Great story from Haresh Soneji of CNBC-TV18....
India Inc. has been thriving on other income over the previous few quarters. The dependency has moved up so much that core profits have declined extensively. Other income to sales was pegged at some 8% and 40% to profit after tax......
.....With that we arrive at a PAT which could show a decline of around 18% y-o-y. The actual decline could be less or could be more. No one is certain about it. And since market respect PAT growth, suddenly the market could well look expensive again.
....... History repeats itself. But, people have short memories. No wonder then, market guru Warren Buffet comments, "What we learn from history, is that people don’t learn from history". So very true.....
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