The latest report by Wazir Advisors reveal that the Textile Index has seen a drastic drop in sales and EBITDA in Q1 FY21 owing to the COVID-19.
There is a decrease in overall sales by 57% and in overall EBITDA by 88% for the top companies. Raw Material cost and manpower cost also decreased by 60% and 31%, respectively during the same period.
The most shocking information is that India’s overall Textile and apparel exports have witnessed a major decline of 56% amongst which exports of filament and apparel have shown the highest dip of 67% and 65%, respectively.
India’s overall T&A imports have also shown a decline of 49% amongst which fabric imports have taken the highest dip by 63%. On the contrary, imports of ‘Others’ category have increased significantly by 23%.
The increase is mainly due to the imports of PPE kits and other related products which are classified in ‘Others’
