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India's GDP contraction to significantly hurt small businesses, says Crisil

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MUMBAI : The expected contraction in the Indian economy in FY21 due to the coronavirus outbreak, will significantly hurt micro, small and medium enterprises (MSMEs) across sectors, said a report by rating agency Crisil.The report said that India Inc is headed towards about a 15% decline in revenue and 25% fall in earnings before interest, taxes, depreciation and amortisation (Ebitda).

Meanwhile, for small businesses, the fall in revenue will be steeper at 17-21%, while Ebitda margin will shrink 200-300 basis points (bps) to 4-5% as weak demand gnaws away gains from lower commodity prices, said Crisil.“A sharp decline at the operating level will also impact creditworthiness, aggravating the liquidity stretch these units have been grappling.

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