04 August 2022, Mumbai:

The Uttar Pradesh government plans to introduce a new textile policy to boost investment and increase employment generation capacity in the state.

The state has initiated the process of acquiring land for the establishment of Mega Integrated Textile and Apparel Park in Harodi under the PM Mitra Scheme of the Union Textiles Ministry.

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The government also plans to set up an apparel park in Noida with an investment of Rs 3,000 crore. Land for developing the park has been arranged.

The apparel park will house about 115 export-oriented textile units with an investment of Rs 3,000 crore, which is likely to provide employment to about two lakh persons.

The policy says that this region is full of skilled weavers but the irony is that because of Banarasi silk saris, the focus is only on Varanasi thus pushing the weavers of other regions into an unorganized sector.

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21 June 2022, Mumbai:

Currently facing insolvency proceedings with the National Law Appellate Tribunal, Bombay Rayon Fashions has received temporary relief with the Tribunal staying the formation of the Committee of Creditors.

The textiles business will still face the continued Corporate Insolvency Resolution Process. The resolution professional for the case will have to monitor the business as a concern under the Insolvency and Bankruptcy Code.

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The NCLAT had previously appointed AAA Insolvency Professionals’ Santanu T Ray as Resolution Professional for Bombay Rayon Fashions’ insolvency case. A member of Bombay Rayon Fashions’ suspended board, PrashantAgrawal, appealed against this ruling at the appellate tribunal.

Bombay Rayon Fashions faced NCLAT proceedings when one of its operational creditors filed a petition against the business for allegedly failing to properly repay debts.

The recent hearing on June 15 saw the NCLAT division bench of Justice M Venugopal and KanthiNarahariadjourn the case until July 7.

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10 May 2022, Mumbai:

Siyaram Silk Mills’ net profit for Q4FY’22 rose 42 percent to Rs 82 crore as against Rs 58 crore net profit reported by the company in the year-ago period.

Its revenue during the quarter grew 22 percent to Rs 640 crore, as against Rs 523 crore it reported in the corresponding period of the previous fiscal year.

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Siyaram Silk Mills’ total income during the financial year 2021-22 increased to Rs 1,939 crore, while its net profit was Rs 216 crore.

The company launched several new innovative products during the financial year.

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These included a range of bamboo fabrics to expand its presence in the market.

Having a strong presence in the suiting and shirting market in India, Siyaram's also manufactures and distributes the Italian fashion brand, Cadini, in the Indian market.

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CREDITS: As per a Fashion Network report.

03 August 2022, Mumbai:

The consolidated net profit of leading textile manufacturer Arvind increased to Rs 101.62 crore during the first quarter that ended on June 30, 2022.

The company had posted a net loss of Rs 11.42 crore during the April-June quarter of the previous fiscal.

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Revenue from operations increased 63.93 percent to Rs 2,352.12 crore compared to Rs 1,434.79 crore in the corresponding period of the previous fiscal. Total expenses increased 55.75 percent in Q1 FY2022-23 to Rs 2,234 crore as against Rs 1,434.72 crore a year ago.

Revenue from textiles increased 68.12 percent to Rs 1,976.28 crore against Rs 1,175.46 crore in the corresponding period of the last year. Revenue from Advance Material increased by 44.72 percent to Rs 279.57 crore, against Rs 193.17 crore, resulting from both volume growth as well as increased pricing.

Arvind reduced long-term debt by Rs 56 crore during this quarter. It closed the quarter at a net debt of Rs 1,809 crore.

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24 May 2022, Mumbai:

Panipat exporters’ business has slumped by up to 60 percent due to the Russia-Ukraine war, hike in cotton yarn prices, and freight charges.

Cancellation and halting of orders are further adding to the exporters’ trouble.

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Panipat generally has around Rs 45,000-crore annual turnover, including Rs 15,000 crore from exports alone. Around 450 units functioning here export handloom products, blankets, bed sheets, cushions, and hundreds of other items all over the world.

