Company updateFinancial Express
Food inflation and ITC loss cripple catering industry
Negative-5
GreyOak summary
Rising input costs and the removal of input tax credit are squeezing margins in India's $16 billion contract catering industry. Rassense CEO Sanjay Kumar noted that high prices for dairy, oils, and lentils have forced the company to resign three large accounts due to negative margins. The firm plans to consolidate operations and reduce capital costs to become debt-free next year.
What it affects
- ITCNegative -5
ITC credit removed for food services.Rolling sentiment Negative -15
Source
Read the original at Financial ExpressMore ITC news
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