17,000 new credit cards issued by ICICI linked to wrong users

In almost every sector, staff cost growth was increased

The recent RBI data has shown an extraordinarily high growth of 75% in 1,647 private manufacturing companies in the first quarter of FY22. The RBI data owed the increase of sales in these listed companies to a very low base in the Covid-hit-year-ago period, according to a report in The Economic Times. In the April-June quarter of FY21, the sales of private manufacturing companies had declined by 41.1%. In the first quarter of FY21, the sales of the manufacturing companies were Rs 3,97,233 crore, in absolute terms.  This stood at Rs 7,02,791 in the first quarter in FY22.

In the covid times, the IT sector companies managed to stay afloat as the economy took a downturn. Their Y-O-Y sales increased to 17.5% in the first three months of FY22. Their sales were 6.4% in the previous quarter. Around Rs 1,13,807 crore worth of sales were witnessed by the companies.

The RBI stated that apart from IT companies, non-IT companies’ sales also saw an increase in the first quarter of FY22. However, the sales in telecom companies saw a decline.

RBI also mentioned that the manufacturing and services sector, in terms of sales saw an increase in the growth in operating profits in Q1 FY22. The cost to procure raw materials was also raised by companies in Q1 FY22.

In almost every sector, staff cost growth was increased. The manufacturing and IT companies witnessed a stable operating profit margin, added the RBI data.