Today, the Reserve Bank released the data relating to financial performance of non-government non-financial (NGNF) private limited companies during 2022-23 ( based on audited annual accounts of 10,639 companies, which reported in the Indian Accounting Standards (Ind-AS) format for three accounting years from 2020-21 to 2022-23, received from the Ministry of Corporate Affairs, Government of India, which is the primary source of these data.

Total paid-up capital (PUC) of these companies amounted to ₹6,61,236 crore in March 20231, which accounted for 34.2 per cent of the total PUC of NGNF private limited companies.



Net sales of NGNF private limited companies rose by 20.3 per cent during 2022-23 on top of high growth of 30.5 per cent in the previous year, which had followed the COVID-19 pandemic peak year of 2020-21 when production was hit due to restrictions (Statement 1).

As the economy recovered from the pandemic impact, most of the sectors recorded double digit growth during 2021-22 as well as in 2022-23 (Statement 6).

With rise in activities, companies improved asset utilisation; the ratios of sales to both gross fixed assets and total net assets increased during the year (Statement 2).


At the aggregate level, manufacturing expenses and remuneration to employees moved largely in sync with sales growth; services sector recorded higher growth in employees’ remuneration when compared to the manufacturing sector (Statement 1 and 6).

Operating expenses increased by 20.4 per cent in 2022-23 on top of 33.4 per cent growth in the previous year (Statement 1).


During 2022-23, growth in operating profits, profit before tax and profit after tax moderated from those recorded in the previous year but remained in double digits (Statement 1).

As a ratio to sales, both operating profit and gross profit moderated for the second successive year (Statement 2).


At the aggregate level, leverage (measured in terms of debt-to-equity ratio) of the sample companies continued to decline and stood at 42.1 per cent during 2022-23 (Statement 2).

At the aggregate level, interest coverage ratio [ICR, which is the ratio of earnings before interest and taxes (EBIT) to interest expenses and is a measure of debt servicing capacity of a company] remained unchanged from the previous year at 2.9 per cent; it, however, improved for services and construction sectors owing to rise in profits (Statements 2 and 7).

Sources and Uses of Fund

During 2022-23, the sample companies had lower external sources of funds, especially share capital premium and borrowing through bonds/debentures as well as from related parties, when compared to those in the previous year; their internal sources of funds, however, increased marginally (Statement 5A).

Private limited NGNF companies made higher investment in fixed assets during 2022-23 vis-à-vis the previous year (Statement 5B).

Explanatory notes to the statements are given in the Annex.

Ajit Prasad            
Director (Communications)

Press Release: 2024-2025/18

1 The previous data release in the series was published on March 31, 2023. It covered 9,659 companies for the years 2019-20 to 2021-22 with total PUC of ₹5,59,510 crore (30.1 per cent of total PUC of NGNF private limited companies) at end-March 2022.