Apparel retailers' FY21 revenue may fall 30% due to Covid-19: Crisil Report

Demand is expected to recover to pre-lockdown levels only during the October-December festive season, it added

Store closures, social distancing, and lack of demand due to the coronavirus pandemic may cause a 30 per cent dent to revenues of the Rs 1.7 trillion organised apparel retailers in the current financial year, a report said on Friday.

Bottomlines (profits) of such companies will also be impacted as the operating profitability is likely to go down by 2 per cent, the report by ratings agency Crisil said adding that companies will be forced to pile up debt as a result of this.

The country has been put under a lockdown since March 26 to arrest the Covid-19 infections'