Canbank Factors expects to be on target for turnover and profits this fiscal year despite the slowdown. The projected turnover of Rs 1,100 crore of turnover would be met this fiscal year, said Mr B. Sukumaran, Managing Director.
Attributing the performance to the company's portfolio management, Mr Sukumaran said that under an inventory discounting product started this year, inventories backed by letters of credit were being factored at competitive rates.
Although Canbank Factors had been aggressive in marketing its services to desirable clients, "we have been very cautious in adding new clients and have even dropped several this year," Mr Sukumaran said.
The company shed 25 clients during the year, mostly in the engineering, auto components and paper industries. "We have added some pharma, cement and telecom companies to our clients' list as they have been doing well this fiscal year."
