INDIA: Apparel Fuels Indian Rayon Q2 Growth
Indian Rayon and Industries, part of the Aditya Birla Group, has recorded healthy growth thanks to strong performance by Madura Garments, its apparel division. Madura Garments was purchased from Madura Coats, a South Indian company of British origin. During Q2, ending September 30, sales rose 40 per cent to Rs392 and net profit rose 61 per cent. Viscose filament yarn production volumes grew, but average price realised fell to Rs145 per kg.The Aditya Birla group has two companies operating in the textile industry, Indian Rayon, and Gwalior Rayon (now renamed Grasim Industries). Grasim was in the news recently for its attempts to sell off its viscose staple fibre factory in Kerala, India.Madura Garments owns popular brands Peter England, Elements, San Frisco, Byford (knitwear), Louis Philippe, Van Heusen, Allen Solly. The premium garments market is estimated at Rs1200 crore, for which Madura owns 25 per cent, and the mid-priced market is estimated at Rs4800 crore, of which Madura claims to have 15 per cent.
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