First quarter (Q1) sales at Indian textile manufacturer Grasim Industries popped up 182 per cent to ₹3,763 crore against sales of ₹1,336 crore in the same period of previous fiscal. The company turned net loss of ₹283 crore in Q1 FY21 to profit of ₹482 crore in the reported quarter, ended on June 30, 2021. EBITDA surged to ₹805 crore (loss: ₹126 crore).
First quarter sales at Indian textile manufacturer, Grasim Industries popped up 182 per cent to ₹3,763 crore in first quarter (Q1) of FY22, ended on June 30, 2021, against same period of previous fiscal. The company turned net loss of ₹283 crore in Q1 FY21 to profit of ₹482 crore in the reported quarter, while EBITDA surged to ₹805 crore (loss: ₹126 crore).#
“Globally the impact of the second Covid wave on textile demand was not as severe as the first wave,” the company said in a statement. “India observed selective restrictions on the business activities during most of Q1 FY22, which impacted the sale of textile products, leading to an accumulation of inventory in the value chain.”
China Viscose Staple Fibre (VSF) prices moderated to RMB 12,871 (renminbi) in Jun-21 from RMB 15,805 in Mar-21 and are stable at current level, the Indian manufacturer added. Sales of viscose business which was impacted by domestic sales volume totalled to ₹2,103 crore (₹558 crore).
Moreover, chemicals business improved with higher sales volume to ₹1,436 crore (₹702 crore). Advanced materials business witnessed a strong demand and pricing environment globally and in India with demand driven by wind and auto segments comprising of passenger vehicles, the statement said.
Fibre2Fashion News Desk (JL)
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