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KL Rahul-backed fitness brand Boldfit secures INR 110 Cr from Bessemer Partners

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Ashutosh Dubey
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KL Rahul-backed fitness brand Boldfit secures INR 110 Cr from Bessemer Partners

D2C fitness and nutrition brand Boldfit secured INR 110 crore (about $13 million) from venture capital firm Bessemer Venture Partners.

Boldfit continues to grow for over 100% YoY for 4-5 years

Backed by cricketer KL Rahul, Boldfit will use the funds to boost product innovation and grow its brand. Established in 2018 by Pallav Bihani, the brand offers fitness accessories, nutraceuticals, sports equipment, and workout apparel.

Continue Exploring: Curefoods Plans Expansion to 1000 Locations, Opens First International Store

While talking to ET Retail regarding the funding, Bihani said, “We started our business with fitness equipment, and that continues to grow for us over 100% year on year for the last four or five years. As we build out a larger fitness powerhouse in the coming years, activewear, athleisure and footwear will become crucial. We are actively exploring and building these categories, which already contribute a significant portion of our business.”

Boldfit to launch physical stores soon

Notably, Boldfit sells its items on ecommerce sites, quick-commerce platforms, and its own D2C channel. In addition, It plans to open physical stores within the next 12 to 18 months.

“Last year (fiscal 2024) we clocked about Rs 140 crore in revenue, and I think this year looks pretty strong as well. There’s a lot of headroom for growth, and we’re growing very rapidly as we speak,” Bihani stated further. Earlier, in the financial year 2022-23, the company registered a revenue of INR 73 crore.

Continue Exploring: Brigade Hotel ltd seeks to raise INR 900 Cr via IPO, files DRHP to SEBI

Furthermore, Anant Vidur Puri, partner at Bessemer Venture Partners, commented on the investment: “We believe sports and fitness is a rapidly growing market in India and Boldfit has emerged as an early leader in the space with its strong focus on product quality, holistic distribution, and strong brand partnerships.”

Looking ahead, the company plans to innovate in current categories and expand into the Middle East. 

Meanwhile, the Indian fitness market was valued at $20 million in 2023 and is expected to grow to $32 billion by 2028, with an annual growth rate of 27%.

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Colgate registers 10.5% revenue growth YoY, net sales surges to INR 1,609.2 Cr

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Ashutosh Dubey
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Colgate registers 10.5% revenue growth YoY, net sales surges to INR 1,609.2 Cr

Colgate-Palmolive (India) Limited reported strong financial results for the quarter ending September 30, 2024. Their topline growth increased by 10% year-on-year, with domestic revenues up by 10.5%. Net sales rose to INR 1,609.2 crore from INR 1,462.4 crore in the same period last year, showing steady growth across all products.

Colgate reports strong Q2 with profit of INR 395.1 cr

Notably, the brand registered a net profit of INR 395.1 crore in Q2 FY25, up 16.2% from INR 340.1 crore in Q2 FY24. This increase includes a one-time credit from interest on income tax refunds received during the quarter. Advertising expenses increased by 17.8%, highlighting Colgate’s increased investment in brand promotion and category development while continuing to focus on superior product offerings.

Continue Exploring: Raymond Lifestyle sees 69.72% drop in Q2 FY25 net profit due to inflation

According to Indian Retailing, Prabha Narasimhan, Managing Director & CEO, Colgate-Palmolive (India) Limited released a statement, saying, “We are pleased with the robust, consistent topline performance in a tough operating environment. This has been led by broad-based growth across portfolios. Toothpaste achieved high-single-digit volume growth on the back of our core brands- Colgate Maxfresh and Colgate Strong Teeth.

“Toothbrush continued to grow at double digits with rapid premiumization. We expect continued difficult market conditions but remain committed to leverage our very strong P&L which allows us to continue to invest behind superior products and advertising while we maintain our focus on ensuring better oral health for everyone in India,” he added.

