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We will discontinue imports from China September onwards, says TTK Prestige’s TT Jagannathan

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TTK Prestige’s TT Jagannathan also said that the company will discontinue all imports from China September onwards.

Consumer durables and home appliances sectors have reported encouraging numbers in July and the outlook for August looks better with India already into Unlock 3.0. CNBC-TV18 discussed the situation and demand outlook with two major companies from the sector – TTK Prestige and Bajaj Electricals – to gauge the trends.
Speaking on demand, TTK Prestige’s TT Jagannathan said, “July 2020 was better than June 2020. Compared to last July, we grew. August so far is looking good,” said Jagannathan.
And it’s not just pent-up demand after the lockdown was lifted in mid-May, he said.
“We are three months post starting of lift of lockdown since May 17. I think there is far more than enough of pent-up demand to have been fully met. So I think this is a genuine demand.”
The chairman of TTK Prestige also said that the company will discontinue all imports from China September onwards.
“By September 30th, no more Chinese goods will be imported.”
Speaking about pent-up demand, Bajaj Electricals’ executive director Anuj Poddar said, “In terms of growth etc, it is a supply that will decide that. We are not a very CAPEX heavy or manufacturing heavy industry. We have many third-party suppliers. I don’t see the need for too much of CAPEX,” Poddar further mentioned.
On facing supply-related problems ahead of the festive season, Poddar said, “One more issue I want to flag-off in the supply that is constraining us is we have a lot more regulations from the government and I think in general those regulations are welcome by us as organised industry but I think the government machinery is just not geared up to certify, labs are not in place, so they are not able to roll that out. I think we have genuine problems there going into the festive quarter where the industry will not be ready simply because it will not be certified, simply because the mechanism is not in place.”
Watch the video for the full report