CRISIL – Research Pulse, Mar 2024

Corporate India's revenues are expected to continue to grow for the fourth consecutive year in fiscal 2025, with a 9-10% increase projected after an 8% rise in fiscal 2024. This growth will be driven by the consumer discretionary sector due to domestic demand, while consumer staples will see improved revenues from rural demand. Commodity-based sectors may see pressure on revenue streams. Margin expansion is expected to be widespread due to lower commodity prices reducing input costs. Commercial vehicle sales for fiscal 2024 are anticipated to surpass pre-pandemic levels by 1-3%, boosted by government spending. Fiscal 2025 is expected to see a moderate growth rate of 2-2% for CV sales, impacted by union elections and the cyclical nature of the industry.