Colgate’s BSBF initiative aims  for oral health awareness

Meanwhile, Colgate’s Bright Smiles, Bright Futures (BSBF) program made significant progress this quarter in promoting oral health across India. The initiative partnered with the governments of Uttar Pradesh and Goa to expand its in-school program, aiming to educate over 2 crore children in Uttar Pradesh and over 2 lakh children in Goa about oral health.

Continue Exploring: Godrej refuses to cut palm oil content despite Unilever’s move

Furthermore, Prabha said, “This was a big innovation quarter with the launch of Colgate Visible White Purple, a product that uses colour theory and builds on our growing whitening business. The early response has been excellent. In addition, we aired new communication on our flagship global offering – Colgate Total. With its patented Dual Zinc and Arginine Technology, Colgate Total offers the best everyday protection and is the cornerstone of our premiumization strategy. Colgate Strong Teeth saw new advertising, built on the very relevant insight for today of increased snacking leading to increased loss of calcium, and Colgate Strong Teeth with its arginine + calcium boost builds back this lost calcium.”

Moving forward, the Board has announced a First Interim Dividend of INR 24 per share for the Financial Year 2024-25. A total of INR 653 crore will be paid out to shareholders listed in the Register of Members as of November 4, 2024. The distribution will begin on or after November 21, 2024.

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Raymond Lifestyle sees 69.72% drop in Q2 FY25 net profit due to inflation

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Ashutosh Dubey
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Raymond Lifestyle sees 69.72% drop in Q2 FY25 net profit due to inflation

Raymond Lifestyle registered a 69.72% drop in consolidated net profit to INR 42.18 crore for the second quarter ending September 2024, due to weak demand and high inflation.

Raymond’s revenue from operations drops to INR 1,708.26 cr

According to ET Retail, Raymond Lifestyle, a Raymond Group firm, reported a net profit of INR 139.33 crore for the July-September quarter last year. This year, its revenue from operations dropped 5.27% to INR 1,708.26 crore in the September quarter, compared to INR 1,803.38 crore in the same period last year.

Continue Exploring: D2C brand Bummer introduces vending machines for innerwear

Meanwhile, the total expenses for the Singhania family-promoted firm decreased by 1.38% to INR 1,622.95 crore in Q2 FY’25. Raymond Lifestyle’s total income, including other income, was INR 1,735.21 crore, down 6.16%. “Raymond Lifestyle Ltd had a stable quarterly performance amidst subdued demand, weaker consumer sentiment and higher inflationary pressures,” stated Managing Director Sunil Kataria to ET retail.

In mid of the quarter, Raymond Lifestyle’s Textile segment revenue fell by 8.48% to INR 853.52 crore. The company attributed this decline to lower customer demand and the ‘Shraadh’ period in September. However, its ‘Shirting’ fabric segment, which caters to businesses, saw an 8.31% increase in revenue, reaching INR 228.35 crore.

Raymond Lifestyle to expand up to 1592 stores during quarter

Additionally, the apparel segment saw a slight increase of about 1% to INR 441.02 crore in the September quarter. This segment, which includes branded readymade garments, grew due to new store openings, despite weak consumer demand and tough market conditions. Meanwhile, revenue from ‘Garmenting’ dropped 9.28% to INR 259.60 crore. The garment manufacturing business in Q2 FY25 was “impacted by certain delays in shipment dispatches due to logistic challenges,” the company said.

Continue Exploring: Reliance Retail partners with Californian brand YTTP to introduce vegan skincare items

Looking ahead, Raymond Lifestyle continued to expand its retail presence during the quarter, running 1,592 stores, including 129 Ethnix by Raymond outlets.

“Recent buoyancy has been witnessed at the start of a festive & wedding season. Going forward, we are strategically positioned to capture demand through our retail expansion plans, new product launches and marketing campaigns,” said Kataria. This is the company’s first quarter result since it demerged from Raymond Ltd and listed on the stock exchanges on September 5 this year.

