Home > Lockdown Impact > Day 5 | With the first quarter washout, revenue budgets will shrink, hotels would spend less capital on renovation: Salil Fadnis
Lockdown Impact

Day 5 | With the first quarter washout, revenue budgets will shrink, hotels would spend less capital on renovation: Salil Fadnis

Read Article

Voicing about the Indian hospitality industry’s response to the coronavirus outbreak, Salil Fadnis, Hotel Manager, Hotel Sahara Star & VP, WICA, said, “Hospitality, being the most disciplined sector is complying with the government’s directive to the fullest. The industry started feeling the impact of coronavirus even before the lockdown was officially announced. Domestic as well as International conferences were cancelled as early as in the month of February itself. We are staring at a washout of the first quarter of 20-21. The FY is reduced to just nine months now, demand in the second quarter will try to pull up but will remain sluggish. Most of the hotels have taken necessary precautions and have educated their employees on preventive methods and to avoid creating health havoc. The employment process across establishments has come to a standstill, there is no new hiring but the heartening fact is that so far we haven’t heard of layoffs. Hospitality is the business of the people, by the people so if the business has to bounce back, we will need feet on the ground. We may not be hiring as of now, but the industry will need a huge number of employees in the coming times.”

Further expressing about, how India Inc will fare following the flattening of the curve of the coronavirus’ impact on the global economy, Fadnis informed, “With the first quarter washout, revenue budgets will shrink, hotels would spend less capital on renovation, welfare expenses may see a dip. Non-essential spends will be completely cut down and hotels will be on a saving mode. The industry has been through similar shock after 9/11 when people stopped travelling but by November 2001, things were back on track and I hope we have a similar recovery soon.”

Share

Related posts

Day 19 | Industry experts believe the worst of the outbreak is behind us as new cases are slowing down: Preety Arora

EF&H Staff-Mumbai

Day 7 | Not just the food industry but businesses across industries will be facing a turmoil situation: Chef Ajay Chopra

EF&H Staff-Mumbai

Day 6 | HPMF offers members with courses about dos & don’ts to tackle impact of Covid-19 on supply chain: Dr Nitin Nagrale

EF&H Staff-Mumbai

Leave a Comment

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Webinar on the Post Covid-19 Classroom and Career Path
Register Now!
close-image