News »Browse Articles » Indian firms` profit impact worst in 2009

New Delhi: The new year do not bring new rays of hope for the corporate world as the companies will witness worse profit impact over the next six months. "There is pain for another two quarters but I see an environment full of opportunity thereafter in the second half of 2009," said ICICI Bank CEO K V Kamath, who is also the President of Confederation of Indian Industry.

The loss of inventory valuation as a result of fallout of the commodities, steel, and oil prices by more than half, will trigger the painful quarters. The warning coincides with a 22 percent dip in advance tax in December and announcement of October-December quarter financial results this month.

Moreover, amidst continuous funding related problems faced by the corporate bodies while dealing with takeovers, Kamath suggests better utility of time to do detailing and other work on every project a company takes up. The industry witnessed varied funding problems faced by corporate giant like Tata on Corus, Jaguar and Land Rover

Source:
http://www.siliconindia.com/shownews/Indian_firms_profit_impact_worst_in_2009-ni

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