Himatsingka Seide Q1 FY21 sales dip to ₹183 cr

24 Sep '20

2 min read

Pic: Himatsingka Seide Ltd

Himatsingka Seide Ltd, a India-based manufacturer, retailer and distributor of home textiles, reported 71.6 per cent revenue decline to ₹183.29 crore in its first quarter (Q1) for fiscal 2021 ended on June 30, compared to ₹644.55 crore in the same period previous year. EBITDA for Q1 FY21 was a loss of ₹80.71 compared to profit of ₹143.08 crores in Q1 FY20.

“The last few months have been extremely volatile and challenging on many fronts. While our operating performance has been severely impacted during the last two quarters, we feel the worst is behind us. The demand for home textile products is robust and we are well positioned to meet his demand by leveraging our strong manufacturing base, global brand portfolio and broad product range,” Shrikant Himatsingka, managing director & group CEO, said in a press release.

Profit after tax registered a loss of ₹139.79 crore compared to profit of ₹45.25 crore.

Group’s manufacturing facilities at Hassan and Doddaballapur campuses along with distribution facilities in North America and Europe remained non-operational during April and most of May due to the lockdown. Plants commenced partial operations during the month of June. However, the operating conditions remained challenging due to supply chain disruptions and interruptions in work force availability.

For the upcoming quarter, group stated that its Q2 FY21 order book looks healthy under the circumstances, and H2 FY21 order pipeline is robust and Himatsingka remains focused to surpass pre-Covid-19 levels during H2 FY21.

Fibre2Fashion News Desk (JL)

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