Filatex India

May 1 (Reuters) - Filatex India Ltd FLTX.NS:

• FILATEX INDIA MARCH-QUARTER CONSOL NET PAT 400.8 MILLION RUPEES

• FILATEX INDIA MARCH-QUARTER CONSOL REVENUE FROM OPERATIONS 9.85 BILLION RUPEES

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By Dhwani Pandya, Sumit Khanna, Helen Reid and Ruma Paul

SURAT, India, April 24 (Reuters) - A surge in fossil fuel prices since the Iran war is squeezing polyester suppliers and garment makers across India and Bangladesh, threatening to raise costs for fast-fashion retailers like Zara and H&M.

Filatex FLTX.NS, one of India's biggest polyester yarn producers, is paying nearly 30% more for the petroleum-derived feedstocks - purified terephthalic acid (PTA) and monoethylene glycol (MEG) - that it needs to make yarn, as Chinese suppliers raise prices and Middle East supply is disrupted, managing director Madhu Sudhan Bhageria told Reuters.

The pain is being felt across the clothing supply chain, which is dominated by Asia. Avichal Arya, CEO of Bindal Silk Mills, which supplies dyed and printed polyester fabrics to retailers including H&M, Zara-owner Inditex, Target, Walmart and IKEA, said the energy crisis had "drastically" pushed up the cost of chemicals and dyes.

Adding to his woes, Arya said a shortage of cooking gas due to the war has driven many migrant workers to leave Surat, a textile hub in India’s western state of Gujarat. "We are not able to actually meet the demands of the global orders very fruitfully these days," he said.

Made from oil derivatives, polyester dominates the textile industry, accounting for 59% of global fibre production and used in everything from running shorts to dresses. It is directly exposed to the squeeze on refined petroleum products caused by the closure of the Strait of Hormuz.

FAST FASHION COSTS COULD RISE

The pressure could eventually move downstream to retailers that rely on Asia’s polyester-heavy supply chains, though retailers are shielded from immediate pain by forward buying.

British retailer Primark said its spring/summer stock and a big part of autumn/winter stock would not be affected. "If we were buying energy-related raw materials today we would be seeing significant inflation, it's just that we're not," George Weston, CEO of parent company Associated British Foods ABF.L, told Reuters.

"It may be that when we do have to go back into the market the prices have reduced, but we don't know."

An industry source said H&M expects price increases from Bangladeshi suppliers in the coming weeks but plans to absorb them.

In a statement, H&M said it does not see major disruptions to production in Bangladesh and has not observed "any noticeable number of requests from suppliers to adjust orders in connection with energy costs."

Zara-owner Inditex declined to comment on its polyester supply. Target, Walmart, and IKEA did not immediately respond to a request for comment.

Retailers like Zara and H&M have shifted to using mostly recycled polyester - made from plastic bottle waste - which could cushion some of the oil-driven cost pressure for them. But globally, recycled polyester still accounts for just 12% of polyester production.

POLYESTER SHOCK

In Surat, half of the 200 industrial looms at Radheshyam Textile that weave polyester have sat silent since the conflict started in late February.

"Our daily production was 10,000 metres per day before the war started, but it has fallen to 3,500 to 4,000 metres per day," owner Kaushik Dudhat told Reuters. He has stopped buying new polyester yarn, saying the steep price increases would force him to raise his own prices by around 15% — a hike his customers, mainly clothing traders, would not accept.

Rising costs have caused textile dyeing and printing factories in Surat to shut for two days a week, up from one previously, said Kailash Hakim, president of the Federation of Surat Textile Traders Association. "If the situation persists, raw material shortages will start taking place and factories will need to shut down," he warned.

Data from Wood Mackenzie shows the price of polyester staple fibre in India jumped from 100 rupees per kilogramme at end-February to 126.5 rupees a month later. It eased slightly after the Indian government slashed import tariffs on petrochemical raw materials, but remained at 120 rupees as of April 9.

Prices in China, the world's biggest polyester producer, have also jumped.

DEMAND DESTRUCTION

In Bangladesh, even though factories mostly make cotton-based clothing, they face higher prices for the polyester sewing thread that feeds their sewing machines, and higher logistics costs from raised retail fuel prices.

In an April 5 letter reviewed by Reuters, thread producer Coats Bangladesh — a unit of UK-listed Coats COA.L — announced a 15.5% price increase effective April 15, citing the "rapid escalation in oil-derived feedstock costs" and higher transportation expenses.

"Buyers are becoming more cautious and carefully calculating risks before placing orders, which could affect order volumes," said Mohammad Hatem, president of the Bangladesh Knitwear Manufacturers and Exporters Association.

"If this goes on for one more month, forget it — we will have lower clothing production and what we call demand destruction, because retailers will have to raise their prices and consumers will cut their purchases," said Bruna Angel, principal analyst for fibres at Wood Mackenzie.

SNEAKERS NEXT

Petrochemical-derived materials such as ethylene-vinyl acetate (EVA) are also widely used in sneakers, and U.S. retailers have raised the alarm.

"There's broad-based impact across the board no matter where you source your shoes from," said Matt Priest, president of Footwear Distributors and Retailers of America, which identified 25 petrochemical-based components used in shoes — from synthetic rubber outsoles to polyurethane foam and adhesives — in a recent report.

