Lower Q3 results disappoints textiles industry

Leading textile players saw disappointing third quarter results. While 24 percent decline in crude prices during October to December 2014 negatively affected polyester industry, cotton prices too saw downward spiral by 15-18 per cent leading to a wait and watch approach by buyers, says a Textile Excellence report. The industry as a whole saw a decline in sales by 3-4 per cent, while net profits were down 20 percent, compared to second quarter of this fiscal and inventories piled up across the industry.

Q3 results disappoint many

Among top performers, Alok Industries' net sales of Rs 35,717.40 million during October-December 2014, registered a decline of 4.62 percent compared to Q2. During Q3 2013-14, the company had clocked in sales worth Rs 36,867 million. It also reported a significant decline in net profits at Rs 258.60 million, down 43 percent than the previous quarter.