Himatsingka Seide reports 71.6% revenue decline in Q1

Himatsingka Seide, a India-based manufacturer, retailer and distributor of home textiles, reported 71.6 per cent revenue decline to Rs 183.29 crore in its first quarter (Q1) for fiscal 2021 ended on June 30, compared to Rs 644.55 crore in the same period previous year. EBITDA for Q1 FY21 was a loss of Rs 80.71 compared to profit of Rs 143.08 crore in Q1 FY20.

The group’s profit after tax registered a loss of 139.79 crore compared to profit of Rs 45.25 crore. Its manufacturing facilities at Hassan and Doddaballapur campuses along with distribution facilities in North America and Europe remained non-operational during April and most of May due to the lockdown. Plants commenced partial operations during the month of June. However, the operating conditions remained challenging due to supply chain disruptions and interruptions in work force availability.

For the upcoming quarter, group stated that its Q2 FY21 order book looks healthy under the circumstances, and H2 FY21 order pipeline is robust and Himatsingka remains focused to surpass pre-Covid-19 levels during H2 FY21.