The results of more than 2,000 listed companies in the fourth quarter (Q4) of 2024-25 indicate improvement in revenue and profit growth. Revenues were up 7.6 per cent year-on-year (Y-o-Y) compared to Q4FY24. Reported profit after tax (PAT) was up 12.7 per cent Y-o-Y and 15.7 per cent quarter-on-quarter (Q-o-Q), while PAT adjusted for one-offs was up 9 per cent Y-o-Y and 13 per cent Q-o-Q. Although the growth rate was not high, this pattern — where PAT growth was higher Q-o-Q than Y-o-Y — can signal a change in the business cycle. Once the volatile petroleum and banking &