The whole exercise is a recast of a company’s operations. It’s a two-way process. The company and the bank sit together with whatever advice the company has and recast the cash flow. The banks will have to be skillful enough to recast it in such a way that when payments happen – and RBI, I must compliment them, have given the banks enormous leeway. As long as the overall moratorium doesn’t exceed two years, you will have degrees of freedom on how to design the repayment schedule within that context.

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- KV Kamath, chairman, KV Kamath Committee

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The markets have moved slightly ahead of the fundamentals while we don’t see the recovery happening linearly. There could be some instances of issues around the spread of COVID. Overall, considering the fact that the fundamentals are yet to shape up much better, I would say the valuations have run ahead of it and there has to be some consolidation. There needs to be some healthy correction in the near-term but the longer-term picture still remains good to us.

- Vinit Sambre, head of equities, DSP Investment Managers

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One key positive that we see in this restructuring cycle is that RBI has been pretty proactive in ensuring that only those accounts which have been impacted by COVID are able to get the benefit of restructuring. In this cycle, except for certain specific sectors like real estate, on a broader sense the mid-corporate is a space where we could see slightly higher pain vis-à-vis the large corporates unlike in the previous cycle.

- Rohan Mandora of Equirus Securities

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The KV Kamath Committee recommendations of benchmarks and thresholds are fairly reasonable. I do not call them relaxed ratios but a reasonable room is available to cover as many as possible. All the ratios have to be achieved by March ’22 which would provide enough room for companies to recoup and perform. Therefore, I don’t think there would be much difference of opinions between the lenders and hopefully among the rating agencies.

- CS Setty, MD of State Bank of India

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The traffic on our site have seen a rebound and we hope that the monetisation will follow from there. So we are hoping for a better Q2 given where the traffic on our websites are. Particularly, we are surprised with the jump in traffic in real estate. Although in Q1, the traffic as well as billings were most impacted in real estate.

- Chintan Thakkar, CFO of Info Edge

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The demand is going to rise in API business as there is a quality and the affordability part which are aligned with it. The companies in India who are the API players surely are strengthening their base so that they become more interdependent and they are able to take the demand forward at whatever level it comes from. It is going to be a big, good future moving forward for API business in India.

- Sundeip Bhatia, business head India, Shilpa Medicare

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If we get both the applications we should be able to generate a revenue of Rs 8,000 crore through mobile manufacturing plus what we are doing at present, which is a quantum jump for a company like us. Next year is going to be a game-changer if this kind of momentum sustains. So, this year will be a small growth because of Q1 problems, but next year we are very positive.

- Atul Lall, MD, Dixon Technologies

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We expect Q2 to be much better compared to Q1 as well as hopefully on YoY basis. With people doing work from home and learn from home, the data demand in home broadband has significantly increased in the world. After the US has banned all the sale of chips to Chinese companies, globally we are seeing a surge in traction for operators to diversify their supply chain or suppliers from China to other countries. We are getting a significant benefit out of it. So, those two effects on a global basis is starting to play out starting from Q2.

- Sanjay Nayak, MD & CEO, Tejas Networks

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FY22 doesn’t look like a great year even from a growth perspective. The overall amount of restructuring which will happen under the COVID resolution framework may be much lower than what people anticipate. I do not expect too many to be restructured. Retail and SME are outside of this and they can see a lot more this time around than ever before.

- V Srinivasan, Former Deputy MD, Axis Bank

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I think the levels of stressed assets will be extremely high, much higher than what the RBI has projected in its Financial Stability Report. I think 18-20 percent of advances can go into the stressed category. Whether it is restructured or NPA or something else, I have no idea, that break up I don’t know.

- Ananth Narayan, Professor, SPJIMR

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Our collection efficiency increased to 82 percent in August from 76 percent in July and we expect it going upwards to 90 percent this month. Almost 15 percent of our clients are not able to pay still because they are under moratorium till August 31st and slowly that is also coming down.

- Udaya Kumar Hebbar, MD and CEO of CreditAccess Grameen