Alok Industries Limited, a prominent player in the industry, has disclosed its consolidated financial results for the quarter ended June 30, 2023.

The company reported a total income of Rs. 1415.66 crores for Q1 FY2024, indicating a decrease from Rs. 1569.72 crores in the previous quarter, a decline of 9.81%.

Amid challenging macro-economics

Despite challenging times, Alok Industries has shown some improvement in its performance as its net loss narrowed to Rs. -226.14 crores in Q1 FY2024, compared to Rs. -297.55 crores in Q4 FY2023, a reduction of 24.00%.

Y-o-Y

On a year-on-year basis, the company's total income declined by 28.93% from Rs. 1992.02 crores in Q1 FY2023 to Rs. 1415.66 crores in Q1 FY2024. However, the net loss increased by 59.73%, from Rs. -141.58 crores to Rs. -226.14 crores.

Share track

Alok Industries' stock traded at Rs. 16.02 on the BSE, with a total turnover of Rs. 18,65,35,270 and 1,170,176 shares traded during the day.

15 July  2023, Mumbai

Latest Textile Events

04 July  2023, Mumbai

Join forces; The Good Fashion Fund, an initiative by Laudes Foundation and Fashion for Good, has invested in Sri Kannapiran Mills Limited, a leading Indian producer of eco-friendly cotton yarn and denim fabrics.

The $2.5 million USD loan will facilitate the replacement and expansion of sustainable equipment in two spinning factories (KG Naidu Mill, Balaji Mill), and a Denim fabric weaving & processing factory (KG Fabriks).

Strong commitment to sustainable practices

Sri Kannapiran Mills Limited, founded in 1946, demonstrates its commitment to sustainability through various initiatives, including its CII GreenCo Gold-rated denim facility, innovative Zero Indigo Discharge technology, and participation in Ellen MacArthur Foundation's Jeans Redesign program.

Recognized as a top workplace, SKML supplies denim fabrics to renowned brands while contributing to sustainable fashion practices.

To enhance sustainability and competitiveness

The investment aims to boost the company's ability to meet manufacturing demands, scale its holistic sustainability approach, and enhance competitiveness in the global supply chain as brands adapt to stricter sustainability standards.

Srihari Balakrishnan, Managing Director of Sri Kannapiran Mills Limited, expressed excitement about the collaboration, stating that the investment would strengthen their commitment to sustainability and position them as a frontrunner in sustainable fashion.

Anticipated positive impact

Anticipated significant savings in energy consumption and material waste reduction are expected to generate positive economic benefits throughout the partnership with the Good Fashion Fund.

Bob Assenberg, Fund Director of Good Fashion Fund, praised SKML for its thoughtful integration of sustainability and continuous improvement, expressing eagerness to commence the partnership.

Anita Chester, Managing Director of Laudes India, emphasized the urgency of addressing sustainability challenges in the fashion industry and the role of such investments in driving progress.

To address key sustainability challenges

The Good Fashion Fund, in collaboration with Laudes Foundation, The Mills Fabrica, and FOUNT, offers long-term USD loans and expertise to manufacturers in Asia, focusing on India and Bangladesh.

Managed by FOUNT, a leading Dutch impact investment firm, the Fund aims to support sustainable practices and economic growth in the industry.

Latest Textile Events

20 July 2023, Mumbai

Indian Textile Market Skyrockets; Prominent market research firm, IMARC Group, has recently released a report titled "Indian Textile and Apparel Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028."

The report reveals that the Indian textile and apparel market achieved a significant milestone, reaching US$ 172.3 Billion in 2022.

Exciting projections indicate a remarkable growth trajectory, with the market expected to soar to US$ 387.3 Billion by 2028, reflecting an impressive Compound Annual Growth Rate (CAGR) of 14.59% during 2023-2028.

Market Overview:

The Indian textile sector presents a diverse range of materials, encompassing both natural and synthetic fibers, while apparel offers an extensive selection of products such as shirts, pants, dresses, skirts, jackets, hats, shoes, and more, tailored for personal wear.

Expert weavers skillfully utilize various materials like cotton, leather, satin, lace, linen, chiffon, silk, crepe, denim, or blends, enhancing the appeal with intricate embroideries and embellishments.

