BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
We have analysed the performance of key textile players in Q1 FY23 and highlighted the key trends in the sector.
Sluggish demand, destocking, a higher inflationary environment, and supply-chain issues continue to hamper margin.
Cotton prices touched a record high in Q1 FY23, but have cooled significantly since then. Companies expect prices to stabilise with the onset of the new cotton season in October 2022.
USDA’s cotton report in August-22 has predicted a global production for the upcoming season at 117 million bales (down by 3.1 million bales from its July 2022 estimate). It has raised its cotton season 2022-23 average farm price forecast to 97 cents per pound in August-22 from 95 cents per pound in July-22.
The mid to long-term outlook remains intact due to various government initiatives and higher export opportunities with the signing of Free Trade Agreements between India and the UK and a few more in the pipeline.
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