Raghvendra Nath: Raghvendra Nath: Raghvendra Nath:

The pace of profit growth in the quarter of March was similar to the previous quarter, but it slowed down the two -digit growth, which was witnessed by a quarter of the fiscal year 24, according to Raghendra Nath, PhD in Medicine, Asset Directors in Ladderup.

In an interaction with business today, Nath said that Indian Indian Indian Indian Indian Indian Indian Indian Indian Indian Indian Indian Indian Indian Indian Indian Indian Indian Indian Indian Indian in Q4 has grown by 7.2 % until June 2, 2025. These numbers are widely in line with market expectations and in some cases a little higher than analysts’ expectations.

BT: How do you read sectoral performance in Q4? What surprised and disappointed D-Street?

Nath: On the positive side, the metal and mining sector gave well. We have seen standard production through major minerals such as iron ore, aluminum and copper, driven by strong demand from sectors such as steel, construction and renewable energy.

The hotel sector was also an excellent quarter. There was an increase in demand for travel, wedding parties and events, which were translated into high occupancy rates and a strong growth in revenue. Many hotel chains expand quickly, as new properties open to keep up with this momentum. Although investors are happy with the performance of this sector, there is little caution about how the hotel’s shares are transferred from here, due to their last height.

On the other hand, all sectors had no reason to celebrate. IT and FMCG industries were lower than this quarter. Information technology companies fell with the risks of indirect tariffs, which affected their profits, while FMCG players faced slow urban demand, which led to sales and profits less than expectations. It is a reminder that although some sectors flourish, others are still moving in the opposite winds in the current economic climate.

BT: How does global opposite wind affect the profits of Indian companies?

Nath: It seems that many expected negatives have already been priced. Our trade relations with Russia were not affected despite the sanctions, and trade with Ukraine was historically limited. Chinese customs tariff tensions and the United States are positive for India, especially in the long run as India is placed to replace a good percentage of Chinese imports. In addition, there are also higher capabilities for many manufacturing facilities that will be transferred here. The uncertainty about the release of the rare H-1B visa will be useful for the information technology sector as it is expected that the US-based companies will use their confiscation of a higher percentage of current levels, which may enhance the demand for Indian information technology services.

BT: Are there early signs of rural recovery or visual slowdown in sectoral performance?

Nath: The recovery of consumption seen in the 22nd fiscal year and FY23 did not maintain this and was largely fueled by the expenditures that were funded by the borrowed funds. Inflation in rural parts grew at a faster pace than nominal wages during the three years of FY22-FY24, restricting the income of many rural families. However, many modern developments offer a more constructive look. Inflation in the moderate, and with interest rates to the bottom, is expected to support the government budget 26, which includes income tax cuts, family consumption.

In addition, early bathing indicates another year of favorable winds, which should help more agricultural production and countryside income.

Management comments from Q4fy25 profits call for an optimistic image about rural recovery. Hall is witnessing a gradual recovery of rural demand, although FY25 has seen a calm demand. In the bilateral wheel space, Hero MotoCorp has registered the highest revenue ever in the fiscal year 25, and the company is confident in industry performance in the 26th fiscal year, supported by rural recovery and its high focus on new launch operations. One of the FMCG players stated that the suspension of the non -listed players, including the Indian subsidiary companies from MNCS and D2C for players and regional brands, indicates a little better performance, confirming the flexibility of the broader demand.

BT: What are your main meals of Q4 results in the IT sector?

Nath: Companies in the IT sector provided a mixed image. The background is still difficult, with the uncertainty in the macro continuing to demand information technology, which represents a more soft way to the fiscal year 25. The growth in IT companies excelled in the middle of the clouds as in large hats, and this trend was seen for most fiscal year 24 and FY25. Now, while we move more towards Amnesty International, there is a common belief that the role of IT companies ends once the services are developing. The truth is to build successful artificial intelligence is an ongoing journey. Implementation, integration and long -term support are essential stages that require sustainable participation and experience of IT companies. Another positive is the uncertainty about H-1B visas, as I mentioned earlier. These factors are positive for growth in the sector.

BT: How do you see the banking services sector and NBFC from here on the right?

Nath: We have noticed the moderation in credit growth as banks and NBFCs have given the priority of asset quality through the most compromised subscription criteria. As of 2025, loan growth slowed to 10 % on an annual basis, compared to 16 % in May 2024. The growth of deposits began to improve the back of fluctuation in stock markets. Slices of unprecedented personal loan and smaller financing have seen a slowdown in formulations, as well as a height in the script. Despite these trends, the quality of the total assets in the sector is still healthy. ICICI continued to grow at a strong pace, while HDFC’s credit growth has been subjected, as expected, due to its focus on reducing the credit rate to deposit. Looking at the future, we expect an improvement in credit growth, with the support of the recent discounts in RBI and increased liquidity in the system, and placing banking slides and NBFC in a good place for 1-2 years.

BT: What are the sectors that are likely to lead to the growth of profits in the 26th fiscal year?

Nath: While the total profit growth expectations for FY26 are mixed, sectors such as medicines, energy players, and hotels are expected to perform. We hear a series of optimistic comments from pioneering drug makers, as senior players expect revenue growth of two numbers. Power Asillary companies operate well and are expected to continue their strong performance, driven by high energy consumption, increased share of renewable energy, and the increasing complexity of transportation and distribution networks.

Meanwhile, automatic sectors, technology and chemical may continue to face the opposite winds, although some improvement is possible in the last half of the year. The FMCG sector is preparing for recovery, and the banking sector is expected to see a moderate growth with a focus on asset quality and margin management, given the high cost of money and increased risk of unaccounted lending. Administrative comments varied by sector, providing a mixed look for FY26.