India's Indo Count predicts that demand for home textiles will increase

Indo Count, one of the largest home textile manufacturers in India , expects demand for home textiles to increase in the coming months. The company's revenue grew 20% year-on-year to Rs 2,557 crore in the fiscal 2020-21 .

"Our growth during the year was driven by increased demand for home textile products, thereby increasing our market share globally . More importantly, our focus on scaling up existing capacities, expanding our brand portfolio, strengthening domestic presence, improving e-commerce, and establishing and creating a sustainable value chain has helped us thrive and position ourselves for the future, " said Anil Kumar Jain, Executive Chairman of ICIL, in a media release.

Kailash Lalpuria, executive director and CEO of ICIL , talked about the prospects of the home textile industry in an interview . He said: " During the epidemic , Indo Count expects that the demand for home textile products will increase. "

In addition, he added that a strong supply chain will also provide the company with more complete services.

ICIL's sales grew by a whopping 68% year-on-year in the fourth quarter of FY21 ending March 31. Lalpuria believes this is due to a variety of factors, with teamwork being the most important in the current environment . ICIL has been exporting for more than 30 years and its organizational culture is also suitable for the home textiles sector.

For ICIL, the biggest target market is the United States, which accounts for 75% of its sales. “ During the pandemic , the demand in that market has been very huge, ” Lalpuria said .

To drive the next phase of growth, ICIL plans to invest Rs 200 crore in brownfield expansion and modernisation of spin capacity. The investment will be funded by a combination of internal accruals and debt and is expected to be operational by the second half of FY22. ICIL said this will add Rs 600 crore to the company's revenue over the next two years.

The company plans to increase its sheet capacity by 20% to 108 million metres per annum from the existing 90 million metres by debottlenecking and balancing facilities. It also plans to invest in brownfield sites to add corresponding cutting and sewing facilities and increase production capacity for top of bed (TOB) products.

At the same time, the company also needs to consider the modernization of the spinning unit with compact spinning technology . After modernization, this function will also be used for independent consumption in the home textile industry , the company said.

India

Home Textiles