Page 2 - Textile Market

Falling demand, strong price competition pushing textile market into crisis

Many believe that two major reasons for erosion of India's global competitiveness are the 11 per cent import duty levied on cotton and high volatility in cotton prices during the last two years

India can emerge as key player in global technical textiles market: Goyal

According to Goyal, to meet the growing internal and global demand for sustainable and circular products, India is also bracing itself

Softening cotton prices turning tides in favor of textile players: Analysts

Increased capacity utilisation, softening cotton prices set to help sector: Analysts

Textile minister discusses unutilised production capacity in man-made fibre

Union minister Piyush Goyal on Tuesday discussed high levels of unutilised production capacities of man-made fibre due to imports with stakeholders at a meeting here. Holding the first meeting, the newly constituted Textile Advisory Group for Manmade Fibre (MMF) at Vanijya Bhavan, the minister said the government will expedite enforcement of all the Quality Control Order (QCO) on the MMF products. "Goyal suggested that different segments of the value chain need to be supportive to each other's requirements and challenges for the holistic growth of the sector," an official statement said. The textiles ministry stated that high levels of unutilised production capacities of man-made fibre due to import was discussed, adding that stakeholders suggested various possible solutions to strengthen and revamp the MMF value chain. The matters of import surge of cheap imports of PTA and MEG into India was also discussed. Goyal said the government will expedite enforcement of all the Quality ..

Textiles major Welspun India Q3 net profit declines 66.55% to Rs 43.83 cr

Home textiles major Welspun India on Monday reported a 66.55 per cent decline in consolidated net profit at Rs 43.83 crore in the third quarter ended December 2022, impacted by lower sales. The company had posted a consolidated net profit of Rs 131.06 crore in the same quarter last fiscal, Welspun India said in a regulatory filing. Consolidated total income during the quarter under review stood at Rs 1,904.05 crore as against Rs 2,437.92 crore in the year-ago period, it added. "The global environment remained challenging during Q3 FY23 due to inflation and slowdown across our key markets," Welspun Group Chairman B K Goenka said. Despite the challenges, he said, "Our domestic consumer business continued to consolidate its leadership position with 'Welspun' brand footprint at over 10,600 outlets and clocking its highest ever quarterly revenues during the quarter, growing in excess of 39 per cent YoY." During the quarter, the home textiles segment clocked a revenue of Rs 1,757.50 cro

Textile maker Arvind Ltd profit declines 11.62% to Rs 87 cr in Oct-Dec

Textile manufacturer Arvind Ltd on Wednesday reported an 11.62 per cent decline in consolidated net profit from continuing operations to Rs 87 crore in the third quarter ended December 31, 2022. The company had posted a consolidated net profit from continuing operations of Rs 98.44 crore in the same period last fiscal, Arvind Ltd said in a regulatory filing. Revenue from operations during the quarter under review were at Rs 1,979.79 crore as against Rs 2,270.07 crore in the year-ago period, it added. Total expenses were lower at Rs 1,899.7 crore as compared to Rs 2,134.54 crore in the same period last fiscal, the company said. In July 2022, Arvind Ltd said the parent company sold its 100 per cent stake of wholly owned subsidiary, Arvind Internet Ltd to Bigfoot Retail Solutions Pvt Ltd for a consideration of Rs 159 crore and accordingly, the group has considered its wholly owned subsidiary Arvind Internet Ltd as discontinued operations. Overall textile revenues were lower as volume

Welspun India expects revenue to cross over 60% to Rs 15,000 crore in FY26

Home textiles major Welspun India expects revenue to cross the Rs 15,000 crore-mark by FY26, growing around 60 per cent in the next three years, according to a regulatory filing. The firm, which also operates in segments such as flooring solutions, advanced textiles, retail, hospitality, and wellness is looking at "multiple drivers for growth" in the domestic market besides strengthening the export market. In an investor presentation, Welspun India said it is poised to grow at "3X of the market growth rate" in the domestic textile market. Overall, Welspun India said, "FY26 expected to be upwards of Rs 15,000 crore at a CAGR (Compound Annual Growth Rate) of 24 per cent (over FY23 expected)." Export is expected to play a key role in the company meeting its targets. Welspun India, which is a prominent player in terry towels and sheets, said though the Indian cotton prices remained considerably out-priced against competing global peers for a large part of FY22, from October onwards it

Single-window exports clearance system roll-out likely next year, in phases

First phase is expected early next fiscal year; CBIC in talks with six major concerned regulatory agencies with the vast majority of export matters

House panels recommends rationalising GST on inputs of man-made textiles

The problem of inverted duty structure arises when the finished product is at a lower tax bracket compared to the input raw materials

Tiruppur exporters brace for slowdown, see demand dipping by 40%

Tiruppur contributed around 54.2 per cent of the country's textile exports last fiscal

'Adverse global conditions present a challenge for textile demand'

Cotton Council International executives say zero tariff regime should continue as it is beneficial to mills

Surat's textile hub consolidated as small players failed to survive GST

This ground report from the diamond city captures the travails of small-scale units

Govt wants to create 75 Tiruppurs across the country: Piyush Goyal

Second edition of PLI scheme for textiles on the cards, with focus on apparels

TN spinning mill workers in distress amid strikes due to cotton price hike

The power looms and spinning mills are on indefinite strike due to the rising cotton prices even after waiving of import duty for cotton by 11 per cent

Govt okays 61 firms for textiles PLI scheme, aims Rs 19,077 cr investment

Seven foreign companies have committed total investment of Rs 3,559 crore for the plan

Govt approves 61 proposals of over Rs 19k cr under PLI scheme for textiles

Textile Secretary U P Singh said that a total of 67 proposals were received under the PLI scheme for the textiles sector

Raymond appoints Sunil Kataria as CEO of Lifestyle Business

Leading textile and apparels firm Raymond on Wednesday said it has appointed Sunil Kataria as the CEO of its lifestyle business. The Mumbai-based company said it has strengthened its leadership team by on-boarding the seasoned professional reckoned for leading large-scale business transformations and creating strong consumer brands in India and Southeast Asia. In his new role, Kataria will be responsible for steering the next phase of growth by driving the digital agenda and strengthening the brand's presence in domestic and international markets. "At Raymond, we believe in having industry's finest talent that resonates with our vision to create a future ready organisation. During the last few years, we have been making stronger strides and creating brands and retail experiences for our loyal and new-age consumers," Raymond Chairman & Managing Director Gautam Hari Singhania said in a regulatory filing. The Lifestyle Business is the flagship vertical of Raymond Group which ...

'India's textiles exports can touch $100 bn from current $40 bn in 5 years'

Textiles Secretary Upendra Prasad Singh said the country's apparel industry must focus on vertical integration to increase its scale and size to benefit from the production-linked incentive scheme

Textile manufacturers in Tamil Nadu plan hunger strike on Jan 21

M K Stalin urged the Centre to avert a crisis gripping the powerlooms, apparel and home textile units in Tamil Nadu owing to the 11 per cent import duty on cotton

Several textile cos' stocks rallied in past 1 yr on GST hike deferment, PLI

The shares of Bhilwara Spinners, Nitin Spinners and Nahar Spinning Mills companies rose 252%, 316%, 711%, respectively, over the past one-year period