What do corporate results tell us about the economy?

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India’s GDP grew by 6.3% in the quarter ending September 30, according to 

data released by the National Statistical Office (NSO) on November 30. Headline 

GDP numbers, however, tell us little about the nature of economic growth. While 

high-frequency data on the informal sector is not available in India, there exist 

databases that can give insight into the state of the formal sector. An HT 

analysis of the latest quarterly results from the Centre for Monitoring Indian 

Economy’s (CMIE) Prowess database – it is among the largest databases of 

corporate performance – does just this. There are 2,176 non-financial companies 

in the Prowess database for which September quarter results are available along 

with quarterly results for the last five years. Here are five charts that explain how they 

are doing. f one were to compare the latest numbers with the same quarter of the 

past year, the corporate sector does well in terms of growth. Inflation-adjusted 

sales are 21% higher in September this year over the year-ago number. There is 

no element of favorable base effect since they had crossed pre-pandemic levels 

in September 2021 itself. To be sure, these numbers have to be read with the 

caveat that they might change when quarterly results for a larger sample of 

companies are available.

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