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.


TO READ THE FULL STORY, SUBSCRIBE NOW FOR JUST RS 249 PER MONTH.

SUBSCRIBE TO PERSPECTIVES


What do you get on Business Standard Premium?


WHERE







Dear reader,

Business Standard has always endeavored to provide up-to-date information and commentary on developments that matter to you and that have wider political and economic implications for the country and the world. Your constant encouragement and feedback on how to improve our offering has only strengthened our resolve and commitment to these ideals. Even in these challenging times stemming from Covid-19, we remain committed to keeping you informed and updated with credible news, authoritative opinions and incisive commentary on relevant topical issues.
However, we have a request.

As we battle the economic impact of the pandemic, we need your support even more so that we can continue to bring you more great content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of bringing you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism we are committed to.

Support quality journalism and subscribe to Business Standard.

digital editor

First published: Sun 03 July 2022. 9:25 PM IST

Comments are closed.