Raymond Q2 net profit up 5 percent to Rs 65 crore

By

Maverick Martins

Published
Oct 26, 2018

Textiles and apparel major Raymond Ltd has reported a 5 percent increase in its consolidated net profit to Rs 65 crore ($9 million) for the second quarter ended September 2018 as compared to Rs 62 crore it had posted in the July-September period last fiscal.
 

The company’s revenue for the quarter also jumped 16 percent to Rs 1,876 crore as against Rs 1,616 it reported in the corresponding period of the previous financial year.
 
Raymond’s expenses also climbed 15 percent to Rs 1,772 crore from Rs 1,542 crore this quarter.

Commenting on the results, Raymond Chairman and Managing Director Gautam Hari Singhania in a statement said, "We are delighted to report our profitable growth momentum in a relatively subdued consumer demand environment. The impetus is on our sustainable business processes due to which we have been able to end the first half of the financial year with a strong performance.”
 
“The initiatives that we have undertaken in recent past are yielding strong results and with seasonally strong quarters coming in, we are confident to continue on the growth trajectory, enhancing value for all our stakeholders,” he added.
 
Textile and apparel segments were the major contributors to the revenue of the company for the quarter. Revenue from branded textile was at Rs 884 crore while the branded apparel segment sales were at Rs 484 crore.