{"id":2009,"date":"2022-10-26T09:00:00","date_gmt":"2022-10-26T03:30:00","guid":{"rendered":"https:\/\/codomotive.in\/projects\/wordpress\/eastindiaretail\/?p=2009"},"modified":"2023-06-19T17:53:11","modified_gmt":"2023-06-19T12:23:11","slug":"from-loss-to-profit-and-how","status":"publish","type":"post","link":"https:\/\/eastindiaretail.com\/?p=2009","title":{"rendered":"From loss to profit and how!"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"2009\" class=\"elementor elementor-2009\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3fab408 elementor-section-content-top elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3fab408\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-80206ee\" data-id=\"80206ee\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-95d7c45 elementor-widget elementor-widget-text-editor\" data-id=\"95d7c45\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.7.4 - 31-08-2022 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#818a91;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#818a91;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p><!-- wp:paragraph --><\/p>\n<p>Loss-making almost since inception, Manjusha, the commercial platform of the West Bengal Handicrafts Development Corporation Ltd, turned profitable in its 39th year thanks to Amit Datta, an intrepid IAS officer.\u00a0\u00a0He shares the journey from loss to profit with\u00a0#EastIndiaRetail.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4063e8a elementor-widget elementor-widget-text-editor\" data-id=\"4063e8a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>By<strong> Staff Reporter\u00a0|<\/strong> October 26, 2022 | 0900 hours<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ede308f elementor-widget elementor-widget-elementskit-social-share\" data-id=\"ede308f\" data-element_type=\"widget\" data-widget_type=\"elementskit-social-share.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<div class=\"ekit-wid-con\" >\t\t<ul class=\"ekit_socialshare\">\n                            <li class=\"elementor-repeater-item-4d9bb64\" data-social=\"facebook\">\n                    <a class=\"facebook\">\n                        \n                        <i aria-hidden=\"true\" class=\"icon icon-facebook\"><\/i>                        \n                                                                                            <\/a>\n                <\/li>\n                                            <li class=\"elementor-repeater-item-d08377a\" data-social=\"linkedin\">\n                    <a class=\"linkedin\">\n                        \n                        <i aria-hidden=\"true\" class=\"icon icon-linkedin\"><\/i>                        \n                                                                                            <\/a>\n                <\/li>\n                                    <\/ul>\n        <\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9bc5434 elementor-widget elementor-widget-image\" data-id=\"9bc5434\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.7.4 - 31-08-2022 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t\t\t<img width=\"1024\" height=\"768\" src=\"https:\/\/eastindiaretail.com\/wp-content\/uploads\/2022\/10\/manjusha.jpg\" class=\"attachment-large size-large\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/eastindiaretail.com\/wp-content\/uploads\/2022\/10\/manjusha.jpg 1024w, https:\/\/eastindiaretail.com\/wp-content\/uploads\/2022\/10\/manjusha-300x225.jpg 300w, https:\/\/eastindiaretail.com\/wp-content\/uploads\/2022\/10\/manjusha-768x576.jpg 768w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-02aa477 elementor-widget elementor-widget-text-editor\" data-id=\"02aa477\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><!