Raymond revenue up 14 percent, profit soars to Rs 31 crore

By

Maverick Martins

Published
Jan 25, 2018

Indian textile and apparel major Raymond posted strong growth in the third quarter ended December 2017, with revenue rising 14 percent to Rs 1,513 crore (approx $238.3 million) as a result of strong sales across all verticals. The sales revenue of the firm stood at Rs 1,331 crore (approx $209.6 million) in the year-ago period.
 

Branded apparel and textiles were the major contributors to revenues, contributing Rs 768 crore (approx $121 million) and Rs 332 crore (approx $ 52.4 million) respectively, followed by garments and luxury cotton shirting fabrics.
 
The company said consolidated EBIDTA for the quarter was up by 59 percent year-on-year to Rs 131 crore (approx $20.7 million) and margin improved by 246 bps.

The growth across all verticals also led Raymond to a profitable quarter with net profit soaring to Rs 31 crore (approx $ 5 million). The company had posted a net loss of Rs 15 crore during the October-December quarter of the previous fiscal, Raymond Ltd said in a press release.
 
"A seasonally strong quarter is a reflection of buoyancy in the group led by strong revenue growth across all our business and further catapulted by the successful turnaround of our engineering business," Raymond Ltd Chairman and Managing Director Gautam Hari Singhania said.
 
“Having commissioned Greenfield linen facility at Amravati, Maharashtra strengthens Raymond’s manufacturing prowess to aggressively foray into newer categories and reinstates our commitment to make in India. We remain resolute to create a new age Raymond that will continue to enhance shareholder value in the long term," Singhania added.
 
Currently, Raymond has 1,100 outlets in about 450 cities. It is looking to expand its retail presence to about 1,500 stores by 2020.