Higher costs could push retail prices up and make it harder for brands to forecast demand.

"Materials related to oil do have an impact on product costs," a Nike spokesperson said.

(Reporting by Sumit Khanna in Surat, Dhwani Pandya in Mumbai, Helen Reid in London, Ruma Paul in Dhaka, James Davey in London;Editing by Elaine Hardcastle)

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Feb 25 (Reuters) - Filatex India Ltd FLTX.NS:

• UNIT SIGNS MOU WITH AMERICAN & EFIRD GLOBAL

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** Shares of Filatex India FLTX.NS jump 8.2% to 52.09 rupees

** Stock set for best day since July 2025, if gains hold

** Polyester yarn producer posts 16.6% rise in Q3 profit, helped by increased sale of higher-value products

** Q3 rev fell 1.8%, but expenses fell at a faster rate of 2.5%, aiding FLTX's profit

** Q3 EBITDA jumps 24% thanks to higher premium sales

** FLTX turns YTD positive, up 6.2% this year

(Reporting by Nandan Mandayam in Bengaluru)

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July 23 (Reuters) - Filatex India Ltd FLTX.NS:

• RE-APPOINTS MADHU SUDHAN BHAGERIA AS CHAIRMAN AND MD

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April 23 (Reuters) - Filatex India Ltd FLTX.NS:

• MARCH-QUARTER CONSOL NET PAT 410.9 MILLION RUPEES

• MARCH-QUARTER CONSOL REVENUE FROM OPERATIONS 10.8 BILLION RUPEES

• APPROVES REVISED EXPANSION PROJECT FOR DAHEJ PLANT

• EXPANSION PROJECT COST ESTIMATED AT 2.35 BILLION RUPEES

• APPROVES STEAM POWER DISTRIBUTION PROJECT AT COST OF 850 MILLION RUPEES

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Jan 29 (Reuters) - Filatex India Ltd FLTX.NS:

• APPROVES 240 MILLION RUPEES INVESTMENT IN HYBRID POWER PROJECT WITH TORRENT POWER

• TO INVEST 1.55 BILLION RUPEES FOR EXPANSION AT DAHEJ

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Aug 8 (Reuters) - Filatex India Ltd FLTX.NS:

• FILATEX INDIA JUNE-QUARTER NET PAT 322.9 MILLION RUPEES

• FILATEX INDIA JUNE-QUARTER REVENUE FROM OPERATIONS 10.54 BILLION RUPEES

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April 30 (Reuters) - Filatex India Ltd FLTX.NS:

• APPROVED THAT POLYESTER TEXTILES RECYCLING PROJECT WILL BE EXECUTED IN UNIT, TEXFIL

• ESTIMATED PROJECT COST SHALL BE AROUND 3 BILLION RUPEES FOR AN ANNUAL CAPACITY OF 26250 MT

• MARCH-QUARTER NET PAT 348.4 MILLION RUPEES VERSUS PROFIT 186.1 MILLION RUPEES

• MARCH-QUARTER REVENUE FROM OPERATIONS 10.26 BILLION RUPEES VERSUS 10.47 BILLION RUPEES

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By Selena Li and Xie Yu

HONG KONG, March 19 (Reuters) - Fund manager Fidelity International(FIL) is planning to lay off 20 people at its main China business unit, two sources familiar with the matter said, a move that comes amid a global downsizing by the firm and a downturn in China's markets.

FIL's wholly-owned China fund unit, which currently houses around 120 staff, will launch a cut equivalent to around 16% of its headcount, according to the sources, who declined to be named as they were not authorised to speak to media.

The fund management giant, which manages $776 billion of client assets, commenced a broader cost reduction programme globally earlier this month, expected to save around $125 million in 2024 with 9% of its workforce made redundant.

A FIL spokesperson said that a review on previously reported global role reductions is ongoing across business lines and geographies and no decisions have been made in relation to its China business.

(Reporting by Selena Li and Xie Yu; Editing by Sumeet Chatterjee and Miral Fahmy)

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Oct 30 (Reuters) - Filatex India Ltd FLTX.NS:

• SEPT-QUARTER NET PAT 231 MILLION RUPEES VERSUS PROFIT 251.6 MILLION RUPEES

• SEPT-QUARTER REVENUE FROM OPERATIONS 11.08 BILLION RUPEES VERSUS 11.63 BILLION RUPEES

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Aug 4 (Reuters) - Filatex India Ltd FLTX.NS:

• FILATEX INDIA JUNE-QUARTER NET PAT 176.2 MILLION RUPEES VERSUS PROFIT 433.9 MILLION RUPEES

• FILATEX INDIA JUNE-QUARTER REVENUE FROM OPERATIONS 10.69 BILLION RUPEES VERSUS 10.23 BILLION RUPEES

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May 4 (Reuters) - Filatex India Ltd FLTX.NS:

• FILATEX INDIA MARCH-QUARTER NET PAT 186.1 MILLION RUPEES VERSUS PROFIT 785.6 MILLION RUPEES

• FILATEX INDIA MARCH-QUARTER REVENUE FROM OPERATIONS 10.47 BILLION RUPEES VERSUS 10.90 BILLION RUPEES

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