Currency ban good for wholesale, retail biz in long run:Lux Inds

Kolkata-based hosiery maker Lux Industries reported a total income of 7 percent in the second quarter of this fiscal year. In conversation with CNBC-TV18, Udit Todi, Senior Vice President of Lux Industries, said the second quarter has been tremendous with the company achieving 45 percent growth in the bottomline. He said this has been mainly accrued by earnings before interest, taxes, depreciation and amortization (EBITDA) margin which has improved from 9 percent to 12 percent. He also said since the second half of the company is better than the first, he expects that when the company closes its sales this financial year, it should be a good year for the company.Government's decision to ban Rs 500 and Rs 1000 notes is affecting the business of many industries. Todi said in the long run the demonetisation scheme paints a rosy picture for the wholesale and retail business which is a cash oriented market.He added that demonetization should affect the luxury sector more. The basic and essentials industry should be less affected than the others.Watch video for more...