Textile Sphere News Roundup - October 29, 2024
1. India's Welspun Living's
Q2 FY25 Revenue at $349 Million with 15.5% Growth
Welspun Living Ltd reported
a Q2 FY25 revenue of $349.07 million, marking a 15.5% year-on-year increase.
For H1 FY25, revenue reached $656.95 million, up 16%. The textile segment
achieved Q2 revenue of $322.63 million, while the flooring segment contributed
$29.7 million. Consolidated EBITDA for Q2 stood at $50.02 million. However, net
debt rose to $220.78 million, driven by capital expenditures and share
buybacks. The company's earnings before interest, taxes, depreciation, and
amortization (EBITDA) for the textile business in Q2 reached ₹3,742 million,
reflecting a 4.1% YoY growth.
2. Cotton Corporation of
India Announces ₹7,521 MSP for Cotton
The CCI has officially begun
cotton purchases in market yards, announcing a support price of ₹7,521 per
quintal for cotton with 8-12% moisture content. On the first day of
procurement, private traders purchased cotton at ₹6,700 per quintal for cotton
with no moisture. CCI officials stated that prices would be reduced by ₹75 per
quintal for each percentage of moisture above 8%. Farmers have expressed
concerns about the deductions for moisture content, urging for modernization in
standards as this impacts their returns.
3. High Moisture Content
Leaves Cotton Growers Worried in Some Indian States
Farmers in Telangana and
Maharashtra are concerned as market prices for cotton have fallen below the MSP
in several yards. The CCI highlighted that high moisture content in these
regions has affected procurement. Farmers are calling for a review of the
moisture content standards, as selling cotton at lower prices is affecting
their investment returns.
4. Xinjiang Completes Over
Half of Cotton Picking Thanks to Advanced Cotton Pickers
In northwest China's Xinjiang Uygur Autonomous Region, more than half of the cotton harvest has been completed, with the harvest expected to finish by early to mid-November. The efficiency of the harvest has been enhanced by the use of advanced six-row, self-propelled cotton pickers, which can harvest 500 mu (33.3 hectares) per day. The integration of the BeiDou Navigation Satellite System has further optimized harvesting operations. (Read More)
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