India Textile And Garment Enterprises Still Face Pressure In The Second Quarter
Due to weak export and domestic demand, India textile company's sales and profits are expected to remain under pressure in the second quarter of this fiscal year.
Spin
The situation of enterprises is expected to be better.
Many factories will face pressure of profits.
If anything
Improve
Only in the next few quarters.
Cotton spinning mills have been affected by high inventory costs this year. Many cotton spinning mills bought cotton at a high price in February. Prices have dropped sharply in recent months, and high priced cotton has been stacked in factories.
Most textile factories / companies face difficulties in repaying their debts. They communicate with the India Association of banks and the central bank for relief measures.
In August, the power loom industry in southern India went on strike for a month, affecting yarn, cotton / synthetic yarn demand.
The strike has ended, but the situation did not improve until the end of the last quarter of September.
In the last two quarters, many small businesses also had cash losses.
Nair, Secretary General of the India Textile Industry Federation (CITI), said that for many textile companies, the first quarter was a bad quarter, with a total loss of 650 billion rupees and a loss to the two quarter of.
As the price of man-made fibers goes along with the price of cotton and cotton yarns, this will also have a negative impact on the company.
The analysis of an advanced brokerage firm shows that the comprehensive textile enterprises, such as Alok industry and KewalKiran, have increased by almost 25-30%.
But for most companies,
profit
The rate is flat, but it is expected to decline year-on-year.
As interest rate costs rise, the bottom line is also expected to be flat.
Textile companies expect a slight improvement in the next quarter, as their stock of cotton yarn is gradually decreasing.
However, some factors, such as the uncertainty of the main world economy, will continue to be worrisome.
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