Compared to Q1 FY20, during the Q1 of FY21 India’s overall textile & apparel exports have witnessed a major decline of 56 per cent amongst which exports of filament and apparel have shown the highest dip of 67 per cent and 65 per cent, respectively.
The fibre segment was the least impacted as it went down by 18 per cent.
India’s overall textile and apparel imports have also shown a decline of 49 per cent amongst which fabric imports have taken the highest dip by 63 per cent.
On the contrary, imports of ‘Others’ category have increased significantly by 23 per cent. The increase is mainly due to the imports of PPE kits and other related products which are classified in ‘Others’.
Leading consultancy firm, Wazir Advisors’ FY21 shared this information in its Wazir Textile Index – Q1.
Besides, on the basis of the performance of 10 leading textile and apparel giants, Arvind, Vardhman, Welspun India, Trident, Raymond, KPR Mill, Filatex, RSWM, Sutlej and Nahar Spinning, it further adds that the textile Index has seen a drastic drop in sales and EBITDA in Q1 FY21 owing to the COVID-19 lockdown.
There is an overall sales decrease by 57 per cent and overall EBITDA by 88 per cent for these top companies.
At the same time, the raw material cost and the manpower cost also decreased by 60 per cent and 31 per cent, respectively, during the same period.