Raymond Q2 revenue up 6 percent to Rs 1616, profit doubles to Rs 60 crore

By

Maverick Martins

Published
Oct 25, 2017

Textile and apparel firm Raymond Limited witnessed a 6 percent rise in revenue to Rs 1616 crore (approx $248.1 million) in the second quarter ended September 30, 2017 of the current financial year while its profit doubled to Rs 60 crore (approx $9.3 million), Raymond Ltd said in a statement.
 

The company had reported net sales of Rs 1583.92 crore (approx $243.1 million) and net profit of Rs 26.59 crore (approx $4.1 million) during the same period of the previous financial year.
 
"We are delighted to complete the first half of the current financial year with a strong profitable growth. This performance is noteworthy as the GST implementation to the last mile impacted the market in the short term. However, this reform will see the inclusion of largely unorganized textile and apparel sectors into a formal economy,” Raymond Ltd Chairman and Managing Director Gautam Hari Singhania said in a statement.

“Overall, with business transformation including profitable growth in branded apparel in progress, we remain focused on shareholder value creation through our Raymond reimagined transformational journey,” he added.
 
Raymond closed the second quarter with a store count of 1142 across all formats including 49 stores in the Middle East and SAARC region.
 
Raymond is looking to expand its retail presence to about 1,500 stores by 2020 and has said that it will open nearly 150-200 stores this year. It has earmarked an investment of Rs 150 crore (approx $23.1 million) towards retail expansion this year.