-- wp:paragraph --><\/p>\n<p>The year was 2015. The mandate given then was to either close down Manjusha or \u201csurvive on your own\u201d. Cut to the 2020-21 fiscal. Amit Datta, the managing director at Manjusha under\u00a0<strong>West Bengal Handicrafts Development Corporation Limited<\/strong>\u00a0&amp; Joint Secretary (Exports)\u00a0has not only turned around the state government\u2019s loss-making enterprise but also made it profitable with revenues of \u20b9164 crore.\u00a0<br \/>\u00a0<br \/>He recounts:\u00a0Manjusha was founded in 1976 and &#8220;I was given charge of it in 2015. Since 1976 every year there was operational loss and that loss had accumulated to \u20b926crore when I joined office. I had been given two mandates \u2014 either close it or survive on your own, and that too in the government sector.\u00a0<br \/>The first thing I found in the office was a PWC report of 2009 that suggested that this organisation should be closed down. All the assets should be liquidated to clear off the dues and the staff should be given the golden handshake.\u00a0 In spite of it all, in the year 2014-15 our turnover was near \u20b918crore, but accumulated loss was \u20b926crore. In the same organisation in the 2020-21 fiscal, the turnover rose from \u20b918crore to \u20b9164crore.<br \/>After setting off all the previous losses we could earn \u20b910.56crore profit in 2020-21. It was the highest profit earning year after clearing all the previous losses and after taxes. We paid around \u20b96crore as income tax.&#8221;<br \/><br \/>A multipronged strategy helped to effect this turnaround. &#8220;We worked with the same people of the same institution. We did not hire any management professional, no CA. Manjusha had limited interfaces. We elaborated our markets. We widened the power in marketing areas. There were stores, but the stores were also in a shabby condition. The people were government employees, reluctant to sell, reluctant to show. When you go to a shop and ask to show the material, in return the employees ask in which budget or range the buyers want to see. The buyers won\u2019t go to such a shop next time. We took up that problem. We standardised our showrooms. In 2016-17 we made investments of around \u20b92crore and converted the look and feel of our showrooms in a way that no government showroom is.&#8221;<\/p>\n<p><!-- \/wp:paragraph --><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-29691a6 elementor-widget elementor-widget-elementskit-social-share\" data-id=\"29691a6\" data-element_type=\"widget\" data-widget_type=\"elementskit-social-share.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<div class=\"ekit-wid-con\" >\t\t<ul class=\"ekit_socialshare\">\n                            <li class=\"elementor-repeater-item-4d9bb64\" data-social=\"facebook\">\n                    <a class=\"facebook\">\n                        \n                        <i aria-hidden=\"true\" class=\"icon icon-facebook\"><\/i>                        \n                                                                                            <\/a>\n                <\/li>\n                                            <li class=\"elementor-repeater-item-d08377a\" data-social=\"linkedin\">\n                    <a class=\"linkedin\">\n                        \n                        <i aria-hidden=\"true\" class=\"icon icon-linkedin\"><\/i>                        \n                                                                                            <\/a>\n                <\/li>\n                                    <\/ul>\n        <\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-da6394e\" data-id=\"da6394e\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3e49089 elementor-widget elementor-widget-heading\" data-id=\"3e49089\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.7.4 - 31-08-2022 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h3 class=\"elementor-heading-title elementor-size-default\">Trending<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f057742 premium-blog-align-left elementor-widget elementor-widget-premium-addon-blog\" data-id=\"f057742\" data-element_type=\"widget\" data-settings=\"{&quot;premium_blog_columns_number&quot;:&quot;100%&quot;,&quot;premium_blog_grid&quot;:&quot;yes&quot;,&quot;premium_blog_layout&quot;:&quot;even&quot;,&quot;premium_blog_columns_number_tablet&quot;:&quot;50%&quot;,&quot;premium_blog_columns_number_mobile&quot;:&quot;100%&quot;}\" data-widget_type=\"premium-addon-blog.