Reddy, however, asserted they were not worried about the future as losing and winning elections were "inevitable" but it was important to think about methods to reorganise themselves.
According to him, the Left has lost ground in different states in recent years following the emergence of regional outfits and "neoliberal economic policies" which created a "different type of economic situation".
Before the advent of regional parties the Left was the main opposition in many states, including Punjab, the undivided Andhra Pradesh and Tamil Nadu, he said.
"So, it's a reality. It's not that we look at them (regional parties) as our enemies. These types of things do happen in Parliamentary democracy and casteist parties cost us in Uttar Pradesh and Bihar," he stated.
"We don't feel there is any need to change our basic ideas of fighting against capitalism, neoliberal policies and all that. On that there is no compromise.
"Setback in elections? Yes, we are ready to face it but about strategy and tactics and going nearer to people, mobilising larger sections...For that we need new ideas and strategy," he said.
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