The manufacturing process involves handlooms or electricity-powered power looms, often accompanied by chemical or polymer coatings to ensure enhanced durability and aesthetics.

Key Trends:

The Indian market experiences a surge in response to consumer preference for affordable and trendy fast fashion. Luxury brands also contribute significantly by incorporating premium fabrics like silk and leather into their footwear, clothing, and accessories. The export of silk, jute, and cotton materials further bolsters the market outlook.

Additionally, the online presence of e-commerce brands offering budget-friendly clothing options plays a pivotal role in driving market growth. Government initiatives, including A-TUFS, Power-Tex, and SITP, are actively fortifying the textile industry and paving the way for future growth.

Latest Textile News

14 July  2023, Mumbai

Transformational; Indian Government Approves PM MITRA Textile Park in Gujarat, Aiming to Transform Textile Industry.

The Indian government has given the green light for the establishment of the Prime Minister Mega Integrated Textile Regions and Apparel (PM MITRA) Park in the Vansi-Borsi village of Navsari, Gujarat.

Attract significant investments

This ambitious project, backed by the Gujarat Industrial Development Corporation (GIDC), aims to revolutionize the textile industry in the state. The government will contribute 30% of the required ₹1,500 crore, while the park is expected to attract investments of around ₹10,000 crore.

Create job opportunities

With an area of 462 hectares, the PM MITRA Park will house common facilities and an integrated textile value chain, reducing logistics costs and enhancing productivity. This initiative aligns with Prime Minister Narendra Modi's vision of establishing India as a global textile manufacturing and export hub.

Momentous moments

The signing of the memorandum of understanding (MoU) between the Centre and the state, scheduled for tomorrow, will mark a significant milestone in this endeavor.

Latest Textile Events

03 July  2023, Mumbai

In a bid to bolster the export of manmade fibre textiles and technical textiles, the Synthetic & Rayon Textiles Export Promotion Council (SRTEPC) announced an upcoming industry delegation's visit to the United States.

Aims for ‘US Export Boost’

The chairman of SRTEPC, Bhadresh Dodhia, stated that the delegation would engage with prominent American companies to strengthen the export of these textile categories.

With India's manmade yarns and fabric exports declining by 10% to $788 million in FY23, compared to $878.34 million in FY22, the delegation aims to revitalize the market.

Drive exports to the next level

Dodhia emphasized that the US serves as a significant market for Indian manufacturers of technical textiles, as it offers high-quality raw materials like specialty yarns, aramid yarns, and filter fabrics.

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19 July 2023, Mumbai

Texworld Evolution Paris, in conjunction with Apparel Sourcing, Avantex, and Leatherworld, marked its 25th anniversary with a captivating summer edition from July 3 to 5.

Vibrant Summer Edition

Drawing an impressive 6,800 international visitors, this landmark event showcased a dynamic atmosphere and stunning scenography.

Held at Parc des Expositions, Porte de Versailles, Texworld Evolution Paris garnered acclaim as the textile and clothing industry's largest gathering, boasting 1,350 exhibitors from 27 countries.

In conjunction 

Teaming up with Curve Paris and Interfilière Paris, renowned fairs for lingerie products and accessories, it presented an unparalleled fashion platform in the heart of Paris.

The commemorative edition unveiled a refreshed design and improved visitor experience, including a redesigned T-Club space and captivating new scenography at the entrance, Trend Forum, and Agora.

The addition of a concierge service was well-received by attendees.

France led the visitor count with 18% of visits, followed by Spain, Italy, the United Kingdom, Turkey, and Germany.

Spectacular array

The event showcased diverse product offerings from Asian sourcing zones like China, Korea, and Taiwan, as well as Mediterranean and Indian suppliers. Turkey's presence remained prominent.

Texworld Evolution Paris continues to adapt to global market dynamics, focusing on meeting buyer demands for price, quality, and sustainability. Future plans involve refining manufacturer selection and emphasizing eco-friendly practices.

Highlights

The event also spotlighted emerging sourcing zones, including South African creativity.

The successful summer edition sets high expectations for future Texworld Evolution Paris events, shaping the future of the fashion industry.

