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Impact of the COVID-19 on your industry and the hospitality industry

The pandemic has affected everyone and our industry too has been impacted severely. Even before the nationwide lockdown was imposed, the real estate sector and thus construction, was performing poorly and two months into it, the sector has come to a complete standstill. Today, as we know, the hospitality sector is one of the worst impacted and with non- functional hotels and restaurants as well as no new projects we too have become dormant in this vertical.

 

The pandemic has disrupted supply chain and since the sector works on ground, there is no other alternative but to wait it out. The major issue with dealing with the lockdown as a consequence of the pandemic is bearing the costs. The idling inventory, the shut down operations and plant, and the people who are dependent on wages for sustaining their livelihoods are the primary aspects that factor in. Our industry which is inclusive of the construction sector employs over 49 million people. CMC employs over 1000 people and while we have tried to accommodate as many in WFH, a majority of our employees do not have the option. Also there is another issue now with a quite a few of our labourers having gone back to their homes and so when we do resume operations, we will be faced with a shortage of manpower. This and capital are most probably going to be in short supply once the lockdown ends. We plan to resume operations in limited capacity and when the ball starts rolling, we will keep increasing the productivity.

 

We have begun the process of strengthening safety and practicing procedures to follow at the plant and in the office premise. During these months CMC conducted online meetings and webinars for instilling confidence in its people. We held strategic meetings across management and staff on vendor management and customers, we also continued with relationship building with our clients and worked on new designs that we could offer the market once we resume activities. We have charted a plan outlining guidelines for maintaining business continuity and operations. As mentioned earlier, we are making concerted efforts for becoming digitally proficient for working remotely which will help us in interacting with our stakeholders abroad as well as for integrating it in our daily work culture.

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