Raymond Ltd, a leading textile and apparel maker reported a multi-fold growth in consolidated net profit at Rs 1,067 crore ($128.6 million) in the quarter ended June 30, as against Rs 82 crore in the year-ago period.
The company’s revenue for the quarter rose by 3 percent to Rs 1,771 crore, as against Rs 1,728 crore in the corresponding period of the previous fiscal year.
Raymond’s total expenses for the April-June quarter were up by 4 percent to Rs 1,714 crore.
Commenting on the results, Gautam Hari Singhania, chairman managing director at Raymond Limited in a statement said, “This was a momentous quarter for us as the Raymond group became net debt free post the sale of our FMCG business. During the seasonally weak first quarter and subdued consumer demand, the company has recorded a strong and steady performance across businesses.”
“The quarter witnessed a lesser number of wedding days compared to the corresponding quarter last year that was a dampener for consumer demand. However, going forward we are optimistic as festive and wedding season will set in during the second half of the year giving an impetus to the consumer demand across the country,” he added.
During the quarter, the company opened 37 new stores across tier I to 4 towns to take its store network at 1,407 stores as on June 30, 2023.
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