Rituraj Sinha, Group MD of security firm SIS has said that demand for essential services hasn't contracted despite the decline in GDP. In conversation with CNBC-TV18, he expects his company to report single digit growth this year.
"This year will underline the interesting correlation between demand for essential services and economic activity. What seems to happen is that when the economy is expanding, people are setting up new factories and offices and the government is spending in infrastructure, GDP grows at 5-7 percent, our sector grows at 15-20 percent year-on-year (YoY). That has been the trend for the last 5-10 years. But this year in FY21 when the GDP has contracted for the first time in decades, we can see clearly that the demand for essential services has not contracted," he told CNBC-TV18.
Speaking about revenues, he said, "Our March 2020 revenue -- the month that corona hit -- was Rs 747 crore. In September our revenue grew to Rs 770 crore. Revenue for the latest month was Rs 800 crore plus."To know more, watch the video.