Bajaj Auto said the demonetisation move had an "adverse

impact on the industry and on the performance of the company".

Its Managing Director Rajiv Bajaj, last week, became one of the most vocal industrialists to criticise the move by saying the idea of demonetisation was itself "wrong" and it is incorrect to blame only the execution side of it.

"If the solution or the idea is right, it will go like a hot knife through butter...if the idea is not working, for example demonetisation, don't blame execution. I think your idea itself is wrong," he said.

The two-wheeler sales are yet to recover from the impact of demonetisation and industry data releases over the last two months have been showing a slump. The industry is looking forward to better sales on hopes of good monsoon and an acceleration in rural growth.

ITC Ltd also said that its results were impacted by lower consumer offtake and reduction trade pipelines in the wake of cash crunch during the quarter.

"The operating environment was extremely challenging during the quarter. FMCG sales were adversely impacted... in the immediate aftermath of the government's decision to withdraw specified high denomination currency notes.

"While the impact was felt across all operating segments, sales of biscuits, snacks, noodles, personal care products and branded apparel was impacted the most in the initial phase," it said.

HUL said the market growth was severely impacted during the quarter due to demonetisation, while input costs also continued to remain inflated. The company saw its sales volumes decline, though net profit was higher due to one-time gains. It expects the recovery to be gradual going ahead.

Microfinance giant Ujjivan Financial said its collections took a hit post the note-ban, even as it found the customers to have "every intention to repay".

In a conference call, Ujjivan officials told analysts it was "a period of high stress both for our customers and for us and we have to go through this with patience and we feel wherever people have become impatient, there are reports in areas where some of the MFIs got impatient and become aggressive".

"The customers have reacted very aggressively because there is already a lot of frustration which has been built up. So, it is a question of patience and how do you handle this cold situation with great care because the customers are definitely willing to repay, but they need some time to repay the loans," its MD&CEO Samit Ghosh had said.

Dabur India said note ban led to "severe liquidity crunch, impacting FMCG in third quarter", while the growth for personal care items like shampoo, hair oil and toothpaste decelerated in December to almost half of November levels.

Some banks also reported that their business was impacted and credit growth was muted as the focus was mainly on dealing with the demonetisation move and the subsequent remonetisation process, which also led to increased costs.

Coffee Day Enterprises, which runs popular Cafe Coffee Day stores, said it saw some impact on its cafe sales for two weeks after the announcement but sales recovered subsequently.

Burnpur Cement saw its account with the lenders becoming "irregular due to non-payment of scheduled payment on account of cash flow mismatch as a result of demonetisation and depressed market".

A number of other companies from various sectors, including Godrej Consumer, Jyoti Labs, Adlabs Entertainment, Talwalkars, Bharat Financial Inclusion, India Cements, Magma Fincorp, Crompton Greaves, Deepak Nitrite, Gujarat NRE Coke, DFM Foods and Sutlej Textiles also reported adverse impact of the demonetisation move, at least for a short period.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)