Raymond Ltd posts Q2 net profit of Rs 162 crore

By

Maverick Martins

Published
Nov 3, 2022

Textiles and apparel major Raymond Ltd witnessed over a two-fold rise in its net profit to Rs 162 crore ($19.6 million) for the second quarter ended September 2022, as against Rs 56 crore reported in the year-ago period.

The company’s revenue for the quarter rose by 40 percent to Rs 2,168 crore, as against Rs 1,551 crore in the corresponding quarter of the previous fiscal.

Raymond's total expenses for the quarter rose by 32 percent to Rs 1,954 crore, as compared to Rs 1,489 crore in the same quarter last year.

Commenting on the Q2 results, Gautam Hari Singhania, chairman managing director of Raymond Ltd in a statement said, “The group's businesses are delivering consistent growth in both revenues and profitability on a quarter-on-quarter basis. All four quarters are respectively record quarters in the last 12 months. Our quality products and services are tailored to meet the ever-changing demand from consumers be it fashion or real estate and this approach has helped us to achieve profitable growth.”

In the September quarter, Raymond's revenue from textiles was Rs 912 crore, Rs 210.52 crore from the 'shirting' segment while the apparel and garment segments contributed Rs 370 crore and Rs 265 crore respectively.