Will recover to pre-Covid levels only in FY22, says Somany Group

While for SHIL, 98 per cent of business comes directly from consumers, for HSIL, 30 per cent of the business is dependent on large institutional buyers like builders, hospitals, hotels, among others

With the Covid-19 pandemic continuing to spread in India, Kolkata-based Somany Group is expecting full recovery in business to pre-Covid levels — but not before the next financial year. The group is banking on the momentum, so far, witnessed in the non-metro markets.

According to Sandip Somany, director at the group’s holding entity Somany Impresa, after the stringent nationwide lockdowns that crippled businesses, continuing localised lockdowns are now the biggest barrier in the road to recovery. Moreover, a faltering hotel industry and uncertainty in the overall job market have further impacted businesses.

The green shoots, however, are found in the