Textiles manufacturer Arvind Ltd on Monday reported a 7.32 per cent rise in consolidated net profit at Rs 104.42 crore in the fourth quarter ended March 31, 2024.

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The company had posted a net profit of Rs 97.3 crore in the same quarter of the previous fiscal, Arvind Ltd said in a regulatory filing.

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Consolidated revenue from operations during the quarter under review stood at Rs 2,074.51 crore as against Rs 1,880.76 crore in the corresponding period a year ago, it added.

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The board of directors has recommended a final dividend of Rs 3.75 per equity share and a one-time special dividend of Re 1 per equity share, totalling a dividend of Rs 4.75 per equity share of face value of Rs 10 each for the financial year ended March 31, 2024, subject shareholders' approval in the ensuing annual general meeting, it added.

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For the fiscal ended March 31, 2024 net profit was at Rs 352.63 crore as compared to Rs 413.17 crore in FY23, the filing said.

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Consolidated revenue from operations in FY24 stood at Rs 7,737.75 crore as against Rs 8,382.48 crore in FY23, it added.

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Arvind Ltd said its board has also approved a change in the designation of Sanjay Lalbhai as 'Chairman' from 'Chairman and Managing Director', while Punit Lalbhai will be redesignated as Vice Chairman from the earlier 'Vice Chairman and Executive Director'.

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Moreover, Kulin Lalbhai will be designated as 'Vice Chairman' from 'Executive Director' earlier.

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The company further said the board has approved the appointment of Susheel Kaul as its Managing Director, designated as 'Managing Director & President (Textiles)' with effect from May 6, 2024.

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Jayesh Shah has been re-appointed as Whole time Director designated as 'Director & Group Chief Financial Officer', it added.

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The company's board also approved the transfer of its advanced materials undertaking as a going concern on a slump sale basis to Arvind Advanced Materials Ltd, a wholly owned subsidiary, for a lump sum net cash consideration of Rs 90.36 crore, the filing said.

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Indian textile sector is expected to attract ₹95,000 crore investments in the next four-six years from two schemes – the production-linked incentive (PLI) to the sector, and the proposed seven PM Mega Integrated Textile Regions and Apparel (PM MITRA) parks and generate over 2.25 million additional jobs, a senior official said.

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“While the seven PM Mega Integrated Textile Regions and Apparel (PM MITRA) parks are expected to attract ₹70,000 crore in four-six years with 20 lakh direct and indirect employments, the PLI scheme is likely to attract investments worth ₹25,000 crore with 2.5 lakh additional jobs,” textiles secretary Rachna Shah said on Friday.

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Shah said 64 PLI proposals have been already approved and other 12 applications are under evaluation. Performance of units will be evaluated soon after gestation period is over on March 31, 2024, she added. According to the scheme, the government will start giving incentives from 2025-26. “In case of fast paced investment when threshold investment and threshold turnover is achieved by 2023-24, incentive may be payable in 2024-25 itself,” the scheme document said.

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The PLI scheme for textiles sector is focused on man-made fibre (MMF) , MMF apparel and technical textiles to boost large scale manufacturing and enhancing competitiveness. Launched in September 2021, the ₹10,683 crore PLI scheme for textiles sector is expected to result into a cumulative turnover of over ₹3 lakh crore. It is part of the ₹1.97 lakh crore PLI schemes for 14 sectors including automobile, pharmaceuticals, telecom, steel, white goods and solar modules.

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The other scheme -- the ₹4,445 crore PM MITRA parks -- was notified by the government in October 2021. They are aimed at creating a modern, integrated large-scale, world class industrial ecosystem that will help in attracting investments and boosting employment, she said. The seven sites are Virudhnagar in Tamil Nadu, Warangal in Telangana, Navsari in Gujarat, Kalaburagi in Karnataka, Dhar in Madhya Pradesh, Lucknow in Uttar Pradesh, and Amravati Maharashtra. It is estimated that each park will attract investment worth ₹10,000 crore from both foreign and domestic investors.

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Shah said the government is taking several such policy measures to boost textile industry with the aim to make it $350 billion sector by 2030 from the current level of $154 billion. “One such effort is Bharat Tex, which is set to be the largest global textile event of India. The four-day event is beginning from Monday in New Delhi, which will be inaugurated by Prime Minister Narendra Modi.”

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“Besides China, India is the only country to have the entire textile value chain (from fibre to fabric and apparel), and Bharat Tex will project this strength before an international audience. This will showcase the entire strength of the textile ecosystem which is very unique to India,” she said. Bharat Tex will have participation from 100 countries and more than 3,000 trade buyers, she added.

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 The Lenzing Group, world leading provider of wood-based specialty fibers, hosted the 'The Lenzing Conclave' in Ahmedabad. Renowned as a significant textile base with some of the leading fabric mills and traders, Ahmedabad has been a stronghold for Lenzing fibers, extensively utilized across various applications for several years now.

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The conclave served as a pivotal platform for industry stakeholders in Ahmedabad to convene and exchange ideas on new developments and future opportunities with sustainable textiles, showcasing Lenzing's enduring commitment to innovation & responsible manufacturing. Guests engaged with Lenzing's commercial and technical teams to explore the latest industry innovations under TENCEL and LENZING ECOVERO fiber brands, including the recently launched LENZING ECOVERO black fibers. There was a good focus on developing products which are a blend of TENCEL fibers and cotton, suitable for Indian domestic consumption.

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Ahmedabad's fabric mills and traders, long-standing consumers of Lenzing fibers, have played a vital role in shaping end fabrics with applications spanning fashion, denim, home textiles, and intimate wear products. These fabrics, made from Lenzing fibers, have gained prominence in both export markets and domestic retail. The conclave delved into global fiber and material consumption trends, providing insights into the anticipated changes in the immediate future. Attendees gained valuable perspectives on the evolving landscape of the textile industry and the role sustainable practices play in shaping its future.

