17 February 2022, Mumbai:

With a 30 per cent drop in production due to rising cotton and raw material prices Gujarat denim mills are being forced to operate at 70 per cent capacity utilization currently.

Production costs have surged 30 per cent due to rising prices of cotton and other raw materials. From 36,000 per candy of cotton in September 2020, prices surged have touched Rs 78,000 per candy in February 2022.

Price rise impacts MSMEs margins

The price rise specifically affected denim MSMEs largely supplying to the domestic market, says Sanjay Jain, Chairman, Indian Chamber of Commerce, National Textile Committee. And mills that have forayed into denim business recently are the worst affected, they have been saddled with mounting debts, Jain explains.

The surge in raw material costs has also raised denim fabric prices by an estimated 30 per cent over the past six months; price of denim apparels have increased 20 per cent, say manufacturers.

During the pandemic, versatility and use in casual wear enabled denim fabric to sustain demand. However, the recent Omicron wave led to a 20 per cent decline in order volumes for summer collection, says Rahul Mehta, Chief Mentor, Clothing Manufacturers Association of India (CMAI).

Festive demand, export orders boost Q3 profits

Increased sales and revenues helped domestic denim manufacturers such as Arvind, Nandan Denim, Jindal Worldwide and Vishal Fabrics post sizable profits in Q3 FY 2021-22. Nandan Denim posted a 584 per cent rise in Q3 FY2021-22 profits while Arvind’s profits grew 287 per cen. Jindal Worldwide also posted a 22 per cent surge in profits during the period.

ALSO READ: Denim fabric exports from India have surpassed pre-pandemic levels

Profits of these manufacturers were triggered by a rise in exports orders that helped sustain production and prevented revenue streams from drying up. Industry players also attribute profit rise to pent-up festive demand in the domestic market and increased export volumes.

Gaurav Davda, Head-Corporate Finance & Strategic initiatives, Jindal Worldwide adds, increased export volumes helped manufacturers command better realization on exports and reduce input costs.

Delayed payments hit manufacturers’ competitiveness

However, the surge affected manufacturers’ competitiveness in the domestic market, adds Thadani. To offset rising costs, manufacturers are delaying supplier payments and cutting down production.

For instance, Sangeet Nahata, an Ahmedabad-based denim fabric manufacturer is utilizing only 65 per cent of 6 million mt. per annum installed capacity.

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16 February 2022, Mumbai:

The Ministry of Textiles (MoT) has extended the deadline for submissions under the Production Linked Incentive (PLI) scheme for textiles by another 14 days, until February 28.

The earlier deadline for submitting an online application under the PLI scheme for textiles was 14 February, which was extended from 31 January, and this is the second time the MoT has extended the deadline in this respect.

PLI plan is projected to attract good investment with an authorized budget of Rs. 10,683 crore for five years to encourage the manufacturing of MMF garments, MMF fabrics, and technical textile goods.

The project was approved by the Cabinet in September and will run from September 24, 2021, to March 31, 2030. According to sources, the Ministry of Transportation has received 69 registrations, 42 file draught applications, and eight final applications.

ALSO READ: Production Linked Incentive (PLI) Scheme for Textiles: Operational guidelines issued

According to reports, MoT may be able to choose 50-60 enterprises for the plan, although the exact number would depend on the size of the applications received.

Because this is a fund-limited scheme, the number of beneficiaries will be determined by the size of the firms and their estimates.

It's possible that the available capital may be depleted after 20-25 firms, or that 60-70 companies will be allowed to participate.

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*Figures mentioned in the above article have been sourced from Timesnownews & Apparel Resources article.

15 February 2022, Mumbai:

To address the industry’s drive to decarbonize and reduce its insatiable thirst for water. NTX™ has announced production-readiness of its revolutionary waterless coloration technology - NTX™ Cooltrans™.

The breakthrough is the result of merging innovations in chemistry and machinery to deliver precise and accurate colorization of nearly any fabric material without heat, up to 90% reduction in water use, 40% reduction in dye use, while retaining uncompromising color fastness, hand feel, and functional performance.

The news came with confirmation of a first major customer adidas, and the affirmation that the results of its first production runs will be landing in the upcoming 2022 Fall and Winter collections.

