KPMG analysis shows that quarterly net profit was up by Rs2,667 crore for the companies that used IndAS accounting standards to report their June quarter results. Photo: Aniruddha Chowdhury/Mint
Mumbai: Indian companies have just reported their first set of results under a new set of accounting standards. The norms have resulted in significant changes to how some of the country’s largest companies report their performance. And it is good news so far, with profits higher and finance costs lower.
Audit and consulting firm KPMG looked at companies in the Nifty 100 that had declared June quarter results by 31 August. Its analysis showed that quarterly net profit was up by Rs2,667 crore for the companies. That was 4.55% higher than what they would have reported under earlier acco
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