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\r\n\t\t\t\t<div class=\"premium-blog-wrap  premium-blog-even\" data-page=\"2009\">\r\n\t\t\t\t\t<div class=\"premium-blog-post-outer-container\" data-total=\"3\">\r\n\t\t\t<div class=\"premium-blog-post-container premium-blog-skin-side\">\r\n\t\t\t\t\t\t\t\t\t<div class=\"premium-blog-thumb-effect-wrapper\">\r\n\t\t\t\t\t\t<div class=\"premium-blog-thumbnail-container premium-blog-zoomin-effect\">\r\n\t\t\t\t\t\t\t<img width=\"150\" height=\"150\" src=\"https:\/\/eastindiaretail.com\/wp-content\/uploads\/2024\/04\/GIFTING-150x150.jpeg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" loading=\"lazy\" \/>\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"premium-blog-thumbnail-overlay\">\r\n\t\t\t\t\t\t\t\t<a class=\"elementor-icon\" href=\"https:\/\/eastindiaretail.com\/?p=6483\" target=\"_self\"><\/a>\r\n\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"premium-blog-content-wrapper \">\r\n\r\n\t\t\t\t\t<div class=\"premium-blog-inner-container\">\r\n\r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<h2 class=\"premium-blog-entry-title\">\r\n\t\t\t<a href=\"https:\/\/eastindiaretail.com\/?p=6483\" target=\"_self\">\r\n\t\t\t\tThe Art of Gifting: Unveiling the Booming Industry in India\t\t\t<\/a>\r\n\t\t<\/h2>\r\n\t\t\t\t<div class=\"premium-blog-entry-meta\">\r\n\t\t\t\r\n\t\t\t\t\t\t\t<span class=\"premium-blog-meta-separator\">\u2022<\/span>\r\n\t\t\t\t<div class=\"premium-blog-post-time premium-blog-meta-data\">\r\n\t\t\t\t\t<i class=\"fa fa-clock-o\"><\/i>\r\n\t\t\t\t\t<span>April 28, 2024<\/span>\r\n\t\t\t\t<\/div>\r\n\t\t\t\r\n\t\t\t\r\n\t\t\t\t\t<\/div>\r\n\t\t\r\n\t\t\t\t\t<\/div>\r\n\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t<\/div>\r\n\t\t\t<\/div>\r\n\t\t<\/div>\r\n\r\n\t\t\t\t<div class=\"premium-blog-post-outer-container\" data-total=\"3\">\r\n\t\t\t<div class=\"premium-blog-post-container premium-blog-skin-side\">\r\n\t\t\t\t\t\t\t\t\t<div class=\"premium-blog-thumb-effect-wrapper\">\r\n\t\t\t\t\t\t<div class=\"premium-blog-thumbnail-container premium-blog-zoomin-effect\">\r\n\t\t\t\t\t\t\t<img width=\"150\" height=\"150\" src=\"https:\/\/eastindiaretail.com\/wp-content\/uploads\/2024\/04\/AI-150x150.jpeg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" loading=\"lazy\" \/>\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"premium-blog-thumbnail-overlay\">\r\n\t\t\t\t\t\t\t\t<a class=\"elementor-icon\" href=\"https:\/\/eastindiaretail.com\/?p=6469\" target=\"_self\"><\/a>\r\n\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"premium-blog-content-wrapper \">\r\n\r\n\t\t\t\t\t<div class=\"premium-blog-inner-container\">\r\n\r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<h2 class=\"premium-blog-entry-title\">\r\n\t\t\t<a href=\"https:\/\/eastindiaretail.com\/?p=6469\" target=\"_self\">\r\n\t\t\t\tHow artificial intelligence will change retail\t\t\t<\/a>\r\n\t\t<\/h2>\r\n\t\t\t\t<div class=\"premium-blog-entry-meta\">\r\n\t\t\t\r\n\t\t\t\t\t\t\t<span class=\"premium-blog-meta-separator\">\u2022<\/span>\r\n\t\t\t\t<div class=\"premium-blog-post-time premium-blog-meta-data\">\r\n\t\t\t\t\t<i class=\"fa fa-clock-o\"><\/i>\r\n\t\t\t\t\t<span>April 28, 2024<\/span>\r\n\t\t\t\t<\/div>\r\n\t\t\t\r\n\t\t\t\r\n\t\t\t\t\t<\/div>\r\n\t\t\r\n\t\t\t\t\t<\/div>\r\n\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t<\/div>\r\n\t\t\t<\/div>\r\n\t\t<\/div>\r\n\r\n\t\t\t\t<div