Chennai:
Water treatment player VA Tech WABAG Ltd was expecting the current financial year to be more of a ‘consolidation period’ and there may be a marginal or slight growth in terms of revenues due to various reasons which include the impact of COVID-19 enforced lockdown, a top official said on Thursday. ”With a washout of two quarters…this year is more of a consolidation period for us. We may end this fiscal with a slight growth (in revenues),” company MD Rajiv Mittal said.
The city-based company would also increase the use of technology and artificial intelligence for water treatment, he told reporters. Mittal said the company was not expecting any big growth during the current financial year due to various reasons which include COVID-19 outbreak.
According to company Global Head-Business Development Rajneesh Chopra, VA Tech has been operating 24×7 during the COVID-19 enforced lockdown as it was under the ‘essentials category’ and going forward they would move more into ‘digital and automation’. ”We will move more into digital and automation and this will be the new vertical (for VA Tech Wabag)”, he added.
”During the COVID-19 enforced lockdown the number of tap connections increased…,” he said, adding the company has been progressively increasing the use of clean and green technologies by reducing pollution through deployment of design, operation and maintenance processes. Post COVID-19, water has become an extreme focus not only to India but across the world and heightened sense of hygiene due to the pandemic has resulted in an increase in water consumption, he said.
The focus on water crisis and conservation and the government spending through various schemes and policies to meet the ever growing demand for water presents a huge opportunity for VA Tech WABAG, he said.
