India faced near-record temperatures this summer as a devastating heatwave gripped most parts of the country including its financial hub Mumbai and the capital city of New Delhi. This affected footfalls at retailers, hindered labour productivity at construction firms and made it more difficult for lenders to collect loan payments.
India’s sweltering summer is the latest worry for companies already hit by slowing earnings growth and ongoing supply chain disruptions.
The heatwave featured no fewer than 80 times in earnings calls for the quarter ended June — an all-time high — data of Nifty 500 companies compiled by Bloomberg showed. That’s a significant jump from just seven mentions in the year-ago period.
