Apparel industry to close FY20 with muted sales growth and moderation in profitability: ICRA

The fast distribute of the Covid-19 pandemic across nations, such as India, has not spared India’s apparel sector possibly, including to the woes of the players who have by now expert a rather demanding fiscal 2020.

Amid a subdued demand scenario in the domestic as nicely as the intercontinental markets, intensifying level of competition and lags witnessed in the clearance of export incentives, most players across the sector are anticipated to near FY20 with muted product sales growth and moderation in profitability and liquidity. ICRA expects revenues of the Indian apparel players to tumble by at minimum 10%-15% across the sector in FY21, subsequent the Covid-19 affect on functions.

Commenting on this, Mr. Jayanta Roy, Senior Vice-President and Team Head, Company Sector Rankings, ICRA, stated: “With the 21-day domestic lockdown introduced by the Authorities of India from March 25, 2020 onwards to beat the distribute of the virus, domestic apparel

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