of most of the non-financial services sector such as software, hotels, shipping and aviation are closely linked to the global economic conditions,” it said.
These sectors are expected to report a pick-up in sales growth in the second half of 2009-10 following the expected revival in the global economy.
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First Published: Tue, Jul 21 2009. 10 47 AM IST