CIEL Group has delivered a good performance across its diversified portfolio in the nine months ended 31 March 2022. The Group’s consolidated revenue was MUR 20,365 million, 51 per cent up, compared to the same period a year ago.
CIEL is an international Mauritian Group present in over 10 emerging markets across Asia and Africa. Its apparel operations are spread across Mauritius, Madagascar, India and Bangladesh.
In India, leading apparel manufacturing companies Laguna Clothing, Aquarelle India and Tropic are part of the CIEL Group.
The Group has verticals like textiles, finance, healthcare, hotel & resorts, etc. Its apparel business increased revenues by MUR 3 billion (38 per cent) to reach MUR 11.0 billion for the nine months to 31 March 2022, largely due to the good performance from strong order books in the woven and knitwear segments.
Earnings before Interest, Taxation, Depreciation, and Amortisation (EBITDA) for the nine months increased by 21 per cent to MUR 978 million, despite the impact of higher logistics and production costs.
Consequently, it led to a 26 per cent increase in profit after tax of MUR 503 million for the first nine months compared to MUR 399 million in the same period in 2021.
The textile business contributes around 24 per cent to the total business of the Group, which is highest after healthcare (30 per cent).
Group Free Cash Flow (FCF) was MUR 1.4 billion for the period under review versus MUR 1.3 billion in the prior nine months reflecting increased cash generation across the clusters, which more than offset additional working capital requirements in the textile cluster.
Jerome De Chasteauneuf, Group Finance Director of CIEL Limited, commenting on these results, said “CIEL has a positive outlook for its annual results ending June 2022 but remains cautious with respect to pandemic-related effects and the ongoing conflict between Russia and Ukraine, which has resulted in cost inflation and logistics issues. The Group’s business model has, however, proven to be resilient, underpinned by geographical and product mix diversification and we expect to continually capture those opportunities that will consistently deliver strong financial returns to our shareholders.”
Bharat Tex Special Report 2026 
