Export duties on steel and petroleum products will weigh on corporate profits in FY23
The recently imposed special tax on exports of steel, iron ore and petroleum products and a windfall tax imposed on crude oil producers are likely to negatively affect overall corporate profits in the current fiscal years. Mining and metals and crude oil producers such as Tata Steel, JSW Steel, Vedanta, Hindalco, Oil & Natural Corporation (ONGC) and Reliance Industries led corporate earnings growth in FY22 and all decline in earnings due to regulatory changes is likely to lower overall corporate earnings in FY23.
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First published: Sun 03 July 2022. 9:25 PM IST