Raymond Ltd reported a 27 percent increase in net profit to Rs 57 crore ($6.8 million) for the first quarter ended June 30, as against Rs 45 crore in the year-ago quarter.
The company’s revenue for the quarter rose by 98 percent to Rs 938 crore, as against Rs 473 crore in the corresponding quarter of the previous year.
Commenting on the results, Gautam Hari Singhania, chairman managing director of Raymond Limited in a statement said, “We are satisfied with our business performance in Q1 FY25, which underscores the strength and resilience of our business strategy. During the quarter we have successfully demerged lifestyle business into a separate company that will be listed in Q2FY25.”
“During the quarter, the lifestyle business was impacted due to subdued consumer demand, prolonged heat waves, general elections, fewer wedding dates and inflation, which impacted overall revenue performance and margins,” he added.
Raymond has one of the largest exclusive retail networks in the country with about 1,450 stores in more than 600 towns for its brands like Park Avenue, ‘Colorplus, Parx, Ethnix by Raymond amongst others.
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