Future gloomy: Patel

Business

CITY Pharmacy Ltd managing director Mahesh Patel said the outlook for next year looks gloomy, unless there are major economic stimulus.
“Unfortunately, we will need to find ways to increase revenue in a declining economic market as costs are rising,” Patel said.
“A declining economic market means there is no new job creation, no new economic activity be it in agriculture, manufacturing or mining.
“This may also mean right-sizing our business in terms of structure and employees.”
Patel said the significant challenge for the year included exchange to foreign exchange, inconsistent electricity supply causing store disruptions and equipment damages and law and order problems causing business disruptions.
“There is no major investments for next year unless we have some certainty on the economy, but we are still investing in training our people and store upgrades which are essential,” he said.