Notably the brands include Park Avenue, ColorPlus, Parx, Raymond Made to Measure, Raymond Ready to Wear, Sleepz by Raymond, and Ethnix by Raymond.

On Wednesday morning, its shares were trading at INR 2,030 each on the BSE, down 7.67% from the previous close.

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Brigade Hotel ltd seeks to raise INR 900 Cr via IPO, files DRHP to SEBI

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Ashutosh Dubey
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Brigade Hotel ltd seeks to raise INR 900 Cr via IPO, files DRHP to SEBI

Brigade Hotel Ventures Limited, a major private hotel asset owner in South India, has submitted its Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) for its IPO. This IPO aims to raise up to INR 900 crore by issuing new equity shares valued at INR 10 each.

Brigade Hotel owns 500 rooms nationwide

As of June 30, 2024, the company is the second-largest private owner of chain-affiliated hotels and rooms in South India, for owners with portfolios of 500 or more rooms across India. Their properties are mainly in South Indian states like Kerala, Andhra Pradesh, Tamil Nadu, Karnataka, and Telangana, as well as in the Union territories of Lakshadweep, Andaman and Nicobar Islands, and Pondicherry.

Continue Exploring: D2C brand Bummer introduces vending machines for innerwear

Notably, Brigade Hotel Ventures Limited is a fully-owned subsidiary of Brigade Enterprises Limited (BEL), a big Indian real estate developer that started in hospitality in 2004. BEL opened its first property, Grand Mercure Bangalore, in 2009. Now, Brigade Hotel Ventures runs nine hotels in Bengaluru, Chennai, Kochi, Mysuru, and GIFT City (Gujarat), with a total of 1,604 rooms.

Brigade Hotel partners with Marriott and others for expansion

Furthermore, the company’s hotels are partnered with well-known brands like Marriott, Accor, and InterContinental Hotels Group, offering upscale to midscale options. These hotels feature dining options, MICE venues, lounges, pools, outdoor spaces, spas, and gyms. They are located in busy and important commercial areas.

Meanwhile, JM Financial Limited and ICICI Securities Limited are the main managers for the IPO.

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TreeHouse Hotels introduces hi-way MOTELS, eyes growth

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Ashutosh Dubey
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TreeHouse Hotels introduces hi-way MOTELS, eyes growth

TreeHouse Hotels & Resorts, part of Karma Hospitality LLP, has introduced hi-way MOTELS. This new addition expands their brand portfolio, which already includes The Luxury Villa Collection, TreeHouse Exotic, TreeHouse, and Nest by TreeHouse.

Hi-way MOTELS at expressways, major city bypasses

This new brand aims to meet the growing need for affordable lodging in India’s busy road travel market. With the second-largest road network in the world, India offers great connectivity. The expanding automotive industry provides a big chance for budget-friendly accommodation options for travellers.

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Notably, hi-way MOTELS will be conveniently located along highways and expressways, near smaller towns or major city bypasses. They will have comfortable rooms with premium bedding, modern bathrooms, and relaxation spaces for long drive breaks. Family rooms with bunk beds for kids and free parking for guests will also be available. These motels are designed to offer good returns for investors.

hi-way MOTELS to offer “hi-way Dhaba”

According to India Retailing, Ajay Mehtani, Partner, TreeHouse Hotels & Resorts released a statement regarding launch, saying, “TreeHouse Hotels & Resorts’ decision to enter the motel space is a strategic move that capitalises on a significant gap in the Indian hospitality sector. hi-way MOTELS by TreeHouse Hotels focuses on affordability, convenience, and modern amenities positioning it to cater to the growing demand for comfortable and budget-friendly road trip accommodations. We are currently in discussions with potential partners who have land parcels of anywhere between one to three acres near the expressways.”

