Globe Textiles (India) Limited to launch its Right Issue upto Rs. 49 crore

A report by FICCI-Wazir Advisors predicts that the Indian textiles and apparel market is set to double, reaching $350 billion by 2030. This optimistic outlook is driven by a positive economic forecast and a strategic focus on emerging sectors like technical textiles, home furnishing, specialized fabrics, and fashion apparel. In 2022, the market size stands at $165 billion, including a $125 billion domestic market and $40 billion in exports. With a projected 10% Compound Annual Growth Rate (CAGR), the Indian market is poised for significant expansion, showcasing a promising future for the textile and apparel industry.

Further to strengthen India’s textile exports, the Union Cabinet, led by Prime Minister Shri Narendra Modi, has extended the Rebate of State and Central Taxes and Levies (RoSCTL) scheme for Apparel/Garments and Made-ups until March 31, 2026. This two-year extension provides a stable policy framework for the textile sector, supporting long-term trade planning. RoSCTL aims to compensate for various taxes and levies, aligning with the principle that taxes should not be exported. The scheme covers a wide range of taxes, including VAT on fuel and mandi tax, fostering competitiveness in the textile value chain. The extension reflects the government’s commitment to boosting India’s textile exports and ensuring a conducive environment for sustained sectoral growth.

GTIL is one of the reputed companies in the private sector with primary business forays in exporting/domestic fabrics. Company has reported robust financial results over the years with 10 year CAGR of 13% in Revenue and 13% Net Profit. For H1FY24 ended September 2023, company has reported Net Profit of Rs. 2.81 crore and revenue from operation of Rs. 234.78 crore. For FY23 company posted net profit of Rs. 4.5 crore and revenue of Rs. 399.4 crore. Company has been successfully termed as the STAR Exporter of Fabrics and garments catering to global and domestic markets since decades.

Company introduced its licensed denim brand, “Orijean,” with a strong commitment to producing sustainable denim wear. This initiative aligns with GLOBE’s vision to contribute to environmentally conscious and responsible fashion practices in the market. The brand is getting strong traction from the market.

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