The disclosure marked a much-needed step forward for the fashion industry that has grown to consume nearly 80 billion cubic meters of water per year in a world with nearly 2.7 billion people experiencing water-scarcity. On March 10, 2021, adidas announced “Own the Game” strategy and their commitments to decarbonization.

Waterless technologies were identified by adidas as a key enabler in achieving those ambitious goals and, NTX™ Cooltrans™ has been selected as the first such technology to be integrated at scale within the adidas supply chain.

ALSO READ: All things style and sustainability: Riri’s SS 2023 lands in Paris

Kalvin Chong, Chairman and Co-founder of NTX™ stated: “FOR DECADES NOW, OUR INDUSTRY HAS BEEN CHASING THE ELUSIVE GOAL TO REDUCE THE STARTLING AMOUNT OF WATER AND ENERGY REQUIRED IN THE DYEING PROCESS OF TEXTILES, WE’RE PROUD TO SAY THAT WITH THE LAUNCH OF NTX™ COOLTRANS™, WE’VE FINALLY TURNED THE CORNER.”

“The really exciting thing is the cost-competitive aspect of implementing NTX™ Cooltrans™ into the value chain for our brand partners.

About NTX™

NTX™ is committed to creating revolutionary textile solutions through continuous research and innovation that are ecologically and economically sustainable. We are driven to achieve a zero-waste benchmark by conserving energy, reducing and eliminating water use, while never compromising performance or functionality.

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17 February 2022, Mumbai:

Intex South Asia is undoubtedly the biggest and most established international textile sourcing show of South Asia having completed 8 successful editions in Sri Lanka, Bangladesh and India and connected over 1,200 global textile suppliers with 25,000+ leading buyers from 30 countries and regions.

It aims to fulfill the growing demand for innovative and trendy fabrics and accessories for one of the biggest apparel manufacturing region in the world.

Intex South Asia is endorsed by major Government bodies, Chambers of Commerce and Industry Associations in South Asia and is the most sought-after annual industry event for the textile and apparel industry.

Show Highlights – Country Pavilions, Interactive Business Forum Series, Panel Discussion

ALSO READ:

Exhibitor Profile – Fibres, Yarns, Apparel Fabrics, Denim Fabrics, Clothing Accessories, Dyes & Chemicals, Software & ERP solutions, Testing Equipment; Compliance Solutions, Design Studios, Trends; Fashion Forecasters, Allied Services

Buyer Profile – Apparel Manufacturers & Exporters, Apparel Brands; Fashion Labels, International Sourcing Offices, Buying Houses & Agents, Apparel Retailers; E-tailers, Importers, Distributors & Wholesalers, Intimate & Undergarments Brands, Textile Manufacturers & Exporters.

Govt. Trade Body Representatives, Sales & Marketing Consultants, Textile Trading Houses.

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16 February 2022, Mumbai:

Grasim Industries Ltd. (part of the Aditya Birla Group) saw a 55.48 percent increase in income from viscose-pulp, viscose staple fibre (VSF), and filament yarn in Q3/FY2021-22, compared to Rs. 2,145.14 crore a year before.

VSF's robust operating performance was fueled by high demand for textile products in India during Q3FY22, despite numerous state government restrictions, according to the business.

The domestic textile value chain has been functioning at near-peak capacity, owing to increased demand.

The commissioning of a brownfield (existing) extension (300 Tonnes Per Day) at Vilayat improved VSF sales volume even further in Q3FY22.

ALSO READ: Bhilwara Technical Textiles Q3FY22

The rise in worldwide demand for textile products, particularly in the United States and Europe, has resulted in a favourable market environment for VSF.

In a regulatory filing, Grasim Industries reported a 23.10 percent increase in its consolidated net profit for the third quarter ended December 31, 2021, to Rs. 2,655.45 crore.

During the previous financial year's October-December quarter, the firm had a net profit of Rs. 2,157.12 crore.

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*Figures mentioned in the above article have been sourced from ET & Apparel Resources article.

14 February 2022, Mumbai:

BHILWARA TECHNICAL TEXTILES LTD. has reported Consolidated financial results for the period ended December 31, 2021.

