67% and 57% of Indian firms report 'much less than normal' profits, costs: IIM-A survey
By A Representative The Indian Institute of Management-Ahmedabad’s (IIM-A’s) latest Business Inflation Expectations Survey (BIES), even as pointing out that the average inflation expectations of the firms reverted to below 4% for the first time since October 2020, the profit margin expectations of Indian enterprises continue to remain subdued. Stating that “One year ahead business inflation expectation declined sharply by 44 basis points to 3.87% in May 2023, from 4.31% reported in April 2023”, the survey -- carried out by the Misra Centre at the IIM-A in order to contribute to effective monetary policy formulation by providing valuable insights to by various policy makers, government and industry -- said, “Sales expectations of the reporting firms have relatively improved. However, over 57% of the firms are still reporting ‘much less than normal’ or ‘somewhat less than normal’ sales in May 2023.”
Profit margins: % response
Authored by Professor Abhiman Das, the survey said, “Over 26% of the participating firms in May 2023 perceive profit margins are ‘about normal’ – down from 30% reported in April 2023, adding, “Over 67% of the firms are reporting profit ‘much less than normal’ or ‘somewhat less than normal’ sales in May 2023”, suggesting “the profit margins expectations remained subdued.”
Current costs per unit compare with this time last year: % responses
Stating that “Overall, the cost perceptions data indicates further moderation of cost pressures”, the survey results showed that “the percentage of firms perceiving significant (over 6%) cost increase has further declined”, though adding, “Majority (over 30%) of the firms perceives that costs have gone up moderately – in the range of 3.1% to 6%.
Sales levels: % response
The survey report further said that while the “sales expectations of the reporting firms have relatively improved” and the “percentage of firms reporting ‘normal sales’ sales has increased to 29% in May 2023, from 23% reported in April 2023”, it noted, “However, over 57% of the firms are still reporting ‘much less than normal’ or ‘somewhat less than normal’ sales in May 2023.”
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