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The exhibition at the conclave featured an extensive display of Lenzing's latest innovations across major segments, including denim, home linens, intimate & loungewear, general outerwear, and traditional wear. This hands-on experience allowed participants to explore the versatility and quality of Lenzing fibers, reinforcing their position as industry leaders.

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Talking about the event, Avinash Mane – senior commercial director of AMEA & NEA region, Textiles Business, Lenzing Group, said, “The Lenzing Conclave in Ahmedabad has been a great success, bringing together our key partners from mills and fabric trading in this vital textile hub. It was good to see an increasing number of new partners joining us to collaborate on new innovations. Our commitment to value driven sustainability and innovation is reflected in the showcased products and discussions on global trends. We are proud to be a trusted partner for Ahmedabad's textile industry, contributing to the creation of high-quality, sustainable fabrics for both local and global markets."

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PM MITRA <br/>

The government has launched PM Mega Integrated Textile Region and Apparel (PM MITRA) Parks Scheme to develop world class infrastructure including plug and play facility with an outlay of ₹4,445 crore for a period up to 2027-28. PM MITRA Parks Scheme are inspired by the 5F vision of Prime Minister—Farm to Fibre to Factory to Fashion to Foreign. Nearly ₹70,000 crore investment and 20 lakhs employment generation is envisaged. Parks will offer an opportunity to create an integrated textiles value chain right from spinning, weaving, processing/dyeing and printing to garment manufacturing at a single location. World-class industrial infrastructure would attract cutting edge technology and boost FDI and local investment in the sector. Centre and states to form SPVs for setting up PM MITRA Parks. These parks will be developed in PPP mode.

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National Technical Textile Mission (NTTM) <br/>

The government has launched a National Technical Textiles Mission (NTTM) with an outlay of ₹1,480 crore. The key pillars of NTTM include ‘Research Innovation & Development’, ‘Promotion and Market Development’, ‘Education, Training and Skilling’ and ‘Export Promotion’. The focus of the Mission is for developing usage of technical textiles in various flagship missions, programmes of the country including strategic sectors. The mission got its extension until March 31, 2026, with a subsequent sunset clause applicable until March 31, 2028. Achievement as on date is 126 projects of value ₹371 crore have been approved in the category of Specialty fibres and technical textiles. Guidelines to support indigenous development of high-end machinery, equipment, tools and testing equipment for technical textiles in India and establish indigenous platform for domestic design, development and manufacturing has been launched. Guidelines to support startups and young scientists in the application areas of technical textiles have been approved in Empowered Programme Committee (EPC).

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Amended Technology Upgradation Fund Scheme (ATUFS)  <br/>

Under ATUFS, ratio of MSME: Non MSME is 89:11, while under previous versions of TUFS it was 30:70. Higher incentives of 15 per cent (₹30 crore) for entities for employment potential segments viz. technical textiles and garment/made ups. Employment support to more than 17 lakhs (3.9 lakh new and 13.4 lakhs existing) over seven years. Out of total 3.9 lakhs new employment generated, 1.12 lakh (29 pr cent) are women.

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 ColorJet, India’s leading futuristic textile printing solutions providing company, has announced its participation in the Surat International Textile Expo (SITEX) from January 6-8, 2024, at the Surat International Exhibition and Convention Centre, Surat. ColorJet will unveil its innovative textile printers, VastraJet K2 and SubliXpress Plus during this textile expo.

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Surat, renowned as the hub of the textile industry, holds significant importance for the company. ColorJet has installed over 100 digital textile-printing machines in the city. This achievement is not just a number it's a trust and confidence of their customers have bestowed upon them over the years.

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Speaking about this achievement and the importance of Surat in India’s textile geography, Arun Varshney, Vice President and Business Head, ColorJet Group, said, “As Surat's Preferred Choice, ColorJet takes pride in having successfully installed more than 100 textile printing machines in the city. We express sincere gratitude to all our customers for their trust. We are a customer-centric brand, and this achievement underscores ColorJet's unwavering commitment to innovation and customer satisfaction.”

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He further added, “Surat is one of the oldest and most promising markets in India for the world. Their understanding of textiles is at par with global standards. Perhaps, it is one of the reasons ColorJet is the preferred brand over others. With our presence at SITEX, we are going to further strengthen this bond with the city and showcase the future of digital textile printing to the visitors.”

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ColorJet sees SITEX Surat as an opportunity for industry professionals and enthusiasts to witness their advanced VastraJet K2, High Speed, High Quality direct to fabric printer and High-speed sublimation printer SubliXpress Plus in action. The expo will be an immersive experience, allowing visitors to explore the advance features and capabilities of these advanced textile printers.

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New Delhi: Industry body Retailers’ Association of India (RAI) has urged the finance minister to reconsider the GST Council’s recent decision to increase taxes on several textile and apparel items from 5% to 12% effective January 2022.

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A 7% hike has been proposed to address the issue of inverted duty structure in the textile industry faced by a small segment of the total textile value chain. However, such a steep increase in the GST rate will adversely impact 85% of the industry while trying to ease the problem faced by less than 15% of the industry, RAI said in its note.

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The industry body said the pandemic has already dealt a body blow to the apparel industry as prolonged lockdowns and weak consumer demand led to a decline in sales of clothing.

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“On the business side, it will add to the financial burden of an already-stressed sector, slow down its pace of recovery and affect working capital requirements especially in the case of MSME businesses which account for 90% of the industry. On the consumer side, it will lead to a rise in the prices of garments, thereby hurting consumption. On the government side, in the long run, it may lead to many unorganised businesses going out of the GST net," he added.

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