Continue Exploring: Swiggy Instamart’s Karthik Gurumurthy debuts cricket activewear brand Ten X You

Furthermore, hi-way MOTELS will offer amenities for modern travellers, including EV charging stations, “hi-way Dhaba” restaurants, partnerships with retail stores, and ATMs. They will also provide paid parking, car wash services, and rental banquet spaces.

Moving forward, TreeHouse Hotels & Resorts has launched to transform road travel in India, offering comfortable and convenient accommodations tailored to modern travellers’ needs.

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Godrej refuses to cut palm oil content despite Unilever’s move

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Ashutosh Dubey
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Godrej refuses to cut palm oil content despite Unilever’s move

Godrej Consumer Products announced it will not lower soap quality by reducing palm oil, responding to Hindustan Unilever’s (HUL) move to cut palm oil content in its soaps by 25% to manage price fluctuations in commodities.

Will not compromise on the quality of our products – Godrej

In India, soap quality is often judged by the total fatty matter (TFM), which is the amount of oils and fats in the soap. Soap makers use palm oil for its fatty acids. High TFM is usually seen as better quality, but HUL says that the type of fatty matter is more important for a soap’s performance than just the TFM.

Continue Exploring: Swiggy Instamart’s Karthik Gurumurthy debuts cricket activewear brand Ten X You

According to Economic Times, Godrej stated that the Bureau of Indian Standards (BIS) permits reducing TFM if synthetic surfactants or fillers are added. However, while fillers might enhance some aspects, if TFM drops below 75%, the soap won’t be considered grade 1 anymore.

“In normal conditions, consumers may not notice when you reduce total fatty matter (TFM) and add structurants, but in tough situations like hard water, they do notice. For 30 years, we have known about structuring technologies, but we have avoided using them in the bathing bar category,” said Sudhir Sitapati, MD at GCPL. He added that they will not change their strategy despite high palm oil prices. “We will not compromise on the quality of our products by reducing TFM in soaps.”

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Unilever reduces 25% TFM in shop to manage prices

Previously, in July this year, HUL developed a technology called Stratos. This was also introduced in other countries by its parent company, Unilever. Since India is one of the biggest soap markets, Stratos replaced palm oil with a special mix of plant-derived polysaccharides, vitamin blends, and natural fatty acids. HUL claimed this improved the product and used 25% less palm oil than a typical grade 1 soap.

“A bathing bar reduces not just insoluble fatty matter, which is used for structuring and not for cleaning, but also good soluble fatty matter. When the total math on surfactancy is done, a bathing bar cannot technically equal a grade 1 soap in cleaning, lather and sog mush,” Sitapati commented further.

Notably, HUL leads India’s soap market with over 38% share and brands like Lux and Lifebuoy. The market is worth Rs 24,000 crore. GCPL is next with about 13% share and brands like Cinthol and Godrej No 1. HUL said using less palm oil saved a lot of money, which they can use to improve other ingredients in their products.

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D2C brand Bummer introduces vending machines for innerwear

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Ashutosh Dubey
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D2C brand Bummer introduces vending machines for innerwear

In a move to make shopping easier for its customers, Indian D2C innerwear brand Bummer has launched India’s first vending machines for innerwear. This initiative aims to make buying innerwear as easy as buying a bottle of water.

Bummer’s vending machines for effortless shopping

The brand’s new initiative aims to make it easy for shoppers to buy innerwear while on the go. The vending machines have a simple interface, allowing customers to quickly select and purchase their innerwear with just a tap. The products are packed for easy travel, so busy travellers can easily fit them into their luggage. The machines also offer UPI payment options, making transactions fast and easy.

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According to Indian Retailing, Sulay Lavsi, Founder and CEO, Bummer shared, “At Bummer, we believe shopping for innerwear should be as effortless as grabbing a bottle of water. With our vending machines, we are making quality innerwear accessible for everyone on the go. Ahmedabad is just the beginning; we are looking to expand our footprint across India, transforming how people shop for their essentials.”

