Much of the impact on mall revenue is because multiplexes, food courts, restaurants and gaming zones have not yet opened in many locations as per government orders
Airlines are unlikely to recoup this loss as growth is not expected to return to pre-pandemic levels of double-digit increase at least in the medium term, CRISIL Research said.
Suyash said the economy was anyways facing problems with slowing consumption, which had put a question mark on employment growth, adding that the pandemic will slow down recovery.
CRISIL, however, said that the marginal impact will be over and above the up to 2.50 percent decline in IT firms' profits because of the COVID-19 pandemic.
In this edition of Business Insight, find out what is driving demand in the domestic tractor segment despite a weak auto industry
In a stress case, where collections are nil and there is no moratorium on liabilities, the proportion of companies with low liquidity could go up to 25 percent, the rating agency.
The worst-hit by this economic contraction would be the micro-enterprises, which contribute 32 percent of the MSME debt
Cinema halls have been shut even before the country went under a lockdown in March to prevent the spread of the novel coronavirus infections.
The demand for steel in the first quarter of the fiscal is expected to fall by 60-65 percent as the extended lockdown to contain COVID-19 pandemic and the migration of labour have impacted construction and manufacturing sectors.
Since its launch in late March after India went into a lockdown, concerns about transparency have been expressed about the PM-CARES Fund and questions raised about the need for such a platform when mechanisms to render relief with people's help already exist and also meet transparency norms.
The scenario would worsen this fiscal because of weak demand for power, which comes on the back of an already low base of last fiscal, rising costs, and losses caused by the pandemic-led lockdown, it added.
The report by CRISIL Research however listed risks such as any likely impact of locust attacks and impact of lockdown on horticulture produce.
According to the rating agency, the economy, which has been facing external risks such as weak global demand, supply disruptions and global financial shocks, now faces factory shutdown, reduced discretionary spending and delayed capex cycle.
However, companies will adopt lower advertising spends and benefit from lower input prices, which will ensure that operating profit levels can be broadly maintained at up to 19 percent, it said.
For the full fiscal, sales of passenger vehicles (PVs) are expected to decline 24-26 percent as compared with a 21-23 percent contraction for two-wheelers, according to CRISIL Research.
Crisil said a return to the pre-pandemic growth rates is unlikely in the next three fiscals.
The move would help clear a chunk of discoms' obligations to generation companies (gencos), it said in a statement.
Finance Minister Nirmala Sitharaman on Sunday finished a series of announcements which detailed the stimulus package, but almost all the analysts doubted their efficacy from a growth driving perspective and said that the economy is bound to contract in FY21.
In FY20, the media and entertainment industry is expected to have a revenue of Rs 1.55 lakh crore with a CAGR growth of 9 percent, while in FY19, it had reported almost 10 percent growth to Rs 1.42 lakh crore.
In another attempt to sell loss-making Air India, the government, in January this year, sought Expression of Interest (EoI) and the deadline for submission of EoI has now been extended till June 30. Initially, the deadline was March 17 and was first extended till April 30.
"On its part, the roads and highways sector will see developers/ toll operators incurring toll revenue losses of Rs 3,450-3,700 crore during March-June, the estimate suggests. The National Highways Authority of India (NHAI) will lose Rs 2,100-2,200 crore in toll over this period," CRISIL Infrastructure Advisory said during a tele-conference on "Impact of the Pandemic on the Transport Sector and Mitigants thereof".
Airlines will be the worst-affected segment, contributing more than 70 percent to the losses (around Rs 17,000 crore), said Jagannarayan Padmanabhan, Director and Practice Leader, Transport and Logistics, CRISIL Infrastructure Advisory, during a webinar.
Loan servicing can become difficult as a result of the troubles, its research wing said, estimating banks' non-performing assets (NPAs) to rise by up to 2 percentage points to 11.5 percent, and credit growth to slow down to 2 percent.