No Reprieve in Denim Demand Outlook: Proportion of Denim sales to the overall revenue mix has continuously been the low in FY17 (Q1 69.7%, Q2- 67.1%, Q3 63.2% and Q4 64%), indicating the supply-demand gap continues to be large. We expected recovery towards2HFY18, as industry and economy in general recovered from the double impact of demonetization and GST.