Raymond net profit jumps threefold for fiscal 2017-18, company calls it ‘milestone year’

By

Maverick Martins

Published
Apr 25, 2018

Indian apparel and textile major Raymond Limited posted a 61 percent jump to Rs 54 crore (approx $ 8.2 million) in its net profit for the quarter ended March 2018. The company’s net profit for the financial year 2017-18 jumped threefold to Rs 142 crore (approx $ 21.5 million) as against Rs 30 crore in 2016-17.
 

The company has said that the financial year has been one of the milestone years for the entire group.
 
Its total income rose 10 percent at Rs 1,655 crore (approx $ 250 million) during the quarter under review as against Rs 1,506 crore (approx $ 227 million) in the corresponding period of the previous fiscal.

Its total income was at Rs 6,025 crore, up 9 percent in 2017-18 as against Rs 5,509 crore in the previous fiscal.
 
The company’s sales revenue was driven mainly by the textile and branded apparel segments which contributed Rs 802 crore and Rs 403 crore respectively. The garmenting segment sales stood at Rs 201 crore while the luxury cotton fabric segment added Rs 145 crore to the total revenue.
 
Commenting on the results, Gautam Hari Singhania, Chairman & Managing Director, Raymond Limited in a statement said, "The financial year 2017-18 has been one of the milestone years for the Raymond Group. Having embarked on the Raymond Reimagined journey, we have been able to take initiatives which are helping us in achieving the remarkable dream of creating a new age customer centric organization which is future ready."
 
Singhania added, “Meeting global demands through Greenfield Ethiopia garmenting plant, reinstating our Make in India commitment through the setting up of linen plant in Amravati, Maharashtra and capturing the tremendous untapped potential in semi-urban and rural areas through mini Raymond Stores are some of the milestones”.
 
Raymond ended the year with 1,219 retail stores across all formats, including 52 stores in the Middle East and SAARC region.