"Corporate profits to GDP had fallen to almost 1.6% in fiscal 2020. Next year we expect it to be around 4.5%. The very high returns of the last one-two years because of the low market levels and low levels of profitability should not be extrapolated and while remaining optimistic, one should have more moderate expectations from equity markets," says Prashant Jain, Executive Director & Chief Investment Officer, HDFC AMC.
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