As far as I understand it, sobha’s clientele is not the kind which would lose jobs due to this slowdown. It affects the unorganized and contract and low level employees disproportionately more than the high ranking ones.
I would expect sales to go down as people practice social distancing and also look to leverage lower and lower due to lower risk appetites.
The high debt levels should hopefully not be a trouble given the RBI moratorium for 3 months. Don’t know what will happen though.