Tepid consumption demand across product categories and a challenging Q4FY20 led to overall topline de-growth of 6.4% YoY to | 1699.3 crore in FY20. On the segmental front, fabrics division (~74% of revenues) de-grew 4% YoY whereas garmenting segment (~20% of revenues) saw revenue degrowth of 14% YoY to | 350.0 crore. Higher competitive intensity and subsequent lower realisation weighed on the performance of garmenting segment. As on date, trading channels are stuck with excess inventory. Hence, primary sales are expected to pick up only when the cash cycle starts to improve. On the profitability front, price cuts and higher trade discounts...