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. 

11 February 2022, Mumbai:

The Confederation of All India Traders (CAIT), the country's largest business association, has requested Union Finance Minister Nirmala Sitharaman to drop the proposed GST on textiles. The textiles industry is now subject to a 5% tax rate.

For a lot of years, there was no tax on textiles or fabrics. Last year, at the GST Council meeting, it was unanimously resolved to postpone the increase in the textile tax rate from 5% to 12%. The subject has been referred to the tax rate rationalization committee, which is expected to give its report later this month.

A team met with Karnataka Chief Minister BS Basavaraj Bommai, who is also the Chairman of the GST Council's GOM, a few days ago and asked him to do so.

"The proposed hike, which is in the abeyance stage," BC Bhartia, National President, and Praveen Khandelwal, Secretary General of CAIT, said in a statement, "should be withdrawn in the larger interest of consumers of the country as such hike will load an additional burden of 7% tax rate on general consumers and will also hit the traders by blocking their capital with the department in the form of refunds." 

ALSO READ: The GST Council has decided to postpone a rate increase on textiles from 5% to 12%

The rise in GST rates on textile items, according to CAIT, would not only raise the financial burden on end consumers, but will also negatively impact small businesses, as well as encourage tax evasion and other legal malpractices.

"Bringing the textile sector back into the tax net was a huge blow to the business as a whole."

"Immediately following the previous GST Council meeting, when it was suggested to fix the inverted duty structure on textiles, trade organisations throuthe ghout India led by CAIT submitted complaints," CAIT stated.

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

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. 

11 February 2022, Mumbai:

Textile demand would be boosted in FY23, according to India Ratings and Research (Ind-Ra), due to a reduction in the impact of Covid-19's third wave, as well as quicker re-opening efforts.

Reduced logistics concerns for export demand would help to maintain demand robust.

Domestic demand for all textile sub-sectors has improved since Q2 FY22, after a modest fall in Q1 FY22, according to the report.

The realisations have risen as a result of the rising demand momentum and supply chain difficulties. Cotton demand remained at an all-time high in the second half of FY21, resulting in lower opening stock for the current cotton season.

Cotton prices have risen, prompting spinners to stockpile the commodity. It went on to say that demand for MMF (man-made fibre) has continued to climb, owing in part to rising cotton costs, which has resulted in a shift in demand from cotton to MMF to some extent.

Because of increased consumer spending, the demand for home textiles remained strong in the domestic market.

ALSO READ: India’s Textile and Clothing (T&A) exports increased in rupee terms: April-December 2021

During the first seven months of FY22, textile exporters in the cotton yarn category continued to see growth, with volumes increasing by 47 percent compared to FY21. On the strength of rising demand for Indian yarn, the agency anticipates export volumes to stay higher in FY22 than in FY20 and FY21.

During the first eight months of FY22, fabric and clothing exports returned to pre-Covid levels, and this trend is expected to continue as economies open up and importing nations embrace the 'China Plus One' policy. 

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

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. 

11 February 2022, Mumbai:

On Wednesday, the Mumbai Center Division of Western Railways loaded the 100th textile train from Chalthan in Surat to Sankrail in the Kharagpur Division of South Eastern Railways, demonstrating the government's commitment to the textile sector.

The Textile Express train has earned the Indian Railways a total of Rs. 10.2 crore, according to the Railways Ministry. The loading of the 100th textile train in five months, according to a Railroads Ministry notice, is a "milestone" that indicates the Surat textile sector's rising faith in railways.

Minister of State for Railways and Textiles Darshana Jardosh had flagged off the first such train from Udhna New Goods shed with textile material bound for Patna and Muzaffarpur just five months previously. 25 tailored new modified goods (NMG) wagons made up the unique textile train.

The textile train stops at key locations including Shankrail and Shalimar on the South Eastern Railway and Danapur and Narayanpur on the East Central Railway.

ALSO READ: Union minister for textile Darshana Jardosh and Gujarat BJP presudent CR Paatil press for GST rollout on Textiles & Apparel (T&A)

Surat's textile market, in particular, benefits from the textile train. It is more cost-effective, quicker, and safer, and it helps to unlock the enormous potential of the textile market.

The railway also serves the textile industry's transportation needs, as well as go-down centers in and around Surat.

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*Figures mentioned in the above article have been sourced from DEVDISCOURSE & Apparel Rsources 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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11 February 2022, Mumbai:

Piyush Goyal, the Union Minister of Textiles, Commerce, and Industry, has urged Indian designers to collaborate to guarantee that selected craft artisans receive an extra Rs.1,000 per month.

He asked 30,000 NIFT (National Institute of Fashion Technology) graduates to bring about change in the Craft Ecosystem in a virtual gathering with famous designers. Each alumnus should adopt a craftsperson and commit time to teaching the less fortunate members of society about design, management, and technology.

The group discussed how to make India the world's fashion capital and to encourage our country's artists and weavers, who are the genuine ambassadors of our culture and craft history.

It was attended by 27 famous NIFT graduates and well-known designers with considerable expertise in India's handloom and handicraft industries, including Sunita Shanker, Sabyasachi Mukherjee, Tanveen Ratti, and Suket Dhir. This meeting also included UP Singh, Secretary, Ministry of Textiles, and Shantmanu, Director General, NIFT.

READ MORE: NBA teams up with Lakmé Fashion Week to encourage Indian designers to create a collection for the ‘NBA 75' collection

The Minister praised the designers for their unique perspectives and enthusiasm for Indian crafts. He emphasised the importance of respecting a nation's art, craft, culture, history, and legacy, as well as assuring the designers that all of the issues expressed or addressed will be taken into consideration moving forward.

The concept of wearing khadi/handloom one day a week and designers' pride in the country were both appealing.

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

10 February 2022, Mumbai:

Ministry of Textiles has been providing subsidy support to textile industry, including Micro, Small and Medium Enterprises (MSMEs) and small textile manufacturing units across the country through schemes such as Amended Technology Upgradation Fund Scheme (ATUFS) and Powertex India.

ALSO READ: Amended Technology Upgradation Fund Scheme (ATUFS): In the last three years, Total Capital Investment subsidy of Rs. 615.65 crore released in 2388 cases

Details of support provided under the schemes are given in Annexure-I.

Details of textile units provided support under ATUFS and Powertex India Scheme.

This information was given by the Minister of State for Textiles Smt. Darshana Jardosh in a written reply in the Lok Sabha today.

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