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Himatsingka Group total income up 2.2% in Q3 FY20

Feb '20
Pic: Himatsingka Group
Pic: Himatsingka Group
Himatsingka Group, manufacturer, retailer and distributor of home textile product, posted 2.2 per cent growth in total income at ₹675.8 crore in Q3 FY20 compared to same period last year. Year-on-Year total income grew 0.63 per cent to ₹1,973.89 crore for nine months period ending on December 31, 2019. Revenue streams from brands stood at ₹579 crore in Q3. 
The group reported that the financial results for the quarter were impacted due to the retrospective reversal of the Merchandise Exports from India Scheme (MEIS) benefit with effect from March 7, 2019 and restructuring of the European business.
"While it has been a challenging quarter on several fronts, we continue to be focused on creating sustainable value by right aligning our business model and optimising asset utilisation. We are pleased to have commenced commercial production at our new world class Terry Towel facility, which will add to our manufacturing capabilities and position us to deepen global market share in home textile space," Shrikant Himatsingka, managing director & group CEO, said in a press release. 
Consolidated EBITDA (earnings before interest, tax, depreciation and amortization) for Q3 FY 2020 was ₹124.71 crore vs ₹151.07 crore in Q3 FY19, a decline of 17.5 per cent. EBITDA was adversely impacted by reversal of MEIS of ₹11.28 crore during the quarter.
Consolidated EBIT (earnings before interest and taxes) for Q3 FY20 declined to ₹89.74 crore vs ₹123.68 crore in Q3 FY19.
Consolidated PBT (profit before tax), before exceptional items, for Q3 FY20 stood at ₹39.35 crore vs ₹82.66 crore in Q3 FY19. The exceptional item of ₹34.03 crore represents, reversal of MEIS benefit of ₹25.65 crore and expenditure of ₹8.38 crore towards restructuring of European business.
Consolidated PAT (profit after tax), before exceptional items adjusted for tax, for Q3 FY20 stood at ₹27.94 crore vs ₹51.16 crore in Q3 FY19. Consolidated PAT for Q3 FY 2020 stood at ₹2.78 crore vs ₹51.16 crore in Q3 FY19.

Fibre2Fashion News Desk (JL)

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