Raymond Lifestyle Q2 net profit declines 77 percent to Rs 26 crore

Raymond Lifestyle Ltd, the apparel and textiles arm of the Raymond Group reported a 77 percent decline in net profit to Rs 26 crore ($3.1 million) for the quarter ended September 30, as against Rs 116 crore in the year-ago quarter.

The company’s revenue for the quarter was down by 5 percent to Rs 1,315 crore, as against Rs 1,378 crore in the corresponding quarter of the previous fiscal year.

The revenue from the branded textile segment stood at Rs 854 crore while the branded apparel revenue for the quarter was Rs 441 crore.

The garmenting segment and high value cotton shirting segment contributed revenue of Rs 260 crore and Rs 228 crore respectively.

Commenting on the results, Sunil Kataria, Managing Director of Raymond Lifestyle Ltd in a statement said, “Raymond Lifestyle Limited had a stable quarterly performance amidst subdued demand, weaker consumer sentiment and higher inflationary pressures. We have launched Sleepz and getting good responses from trade channel.”

“Recent buoyancy has been witnessed at the start of a festive & wedding season. Going forward, we are strategically positioned to capture demand through our retail expansion plans, new product launches and marketing campaigns,” he added.

During the quarter, Raymond opened 52 new stores including 11 ‘Ethnix by Raymond’ stores to take its retail store network to 1,592 stores as of 30th September 2024.