Latest Textile News

12 July 2023, Mumbai

The Uttar Pradesh government has finalized the location for the Mega Textile and Apparel Park, a key initiative under the PM Mitra plan.

Expected to generate employment

The chosen site is the serene Atari village in Malihabad, Lucknow. Upon completion, the park is projected to provide employment opportunities for a staggering one lakh young individuals.

State-of-the-Art Park

To attract investments of Rs 10,000 crore, the Yogi Adityanath-led government plans to engage various investors in this landmark project. The park will boast state-of-the-art facilities, ensuring global competitiveness while prioritizing connectivity benefits.

Social infrastructure

The decision to select Atari was guided by its strategic proximity to Lucknow's major transportation routes, including four-lane highways NH-20 and SH-20, as well as a well-connected outer ring road.

In addition, the park will benefit from excellent rail accessibility, with Lucknow Railway Station and Malihabad Railway Station located within reasonable distances.

Moreover, the park's location near Kanpur Node's dedicated freight route, the inland container depot in Kanpur, and Lucknow International Airport will further facilitate logistical operations.

PPP

The park's development will be executed through a public-private partnership (PPP) approach, with a provision of Rs 300 crore for industrial units and Rs 500 crore allocated for essential infrastructure.

The project will be divided into three sections: general infrastructure, social infrastructure, and premium spaces, ensuring cutting-edge amenities for all stakeholders.

Latest Textile Events

26 June 2023, Mumbai

Theme: Innovations @ ITMA Milan 2023

Date: 7^th July 2023

Program: Half Day Seminar 

Venue: Krantijyoti Savitribai Phule Sabhagruh, VJTI, Mumbai

Jointly organised by:
The Textile Association (India), MUMBAI UNIT
                             &
Department of Textile Engineering VJTI MUMBAI.

The seminar will cover advances and innovations exhibited in ITMA 2023.

Latest Textile Events

17 July  2023, Mumbai

An upcoming online event organized by NISTI (Regd.)

Date: Saturday, 22nd July 2023 || 5:00- 6:30 pm (IST).

Webinar Theme: Sustainability Trends in Textile Machinery: Impressions from ITMA 2023.

Distinguished Speakers:

1. Shailendra Nigam - DGM (Operations), Jay Jay Mills Perundurai
2. Kamal Misra - Director, Sterling Sales Pvt. Ltd.

Latest Textile Events

05 July  2023, Mumbai

Innovating Denim Aesthetics Responsibly; Advance Denim, Officina+39, and TENCELTM have joined forces to create a revolutionary zero-cotton denim collection.

Revolutionizing Denim

By utilizing TENCELTM Lyocell fibers, known for their sustainable qualities, the collaboration aims to showcase authentic denim aesthetics and vintage looks with a minimal environmental footprint. The collection will be presented at Kingpins New York.

Authentic Denim, Minimal Footprint

TENCELTM is dedicated to partnering with like-minded organizations to pioneer denim innovation, expand design possibilities, and reduce the industry's environmental impact. TENCELTM Lyocell fibers in zero cotton denim offer a softer feel, cleaner look, and enhanced moisture management.

Sustainable Denim Redefined

The collaboration between TENCELTM, Advance Denim, and Officina+39 embodies a commitment to sustainable denim innovations, striving for a more eco-friendly industry.

Latest Textile Events

26 June 2023, Mumbai

The Vasantham Co-Optex showroom on Gandhiji Road underwent an impressive ₹60 lakh renovation Inauguration ceremony with government officials

Officially inaugurated on Wednesday in presence of Minister R. Gandhi, accompanied by Principal Secretary Dharmendra Pratab Yadav.

Dignitaries, emphasized Co-Optex's significant role in improving weavers' livelihoods.

Notably, 46 showrooms have been renovated in the past two years, amounting to a total investment of ₹13.35 crore.

Expands to major cities

Excitingly, major renovations costing ₹10 crore are currently underway in Chennai, Salem, Madurai, and Tirunelveli.

Minister Gandhi encouraged customers to take advantage of the opportunity to purchase handloom products at discounted prices of 10% to 20%, available both online and in-store.

Latest Textile Events