The subdued domestic demand and declining export demand due to lockdowns in the global markets on account of COVID-19 come as a double blow for textile companies. While the domestic demand could revive in 3QFY21 with the onset of the festive season and reopening of retail spaces, export demand would be fairly dependent on the recoup of major economies such as the US and UK. Also, there seems to a short-term opportunity for Indian companies to cater to those markets which were earlier catered by China and Bangladesh. However, the threat of import of lower cost raw materials persists and could hamper the domestic industry in the near term.
These were the findings of India Ratings and Research’s (Ind-Ra) assessment for the impact of COVID-19 on India’s textile sector highlights expected outcomes while presenting Ind-Ra’s revenue base case assumptions as well as sub-sector outlook from raw materials to home textiles along with impact on credit metrics.
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