All states except Maharashtra are seeing good traction: Raymond’s Amit Agarwal

As India's COVID cases continue to spike, a number of states have imposed fresh restrictions to battle the surge. Maharashtra which is seeing the highest surge in cases, under its ‘Break the Chain’ plan has shut down malls and non-essential shops. The state also imposed a night curfew.

Speaking to CNBC-TV18, Amit Agarwal, Group CFO of Raymond said that Maharashtra, which contributes around 7-8 percent of the overall revenues, has seen some impact due to the recent restrictions. However, he said that except for Maharashtra, the other states are seeing good traction.

“The recovery in tier 4 to tier 6 cities has been exceedingly well. We are not seeing any challenge. As of now, there is some impact especially in Maharashtra because of lockdown, but other than that, we are still having good secondary volume coming from our dealers. So, we are seeing decent traction from the customers,” he said.

Agarwal said that they have a large dependency on the wedding season and they are seeing good recovery over there.

“If I look at the numbers, good traction in terms of the entire bookings is visible," he said.

He also said that within branded textiles, branded fabrics like suiting and shirting have recovered 90 percent as compared to peak levels in Q4. However, branded apparel is seeing a slow recovery.

On the garment business, he said that Q4 was muted as the whole of Europe and America was under lockdown. However, he added that with vaccinations being rolled out, they can see improvement in the order book.