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Footwear sector revenues to grow 23 per cent next fiscal: CRISIL

  

Footwear sector revenues to grow 23 per cent next fiscal

 

As per a CRISIL report, Indian footwear sector could see revenue growth of 23-25 per cent next fiscal, closing in on pre-pandemic topline levels of Rs 70,000 crore. Footwear companies could rakes in sales to pre-pandemic levels by next fiscal. In the current fiscal, sales in the category are expected to contract 21 per cent due to pandemic led-lockdown, and a shift to work from home that hit demand in the first half. The report estimates domestic demand to decline by 19 per cent this fiscal.

Domestic demand, which accounts for 75 per cent of the sector’s revenue, rebounded third quarter onwards with the easing of lockdown curbs and helped by festive spending, CRISIL says.

Revenues returned to over 90 per cent of pre-pandemic levels for footwear manufacturing companies in Q3. They are expected to recover almost fully in the current quarter.

The report, however, flagged sluggish exports as a concern as major export markets such as the US and Europe see fresh lockdowns. It expects the exports to decline by 25 per cent this fiscal.

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