Bummer’s best-selling items at vending machines

Additionally, the vending machines will feature a selection of Bummer’s best-selling items like boxers, trunks, and boyshorts. All products are made from ultra-soft, Lenzing-certified micro-modal fabric with the brand’s bold prints. These items offer a mix of luxury, comfort, and sustainability, giving customers a high-quality experience.

Continue Exploring: Tanishq’s CaratLane goes global with new store in New Jersey, USA

Notably, the first Bummer vending machine is now at Ahmedabad Airport. Plans are in place to expand to cities like Mumbai, Delhi, and Bangalore soon. This move helps Bummer increase its presence in busy travel areas and offers a unique shopping experience to travellers.

Established by Sulay Lavsi in 2020, Bummer has quickly become known for making innerwear fun and stylish. Their ultra-soft, breathable, and eco-friendly products challenge traditional innerwear norms, making people feel good inside and out.

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Reliance Retail partners with Californian brand YTTP to introduce vegan skincare items

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Ashutosh Dubey
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Reliance Retail partners with Californian brand YTTP to introduce vegan skincare items

Reliance Retail’s Tira has announced the exclusive launch of California-based skincare brand Youth To The People (YTTP) in India. As the sole distributor, Reliance Retail will bring the popular pro-grade, vegan skincare products to Indian consumers through Tira.

YTTP products to be available on Reliance retail in India

Notably, YTTP, famous for mixing powerful superfoods with scientific formulas, has gained a huge global following, especially on TikTok, where fans love its effective results. The launch of Youth To The People in India is a big step for the brand, expanding its reach to more beauty-conscious consumers.

Continue Exploring: India’s Textile Industry to see 6-8% growth in FY25 driven by US demand

This exclusive deal with Reliance Retail will bring YTTP’s unique products to Indian consumers who want vegan, cruelty-free, and effective skincare.

Meanwhile, Youth To The People is not just a skincare brand; it also focuses on social change. Through its Good To The People fund, it supports projects for climate action, gender and racial equity, and human rights. The partnership with Tira fits well with YTTP’s mission of purpose-driven business and global community-building.

YTTP’s Superfood Cleanser in India

Established by Greg Gonzalez and Joe Cloyes in 2015, Youth To The People blends skincare expertise with a focus on conscious innovation. The brand is famous for products like the Superfood Cleanser, a top choice for consumers who value ethical and science-based skincare.

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Furthermore, the launch of Youth To The People in India marks a significant step for Tira and the beauty industry, as consumers increasingly seek more from their brands. With an emphasis on superfoods, scientific formulations, and ethical practices, YTTP aims to attract a new generation of beauty enthusiasts in India, starting a new era of conscious skincare.

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Swiggy Instamart’s Karthik Gurumurthy debuts cricket activewear brand Ten X You

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Ashutosh Dubey
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Swiggy Instamart's Karthik Gurumurthy debuts cricket activewear brand Ten X You

Karthik Gurumurthy, the former architect of Swiggy Instamart, has unveiled his new venture, Ten X You, an activewear brand he founded in July. He made the announcement on LinkedIn, marking his entry into the sports and fitness industry.

Ten X You offers cricket accessories, footwear, apparel

Through this platform, Gurumurthy aims to provide a range of products, including cricket accessories, equipment, footwear, and apparel.

Continue Exploring: Swiggy secures INR 5,085 Cr before IPO, issues 13.03 Cr shares

“We want to build a large business in every sport, starting with the largest sport of our country, cricket.  We want to build something very similar to what Nike did in basketball, Li Ning did in badminton – expert in technical sport and build a great performance brand in sports,” Gurumurthy wrote in the post. 

As Gurumurthy has taken on the role of CEO at his new startup, Ten X You. It’s expected that cricket legend Sachin Tendulkar will join as cofounder and also serve as the CEO. According to the startup’s LinkedIn page, they’ve combined Tendulkar’s years of cricket experience with his passion to create high-quality products for the sport.

