The debt-to-equity ratio has increased from 0.58 in 2010/11 to 0.67 in 2013/14.
The number of companies that have been deleverage
has been rising in the last four years, from 33 per cent of the companies in 2010/11 (of the sample of 1,812 non-financial companies) to 38 per cent in 2013/14. In volume terms, companies have reduced their debts by 43 per cent, 13 per cent and 38 per cent in 2011/12, 2012/13 and 2013/14.
Indian companies have been reducing their debt levels in an attempt to improve their business performance and credit profile