COVID-19 Impact on The Indian Tile Industry
As COVID-19 continues to unfold, industries, sectors and organisations everywhere are making various attempts to find ways to handle the challenges that have arrived due to this situation. While it is evident that no single enterprise can remain immune to the circumstances, some industries have the unfortunate disadvantage of suffering the most.Real Estate and construction, of which the tile industry is a stakeholder, is feeling the brunt of it as markets have started slowing down. CRISIL expects slowing construction activities to affect domestic demand since 80% of production is domestic, mainly new construction and a bit of replacement demand. Non-availability of labour on construction sites, too, will impact deliveries and timelines including that of tiles ceramic products. As both commercial and retail real estate projects are hit, this will impact not just sales but also financing and liquidity. According to Alok Agarwal, CMO, Orient Bell Limited, “No one could have foreseen the current scenario. We continue to monitor the situation real-time every day though we can feel the brunt of it in the COVID-affected districts where markets are locked down. We as manufacturers are affected, but since this scenario has a much bigger impact, it is essential that we treat this with caution & respect. Our prime concern right now is the safety of our employees & customers.” By Alok Agarwal, CMO, Orient Bell Limited
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