COVID 19 IMPACTS ON DEMAND: There are several things that are uncertain to react. Our materials are discretionary products that will come on second priority for a customer hence talking about immediate demand is too early. Our direct customers segments are dealers, OEMs, specifiers, channel partners, contractors etc and each of them will move around with their ongoing businesses. I think, the ongoing projects will definitely complete but the new ones will postpone for some time. There will be some segment that might accelerate, where customers have adequate fund and they might use this lean period to renew their interiors. By and large, people will defer on decisions for re-doing new projects.
ON CONSUMER CHOICES: The trade behaviour will change and all the process of catalogue and being in contact with the customers will undergo some sort of change. People might be willing to move to digital platforms, e-catalogues or safer mediums. Many will be happy to make a decision about a product on digital platform other than coming to find it physically. But all these are just thoughts, and nobody really knows that how things will shape. We have to take things as it comes and we have to review how things are going on and accordingly one has to make decisions.
ON INDUSTRY PRACTICES: In our industry what has been successful in the business has always been the right value system and culture. In my experience of 20 years of business we saw many people vanished due to their bad practices. The long-term orientation, whether it is accounting, product, employee culture, paying rationally well, investors’ relationships, operating from the position of trust, leaving something on the table for everyone, being fair and caring for environment goes a long way.
POST COVID, WHO WILL GROW? I think our industry is among the self-dependable industry; the entry barriers are small. So those people who have been here for quick gains or with intention to get immediate results will certainly fail in long term. I think, in the corona period, few short-term things are also required but the basics are more important post corona. In pre-corona stage, market was not very healthy so those who were not very disciplined have to face more problems compared to ones who were disciplined. They will be able to survive better whose balance sheets or the cash availability will be stronger with ability to stand with the temporary losses. They will have more resilience to manage business for sure.
STEPS AHEAD: We have to collectively revive the cash flow, logistics, supply chain in different regions and outward navigating through different guidelines. Other big challenge is to mobilise manpower and work at the sites. It will require consolidated efforts and none of us will survive without others. None of us should misuse the situation to push others. With the sense of co-operation, this time will pass. As the markets are opening up, everyone’s accounts are overdue because practically since the last 40 days, collection is zero for everybody. So, it is a challenge time for all and we have to collectively revive the business. We all must have a positive approach and think like partners to coexist and grow from this point.