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Sonalika announces financial support for its dealers, employees
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Last Updated: May 19, 2021, 07:51 PM IST
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Synopsis
The company will provide medical expense assistance of up to Rs 25,000 to cover the expenses incurred by dealership employees due to COVID-19 infection, in addition to other existing schemes to cover kids of dealers employees for medical assistance and education of up to Rs 50,000 annually, Sonalika said in a statement.
Agencies
The latest initiative is in addition to the ongoing, extensive dealer s employees COVID vaccination scheme
Tractor manufacturer Sonalika on Wednesday announced financial support for its dealers and their employees, including assistance of Rs 2 lakh in case of demise due to COVID-19, as part of the pandemic relief measures.
The board meeting is scheduled to be held on Tuesday, May 18, 2021 to consider and approve the audited financial results for the quarter and financial year ended March 31, 2021.
Covid second wave and subsequent lockdown impacts sales
Suppressed demand due to the Covid second wave and subsequent lockdown has pushed up the inventory levels of two-wheelers at dealerships across the country. Compared to an inventory of 15-20 days prior to the lockdown in the first quarter of 2020, the inventory has climbed up to 41-46 days at the end of the fourth quarter of 2021. This has put a majority of dealers in the two wheeler segment in the danger of defaulting on credit.
Vinkesh Gulati, President, FADA told BusinessLine “We already started the lockdown with a high inventory level of 40-plus days. After which, there have been no sales. A typical tranche cycle of a bank is 30-45 days, after which the dealers have to repay the loans. The dates for the repayment of loans are approaching. However, dealers are yet to sell off their inventory, so they don’t have the money to repay.”