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In this note, we have analyzed the performance of key textile players in Q3 FY21 and highlighted the key trends in the sector as mentioned in the conference call. Here are the key insights –
Domestic textile players saw a sharp surge in demand, leading to production throughput surpassing pre-Covid-19 levels across the industry.
On the back of strong demand, majority of domestic players saw increase in capacity utilization levels and an improvement in margin due to kicking-in of operating leverage and gross margin expansion on lower raw material prices.
Global cotton prices have increased sharply. International prices stood ~90cents/pound, whereas domestic prices hovered around 76cents/pound in Q3 FY21.
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