Financial Results (Q3 FY2022) - QoQ Comparison The company has reported total income of Rs. 5.4338 crores during the period ended December 31, 2021 as compared to Rs. 3.4157 crores during the period ended September 30, 2021.

The company has posted net profit / (loss) of Rs. 4.0921 crores for the period ended December 31, 2021 as against net profit / (loss) of Rs. 7.0321 crores for the period ended September 30, 2021.

ALSO READ: Arvind Fashions posts Q3 FY22 results

The company has reported EPS of Rs. 0.70 for the period ended December 31, 2021 as compared to Rs. 1.20 for the period ended September 30, 2021.

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*Figures mentioned in the above article have been sourced from Equity Bulls & ET Business Standard article. 

17 February 2022, Mumbai:

India’s largest company Reliance Industries (RIL), has launched a new fabric technology that enables activation of the biometric biodegradation process.

Known as R|Elan™ EcoGold with CiCLO®, the technology offers a biological solution to environment-related issues. It reduces the accumulation of textile waste in landfills and other related conditions.

Offering numerous everlasting benefits to customers, the R|Elan™ range of fabrics are infused with latest technologies. They offer consumers next-generation fabrics n sync with the latest fashion trends.

ALSO READ:

The fabrics help reduce the impact of unrecycled textiles on the environment by enabling microbes break down these textiles. These textiles are converted into basic elements like carbon dioxide, water, minerals, etc.

The technology is certified by Oeko-Tex Eco Passport, notes Alastair Drew, Intrinsic Advanced Materials, R|Elan™ EcoGold will give global apparel access to eco-friendly fibers that can be used to make garments that will meet the needs of conscious consumers, he adds.

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15 February 2022, Mumbai:

The importance of effluent control in textile enterprises that discharge wastewater into the Sabarmati River has been emphasised by the Gujarat High Court.

The court emphasised that the textile industry's principal source of pollution is the massive volume of wastewater released with a high chemical load.

The Court, led by Justice JB Pardiwala and Justice Vaibhavi Nanavati, made this statement while denying relief to the textile firms, which had asked the Court to allow them to rejoin sewage lines so that they might discharge industrial effluent into them.

The Court, in its concluding conclusions, slammed Ashima Ltd. and other firms for claiming that Zero Liquid Discharge (ZLD) technology was not commercially feasible.

ALSO READ: Upendra Singh, Textile Secretary: Sustainable Solutions growth driver for Indian textile industry

The Bench praised another industry that had adopted this technology, while also directing the industries to work with the Corporation, the State Government, and the Pollution Control Board to develop a viable industrial effluent pipeline that could transport the effluent directly to the Central Effluent Treatment Plants (CETP).

As a result, the applications were rejected by the Court. The Gujarat High Court has taken suo moto notice of severe pollution in the Sabarmati River as a result of a sewage treatment plant (STP) disregarding treatment standards and dumping untreated water into the river.

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*Figures mentioned in the above article have been sourced from Live Law & Apparel Resources article.

12 February 2022, Mumbai:

After narrowing its business down to branded apparel early in the current fiscal year 2021-22, Arvind Fashions Ltd. (AFL) has registered a consolidated net profit of Rs 6 crore in the third quarter ended December 31, 2021.

Having raised funds to deleverage, AFL had exited certain brands and businesses to focus on only six marquee brands including US Polo Association, Arrow, Flying Machine, Calvin Klein, Tommy Hilfiger and beauty brand Sephora to yield profitability and untapped growth.

The efforts to narrow its focus seem to have worked since AFL had incurred a net loss of Rs 68 crore during the third quarter in the previous year 2020-21.

AFL's revenue grew by 30 per cent on a year-on-year (YoY) basis to Rs 1008 crore in Q3 of FY'22, up from Rs 773 crore in Q3 of FY'21. 

Commenting on the performance of the company, AFL MD & CEO Shailesh Chaturvedi said that the quarter's financial performance was achieved on the back of sharp execution in retail channel resulting in over 40 per cent like-to-like (LTL) growth and continued momentum in online channel, leading to EBITDA margins expansion by 200 bps.

