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82% of corporate India expects recovery by Jun 2021: PwC

Aug '20
Pic: Shutterstock
Pic: Shutterstock
Eighty two per cent of corporate India is expecting to get back to the pre-pandemic revenue run-rates by June 2021, according to a PwC India survey, which found 73 per cent of the 225 chief experience officer (CXO) respondents are expecting lower revenues in fiscal 2020-21. Only 15 per cent are expecting the decline extending to the next fiscal, said the survey report titled ‘Value Conservation to Value Recovery’.

Most respondents said that their priorities had evolved from mere survival initiatives like business continuity and employee well-being to initiatives meant for rebounding. These initiatives include getting demand back and optimising costs.

“Business leaders have adapted well to this unprecedented situation and are optimistic of recovery. We noticed a pragmatic progression in the steps taken by CXOs from ‘repair’ to ‘rethink’ to ‘reconfigure’ in future. In this tougher business environment, digital enablement has become key for remaining competitive and resilient,” said Sanjeev Krishan, partner and leader, deals, PwC India.

About 77 per cent of the respondent organisations said they would like to spur digital enablement.

While 45 per cent respondents are keen to consider acquisitions, 20 per cent are considering divesting non-core businesses. About 26 per cent respondents would be looking to raise funds.

According to the survey, sectors such as hospitality, retail, infrastructure, real estate, and media and entertainment have suffered a significant decline in revenue due to the novel coronavirus pandemic and the resultant lockdowns. The collapse in demand, disruption of supply chains and liquidity constraints were seen as the key reasons for the decline.

The findings suggest that sectors such as information technology, healthcare, pharmaceuticals, telecom, utilities and consumer essentials remained resilient because of ‘crisis management’ and ‘agility to adapt to the changing market’.

The respondents were a mix of CXOs and senior management from various industries in India. The online survey was conducted between June 17 and July 10.

Fibre2Fashion News Desk (DS)

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August 2020

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