Going by the financial results of 462 companies for the July-September quarter that have come in so far, Corporate India is likely to post a double-digit sequential growth in sales and profits.

This is for the first time in recent times that Corporate India has posted such growth.

The 462 companies reported a sales growth of 10.77 per cent for the July-September quarter over the quarter ended June 2003.

Their net profits shot up 18.01 per cent from the preceding quarter. In the past, Corporate India recorded double-digit sequential quarterly growth either in sales or profits, but not in both.

Twenty-five industries have reported a double-digit growth in sales and profits. Six fertiliser companies recorded a 173.8 per cent growth in sales and a 126.6 per cent rise in net profits from the levels in the April-June quarter.

Among major industries, the pharmaceuticals (sales up 17.17 per cent and net profit up 58.02 per cent), telecom (a 15.68 per cent growth in sales, 54.04 in net profit) and steel — both hot rolled and cold rolled (12.56 per cent growth in sales and 123.84 per cent in net profit) sectors did well.

The diversified, information technology, two- and three-wheeler, aluminium, cement, non-ferrous metals, man-made fibres, shipping and steel industries too recorded double digit growth in sales and profits.

Four aluminium firms, including Hindalco and Nalco, recorded a hefty 23 per cent rise in sales and a 29.58 per cent rise in net profit.

The sales of seven diversified companies grew 11.28 per cent while their net profit rose 25.11 per cent.

Forty-six technology firms showed sales and net profits growth of over 26.50 per cent each.

Indeed, corporate performance during the quarter ended September 2003 continued to be encouraging.

Exactly 441 companies reported a sales growth rate of 17.51 per cent and their net profits rose 39.06 per cent. Interest costs dropped 12.41 per cent from the corresponding quarter of the previous year.