ALSO READ: TCNS Clothing Company Q3FY22 results

"With significant de-leverage and leaner balance sheet coupled with continued focus on our 6 high conviction brands, we’re confident of delivering sustainable profitable growth over long term while creating value for all our stakeholders," said Chaturvedi.

The power brands clocked a revenue growth of 25 per cent in the quarter with EBITDA margin expanding by 150 bps on YoY basis. . Meanwhile, the company's net debt stood at Rs 430 crore, lower by roughly Rs. 500 crore compared to March 2021.

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*Figures mentioned in the above article have been sourced from Business Standard 5paisa.com ET article. 

16 February 2022, Mumbai:

Cambridge technology innovator Alchemie exports breakthrough textile dyeing solution to Taiwan Energy-efficient EndeavourTM system set to lead a sustainable dyeing revolution in Asia.

Alchemie Technology, the UK innovator of low energy, waterless, textile dyeing technology, ships its EndeavourTM machine to Taiwan to improve the sustainability of the textile dyeing industry and establish a new Asia showcase.

The Endeavour digital dyeing solution, which produces no wastewater and reduces energy consumption by 85 per cent compared to traditional dyeing, will be installed at Alchemie’s Taiwan-based customer JSRTEX Group, a leading textile manufacturing innovator in the region, committed to transforming the industry with sustainable textiles and clean technology.

The Endeavour solution, developed in one of the world’s high technology clusters in Cambridge and manufactured entirely in the UK, will form the centrepiece of an Alchemie demonstration hub and showroom in Asia so international brands and textile producers from across the region can see the technology in action.

ALSO READ:

Alchemie, backed by fashion giant H&M, plans to set up further demonstration hubs at customer sites around the world in the coming months to showcase how Endeavour is more cost-effective to operate and better for the environment than traditional dyeing technology.

The company, which has a vision to clean up textile dyeing and eliminate the environmental impact of these polluting processes, is now inviting other brand and manufacturing partners to participate in its global showcase program.

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15 February 2022, Mumbai:

As the process of awarding the Mega Integrated Textile Region and Apparel (PM MITRA) park accelerates, many states are stepping up their efforts to secure the park. Under the Ministry of Textiles' ambitious plan, seven parks will be built (MoT).

The project's land has been identified in the Karnataka districts of Kalaburagi and Vijayapura.

Shankar Patil Munenakoppa, Karnataka's Minister for Handloom and Textiles, has stated that sufficient land has been located in the Kalaburagi and Vijayapura districts for the establishment of mega textile parks and that a proposal has been filed to the Union Government in this respect.

The Minister is optimistic that the Centre will approve the bill soon. This state is taking steps to improve the skill sets of garment workers, with the goal of employing 12 lakh people in the textile industry.

ALSO READ: Ram Nath Kovind, President:The MITRA initiative will produce 10's of thousands of new jobs

The State Government of Jharkhand has also directed the Jharkhand Industrial Area Development Authority (JIADA) to arrange the land.

It's worth noting that several Indian states are eager to host this park. Gujarat and Tamil Nadu are ahead of the pack since they adhere to the majority of the rules.

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*Figures mentioned in the above article have been sourced from Apparel Resources article.

12 February 2022, Mumbai:

Hon'ble Commerce and Industry Minister Piyush Goyal of India & Australian counterpart Dan Tehan earlier this week on 10-02-2022 interacted holding discussions in a meeting on the envisaged free trade agreement (FTA) aspiring & aimed at deepening commerce, trade & economic ties between the two QUAD countries.

The Australian Minister was here to further negotiations on the proposed FTA against a backdrop of ever-improving bilateral relations within the respective countries, officially contemplated & dubbed as in the Comprehensive Economic Cooperation Agreement (CECA).

*The two sides have agreed to conclude the long-pending CECA by the end of 2022. The bilateral trade between the nations stood at USD 12.3 billion in 2020-21, as against USD 12.63 billion in 2019-20.

*India's main exports to Australia are refined petroleum, medicaments, railway vehicles including hover-trains, pearls and gems, jewellery, made up textile articles, while major imports are coal, copper ores and concentrates, gold, vegetables, wool and other animal hair, fruits and nuts, lentils and education related services.

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*Figures mentioned in the above article have been sourced from News18.com article.