Lalit Goyal, President. Panipat Exporters’ Association, says, cotton yarn prices in the city have increased to around Rs 330 per kg from Rs 160 per kg earlier. Open-end yarn, which was earlier available at Rs 120 a kg, now costs Rs 170-190 a kg, he adds.

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The slowdown in exports started in the beginning of this year. There were hardly any fresh orders from overseas buyers. The previously placed orders were also cancelled or held up by them, Goyal asserts.

Ashok Gupta, the Vice-President, adds, that the skyrocketing freight charges had increased the production cost by 15-18 percent.

The economic conditions in America and Europe have led to a slump in demand, thus adversely affecting the Panipat textile industry. If the situation doesn’t improve, employment crisis will also set in.

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06 May 2022, Mumbai:

Net loss of Bombay Dyeing & Manufacturing Co declined to Rs 41.74 crore during Q4 FY 2021-22 from Rs 166.74 crore in net loss reported in Q4 FY2020-21.

The company reported a consolidated net loss of Rs 460.32 crore for the fiscal year ended March 2022. In 2020-21, it had reported a net loss of Rs 469.13 crore.

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Its revenue from operations was at Rs 2,000.92 crore in 2021-22. This was 67.66 percent higher than Rs 1,193.42 crore in the year-ago period.

Revenue from operations increased 19.85 percent to Rs 598.01 crore, as against Rs 498.95 crore a year ago.

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Total expenses also increased 5.53 percent to Rs 645.08 crore, as against Rs 611.22 crore in the year-ago period.

Revenue from the polyester business rose 61.01 percent to Rs 455.52 crore, as against Rs 282.91 crore in Q4 FY 2020-21; revenue from the retail/textile business surged to Rs 1.89 crore, as against Rs 5.84 crore.

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22 July 2022, Mumbai:

Bharat Chhajed, Former President, Powerloom Development & Export Promotion Council (PDEXCIL) opines, that India will dominate the global market in the fabrics segment in the coming months.

Decreasing global cotton prices along with depreciation of the Indian rupee against the US dollar will support the ailing textile industry with the textile trade expecting fresh fabric orders in the next couple of months, he adds.

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Cotton prices are likely to drop following large-scale sowing in cotton-producing states including Gujarat, Maharanee’s, Madhya Comradeship, Easthampton, Punjabi, Hardpan, Carnation, Permanganate, Tamil Nada, and Andorra Comradeship. Cotton brokers anticipate a cooling off of cotton prices to below Rs 65,000 per candy

Depreciation of the rupee against the US dollar is likely to benefit Indian textile exporters as compared to their Chinese counterparts, claims Chhajed. According to him, presently, textile units are operating at losses due to stocks purchased at higher rates.

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19 May 2022, Mumbai:

Led by a revival in demand across categories, both Aditya Birla Fashion and Retail and Arvind Ltd posted a profit in their fourth quarters.

ABFRL posted a consolidated net profit of Rs 31.90 crore for the fourth quarter ended in March 2022.

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Its revenue from operations increased by 25.32 percent to Rs 2,282.83 crore during the quarter under review as against Rs 1,821.58 crore in the corresponding period of the previous fiscal.

ABFRL's total expenses increased by 15.58 percent to Rs 2,266.06 crore in Q4/FY 2021-22, as against Rs 1,960.47 crore.

Its revenue from the 'Madura Fashion & Lifestyle' segment was up 32.28 percent to Rs 1,660.11 crore as against Rs 1,254.99 crore in the corresponding quarter of the last year on the back of the revival of the wholesale business and a strong retail sales.ts revenue from operations was Rs 8,136.22 crore in 2021-22.

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This is 55 percent higher than Rs 5,248.92 crore in the last year. ABFRL said the onset of the third wave of the pandemic had an effect in the early part of the fourth quarter. However, the business witnessed a strong rebound, with March 2022 sales growing by 50 percent over the last year.

