This comes at a time when high 200 firms in India noticed a 30 per cent fall of their revenues within the quarter ended June as a result of Covid-19 pandemic as in opposition to the earlier quarter this yr, as per an EY India report.
The EY report– Impact of the pandemic on Indian company outcomes— analysed high 200 listed firms (BSE 2000) based mostly on their outcomes introduced in June quarter.
As per the report, EBITDA (earnings earlier than curiosity, taxes, depreciation and amortisation) margins for many sectors additionally dipped within the June quarter in comparison with March quarter. Life sciences, oil and fuel, energy, and media had been the one sectors that beat the development and improved their EBITDA margins within the June quarter as in opposition to the March quarter.
“Growth in asset under management and profit after tax mainly on account of growth in digital subscriptions and higher subscriptions for gold fund. However, for one company in our dataset, there has been an addition to its institutional investors’ portfolio after it took over the management of funds from another company which exited the operations. There is a marginal drop in equity-oriented funds. However, it is pertinent to note that we only have two listed asset management companies in our data set,” the report stated.
As far as insurance coverage firms are involved the rise in revenue after tax was for 2 out of three basic insurance coverage firms in our dataset on account of a rise in internet written premium, the EY report stated.
“This was mainly due to an increase in premium for health, fire and crop segment. There is a decline in premium income for the motor segment as new vehicle sales are much slower due to slack in economic activity. The overall fall in PAT is mainly on account of the loss reported by state-owned general insurance companies compared to the huge profit reported in the March 2020 quarter. As far as life insurance companies are concerned, the growth in profit is largely attributed to positive renewal premiums. However, new business premiums have been impacted, except in case of protection products,” the report added.