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Textile: Beleaguered with risks?

(Jun 29, 2007)

In FY07, India's textile and apparel exports grew at a modest pace of 7.7% YoY to reach US$ 19 bn (nearly one-fifth of total exports). However, growth in the two key markets of the US and the EU at 9% and 15% YoY, respectively during 2006, was relatively stronger.

Identifying a textile stock: Do's and don'ts

(Apr 9, 2007)

In Views on News, Equitymaster has tried to highlight here some factors one should keep in mind before investing in an Textiles company. Know more

Textile: Is it different this time?

(Sep 15, 2006)

Indian textile companies, across product categories (apparels, denim, home textiles) are today seeking to build scale, extend their footprint and access global markets. While their attempts are not without several hiccups, there is certainly a sort of rejuvenation in the sector, which was once written off as an old economy debt-ridden sector. This was primarily so when most companies in the sector sought refuge in the BIFR in the late 90s. With the textile majors today once again talking of expa

Textile: A sense of deja vu?

(Jul 7, 2006)

The bear carnage witnessed on the bourses over the last couple of months took a toll on all sectors alike - be it old or new economy stocks. Textile stocks have been witness to such market wrath more than once. In the previous interest rate hike-economic slowdown cycle (from late 1990s to early 2000s), it was this sector that was the worst affected, with most players being subject to the BIFR (Board of Industrial and Financial Reconstruction).

Raymond: Tough times

(Oct 25, 2004)

Raymond India, one of the country's leading textile players, has reported subdued numbers for the second quarter ended September 30, 2004. While net sales are higher, owing to higher raw material costs (especially for its files division), operating margins have declined sharply. Lower other income has not helped matters either. We will have to revise our earnings estimates for FY05 downwards post the 1HFY05 results.

Raymond: Rupee benefits

(Oct 23, 2003)

Raymond, the leading producer of suiting fabrics, has reported subdued performance for the September quarter. Topline has increased by just over 9% mainly due to the increase in denim production capacity. But the bottomline has grown by around 15% mainly due to higher non-core income. Operating profits of the company have gone down by around 13% YoY.

Raymond: An overview

(Sep 25, 2003)

Raymond’s business interests comprise fabrics, denim, branded garments and files tools. It is the world’s third largest integrated manufacturer of wool and wool blended fabrics with production capacity of 25 m meters. It is also the world’s largest steel file manufacturer with over 90% domestic market share and 30% share globally. It is among the top denim manufacturers in the country.

Raymond: Other income fillip

(Aug 21, 2003)

The post 2005 scenario for the textile sector has raised lot of hopes among investors in general. While it is not as rosy as it seems, some companies are in a position to capitalise on the growth opportunity arising out of removal of WTO restrictions. Raymond is one among them. We consider the 1QFY04 performance of the company in general and future growth prospects.

Raymond: Garments thrust

(Jun 19, 2003)

The imperative for Raymond to acquire Color Plus in FY03 not only stems from the fact that the core businesses of the company are stagnating, but also due to other reasons. We have compared Raymond's garments division with Raymond Apparel (a subsidiary that sells 'Parx' brands), Color Plus and Indian Rayon.

Raymond - Headed north?

(Apr 25, 2003)

It is back to a phase of steady growth for Raymond Limited. The company declared its full year results ended March 2003 yesterday in which it has posted a 8% and 6% rise in revenues and net profit respectively (excluding extraordinary adjustments). Against our consolidated earnings estimate of Rs 823 m, the company's net profit stands at Rs 820 m.

Raymond: Pricing pressure

(Feb 18, 2003)

It has been a rather lacklustre year for Raymond Limited. While volume growth has been on the impressive side for the first nine months of the current fiscal year, operating margins continue to remain depressed in light of weakness in its core businesses viz. textiles and industrial files. After a sharp spurt in operating efficiency in FY02 thanks to benefits from the divestment of its commodity businesses, margins are reverting back to the mean.

Raymond: Subdued performance

(Oct 24, 2002)

Raymond has posted a subdued performance for the second quarter ended September 2002. While slower revenue growth could be on account of seasonal nature of demand in the sector, margins have taken a severe beating during 2QFY03. But for 1HFY03, revenue growth in on the higher side led by increased contribution from exports.

Raymond: 'ColorPlus' growth

(Sep 23, 2002)

Last week, Raymond India announced its second acquisition in the garments segment. The company acquired a 75% stake in ColorPlus, the premium branded-garments player in the Indian market. After this acquisition, Raymond is no longer a smaller niche player in this market.

Raymond: The path ahead

(Aug 12, 2002)

The path to turnaround has been a steady one for Raymond Limited, the textiles and denim major. After having divested some of its non-core businesses, there has been a marked improvement in profitability of the company. The first quarter performance also suggests that Raymond has benefited from consolidating its presence in the textile business.

Raymond: Improved performance

(Apr 26, 2002)

Raymond Limited has posted a net profit of Rs 881 m for the full year ended March 31 2002 as compared to a net loss of Rs 70 m (excluding extraordinary income) in the corresponding period last year. However, the results are not comparable as the company sold its cement and steel division last year.

Raymond: Growth trajectory to shift?

(Mar 7, 2002)

From a diversified company with presence in steel, cement and textiles, Raymond, the flagship company under the Singhania Group, has come a long way. After having sold its cement and steel divisions, the company is consolidating its presence in the garments, steel files and denim businesses. Exit from non-core businesses has already started showing positive results at the operating level.

Raymond: Stiff task ahead

(Dec 28, 2001)

Among the turnaround stories in India Inc., Raymond stands out in one way. It managed to sell two of its non-core businesses viz. cement and steel to multinationals at a fairly descent price and now it is focusing purely on fabrics and garments for growth in the coming years. But is the turnaround for real?

Raymond: Turning around

(Oct 29, 2001)

Raymond Limited, the textiles and denim major, is clearly on the turnaround path. The company has registered a net profit of Rs 411 m for the second quarter ended September 30, 2001 as against a loss of Rs 1,500 m in 2QFY01. The notable aspect is the sharp rise in operating margins.

Indian Rayon: Acquisition clouds 1QFY02

(Jul 31, 2001)

Indian Rayon, the diversified Aditya Birla Group Company, has posted an encouraging performance for the first quarter of the current financial year. The company has managed to improve margins as well as reduce its interest costs by restructuring some high cost debts during the first quarter.

Raymond: 1QFY02 sales halves

(Jul 24, 2001)

Raymond has reported a larger than expected drop in sales in the first quarter of the current financial year. Sales have fallen by a sharp 59.6% to Rs 1,321 m. Though this is primarily on account of the divestment of its steel and cement division, the textile division of the company also seems to have witnessed slow down in sales.

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