Arvind Brands CFO Kannan today said he believes it would take a ouple of quarters before the industry could realise economic normalcy, which has been affected by the government's demonetisation move. "I would not like to comment on 50-day deadline given by Prime Minister, but I do believe it will be a couple of quarters before we could realise economic normalcy," he told reporters at Competition of Indian Industries (CII) CFO Summit here.
However, TTK Prestige Limited CFO K Shankaran said the company is expecting mormalcy from February or March onwards. "Between November and December put together, we are plus in terms of growth and we are expecting normalcy from February or March onwards," he said.
Asked about the extent of negative impact, Shankaran said "As far as our industry is concerned our tickets size is not big."
He said there was an impact on November sales and demonetisation was shock for everybody.However, the sentiments have improved with people buying products from counters since December, he added.
Replying to a query, Kannan said immediately after demonetisation announcement, the company had a negative impact for a week in terms of footfalls and sales, which dipped, but in the past few weeks, it has seen a good momentum in sales.
Asked about the size of negative impact, Kannan said, "I don't have exact numbers, but it has had significant impact - people talk about more than 25 to 30 per cent impact immediately after the announcement."
"The good part is - we always had 50 per cent cashless transaction even before demonetisation move.Due to demonetisation, more and more people are using wallets and making online purchases, and we expect a good momentum towards cashless transaction, in future," he said.
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