The consolidated net profit of Arvind Ltd grew by 64.22 percent to Rs 87.60 crore in the fourth quarter ended March 2022, helped by strong volume and a price increase during the period. The company had logged a net profit of Rs 53.34 crore during the January-March period a year ago, Arvind said in a regulatory filing.

Revenue from operations was at Rs 2,203.50 crore as against Rs 1,654.87 crore in the corresponding period of the previous fiscal year.

Total expenses in the quarter were higher at Rs 2,081.22 crore as against Rs 1,566.36 crore a year ago.

Revenue from textiles was up at Rs 1,824.11 crore from Rs 1,331.16 crore in the year-ago period.

Revenue from advanced materials was Rs 267.08 crore as against Rs 198.65 crore in March quarter 2020-21.

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16 April 2022, Mumbai:

US-based fashion brand Patagonia has placed a repeat order for 17,050 m of khadi denim fabric worth Rs 80 lakh, from UdyogBharti, a Gondal-based Khadi institution.

Earlier, the brand placed an order in March 2022 for 30,000 m of khadi denim fabric worth Rs 1.08 crore.

ALSO READ Patagonia purchases Rs. 1.08 crore worth of khadi denim fabric

The order was placed through textile giant Arvind Mills for the supply of the fabric making denim apparel, as per Vinay Kumar Saxena, Chairman Khadi and Village Industries Commission (KVIC).

The Commission paid special attention to maintaining the high-quality standards, uniformity of the product, and timely deliveries while supplying the orders, he adds.

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The previous order was executed exactly in 12 months’ time as per the schedule.

The latest orders take the total denim purchase by Patagonia to 47,000 meters worth nearly Rs 1.88 crore, adds Saxena.

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22 July 2022, Mumbai:

Popular brand Cottons Jaipur has forayed into the Hyderabad market with the launch of its offline store in Banjara Hills. Behroze Singh, Founder says, despite many players in the market, most people still prefer to buy printed fabrics and readymade garments. The brand buys them from wholesalers in Jaipur.

The brand offers a range of Kurtas, Dresses, Tops & Kaftans for Women.

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Hyderabad has a huge customer base of stylish shoppers who appreciate the value of good quality clothing and love to mix and match outfits, she adds. People from different strata in the city prefer to buy subtle and elegant outfits, she adds.

Cottons Jaipur recently completed 25 years. The brand has succeeded greatly in being a women-led sustainable brand.

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18 May 2022, Mumbai:

The Q4FY22 net profit of Raymond jumped four-fold to Rs 264.97 crore as the company benefitted from buoyant demand and strong consumer sentiments during the period.

The company posted a net profit of Rs 58.36 crore during the January-March quarter of the previous fiscal.

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Revenues from operations grew 43.38 percent to Rs 1,958.10 crore during the quarter under review as against Rs 1,365.66 crore in the corresponding period of the previous fiscal. Total expenses went up 33.36 percent to Rs 1,790.12 crore, as against Rs 1,342.31 crore in the year-ago quarter.

During the quarter, the company maintained demand in international markets for its garment business.

Revenue from the textile segment grew by 22.66 percent to Rs 885.80 crore as against Rs 722.10 crore in the corresponding quarter, driven by strong momentum in secondary sales led by wedding-related purchases and higher footfalls in retail outlets.

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Revenue from the company’s 'shirting' segment grew 31.11 percent to Rs 174.60 crore as against Rs 133.17crore of Q4/FY 2021-22 driven by wedding season-related purchases and the opening up of offices.

Revenue from the apparel segment surged 59.43 percent to Rs 278.94 crore as against Rs 174.96 crore.

Garmenting segment revenue increased 69.29 percent to Rs 212.65 crore as against Rs 125.61 crore, mainly driven by growth due to high demand from existing customers in US & Europe markets and new customer acquisitions.

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