Peak XV Partners and Whiteboard Capital backs Ten X You

Meanwhile, the startup is backed by investors like Peak XV Partners and Whiteboard Capital. Its website isn’t live yet. This comes nearly a year after Gurumurthy left Swiggy to start his own venture. At Swiggy, he was in charge of Swiggy Mall and played a key role in creating Swiggy Instamart during his three and a half years there.

Continue Exploring: FSSAI plans discussions with quick commerce firms on sale of near-expiry food items

After quitting, he initially worked on an offline retail venture called Convenio in secret. He reportedly raised $3 million from Matrix Partners India and several angel investors for this project. However, despite getting the funds in January, he decided to end the venture in March and returned the money to investors in June.

Furthermore, he has also launched SRT10 Athleisure in April, with Sachin Tendulkar among its directors, along with Anshu Prasher of Whiteboard Capital and Karan Arora, former vice-president of Swiggy Instamart. However, it remains unclear if SRT10 Athleisure serves as the parent entity of Ten X You, Gurumurthy’s activewear brand.

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India’s Textile Industry to see 6-8% growth in FY25 driven by US demand

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Ashutosh Dubey
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India's Textile Industry to see 6-8% growth in FY25 driven by US demand

India’s home textiles industry is likely to see revenue growth of 6-8% for the fiscal year, with significant expansion coming from the domestic market and resilient demand from key export destinations, particularly the US, according to a recent report released on Tuesday, November 5.

Textile industry witness 9-10% revenue growth in 2023

After seeing a 9-10% revenue growth last year, India’s home textile industry is expected to grow by 6-8% this year. This growth is driven by strong demand from the US and expansion in the domestic market, despite some ongoing logistical challenges, as per a report by Crisil Ratings.

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Due to healthy cash flow, controlled spending on expansion and upgrades, and reduced debt, India’s home textile companies are expected to maintain financial stability. The industry relies heavily on exports, which account for 70-75% of its revenue, with the US being the largest market, contributing 60% of export revenue. The remaining 25-30% comes from the domestic market, providing a stable foundation for the sector’s growth.

Home textiles exported by India to US remain steady- Crisil Ratings Senior Director 

According to India Retailing, Crisil Ratings Senior Director Mohit Makhija stated, “Three factors will drive growth of the home textiles industry this fiscal. One, resilient consumer spending and normalised inventory levels at major retailers in the US will spur exports, though container availability bears watching. Two, the industry’s continued focus on expanding domestic presence will aid growth.”

Further, he mentioned that domestic cotton prices, which are the main raw material, are expected to stay close to international prices, keeping Indian companies competitive. “Therefore, for the home textiles exported by India, the country’s share in US imports will remain steady this fiscal – in January-August 2024, it was 30 per cent, same as in calendar year 2023,” he added.

Continue Exploring: Swiggy IPO receives bids for 98.87 lakh shares, starts off slowly

Meanwhile, as per the report, international cotton prices fell below domestic prices between June and September 2024 due to increased supply from Brazil and the US. However, with India’s cotton season starting, the gap between domestic and international prices is expected to close, helping maintain India’s export competitiveness.

With domestic raw material prices on a par with international prices, operating margins are expected to be stable at 14-15% in the year, just like last year. Home textile companies have invested Rs 8,500 crore for capacity building from 2019 to 2024.

As revenues gradually increase, the industry is expected to use 60-70% of its capacity this year. Most companies aim to optimise this utilisation, though a few large ones are planning capital expenditures with reduced debt levels, the report added.

“With steady operating performance and moderate capex in fiscal 2025, the interest coverage for home textile companies should remain stable at 5-6 times. Healthy cash accrual is likely to reduce dependence on external debt for working capital, which will keep the total outside liabilities to tangible net worth ratio low at 0.6-0.7 times this fiscal (0.7 times last fiscal),” Crisil Ratings Associate Director Pranav Shandil told.

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