class=\"premium-blog-post-outer-container\" data-total=\"3\">\r\n\t\t\t<div class=\"premium-blog-post-container premium-blog-skin-side\">\r\n\t\t\t\t\t\t\t\t\t<div class=\"premium-blog-thumb-effect-wrapper\">\r\n\t\t\t\t\t\t<div class=\"premium-blog-thumbnail-container premium-blog-zoomin-effect\">\r\n\t\t\t\t\t\t\t<img width=\"150\" height=\"150\" src=\"https:\/\/eastindiaretail.com\/wp-content\/uploads\/2024\/04\/Great-Indian-festival-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" loading=\"lazy\" \/>\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"premium-blog-thumbnail-overlay\">\r\n\t\t\t\t\t\t\t\t<a class=\"elementor-icon\" href=\"https:\/\/eastindiaretail.com\/?p=6461\" target=\"_self\"><\/a>\r\n\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"premium-blog-content-wrapper \">\r\n\r\n\t\t\t\t\t<div class=\"premium-blog-inner-container\">\r\n\r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<h2 class=\"premium-blog-entry-title\">\r\n\t\t\t<a href=\"https:\/\/eastindiaretail.com\/?p=6461\" target=\"_self\">\r\n\t\t\t\tAmazon&#8217;s Great Indian Festival 2023 saw a record number of new shoppers\t\t\t<\/a>\r\n\t\t<\/h2>\r\n\t\t\t\t<div class=\"premium-blog-entry-meta\">\r\n\t\t\t\r\n\t\t\t\t\t\t\t<span class=\"premium-blog-meta-separator\">\u2022<\/span>\r\n\t\t\t\t<div class=\"premium-blog-post-time premium-blog-meta-data\">\r\n\t\t\t\t\t<i class=\"fa fa-clock-o\"><\/i>\r\n\t\t\t\t\t<span>April 28, 2024<\/span>\r\n\t\t\t\t<\/div>\r\n\t\t\t\r\n\t\t\t\r\n\t\t\t\t\t<\/div>\r\n\t\t\r\n\t\t\t\t\t<\/div>\r\n\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t<\/div>\r\n\t\t\t<\/div>\r\n\t\t<\/div>\r\n\r\n\t\t\t\t<\/div>\r\n\r\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Loss-making almost since inception, Manjusha, the commercial platform of the West Bengal Handicrafts Development Corporation Ltd, turned profitable in its 39th year thanks to Amit Datta, an intrepid IAS officer.\u00a0\u00a0He shares the journey from loss to profit with\u00a0#EastIndiaRetail. By Staff Reporter\u00a0| October 26, 2022 | 0900 hours The year was 2015. The mandate given then &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/eastindiaretail.com\/?p=6461\"> <span class=\"screen-reader-text\">Amazon&#8217;s Great Indian Festival 2023 saw a record number of new shoppers<\/span> Read More &raquo;<\/a><\/p>\n","protected":false},"author":1,"featured_media":2010,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-global-header-display":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"disabled","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":""},"categories":[294,248,4],"tags":[],"_links":{"self":[{"href":"https:\/\/eastindiaretail.com\/index.php?rest_route=\/wp\/v2\/posts\/2009"}],"collection":[{"href":"https:\/\/eastindiaretail.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/eastindiaretail.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/eastindiaretail.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/eastindiaretail.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2009"}],"version-history":[{"count":17,"href":"https:\/\/eastindiaretail.com\/index.php?rest_route=\/wp\/v2\/posts\/2009\/revisions"}],"predecessor-version":[{"id":3929,"href":"https:\/\/eastindiaretail.com\/index.php?rest_route=\/wp\/v2\/posts\/2009\/revisions\/3929"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/eastindiaretail.com\/index.php?rest_route=\/wp\/v2\/media\/2010"}],"wp:attachment":[{"href":"https:\/\/eastindiaretail.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2009"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/eastindiaretail.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2009"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/eastindiaretail.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2009"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}