Raymond Ltd posts Q1 net loss of Rs 157 crore
Raymond Ltd managed to narrow its net loss to Rs 157 crore ($21.2 million) for the quarter ended June 2021, as against a net loss of Rs 248 crore it had reported in the year-ago period.
The company’s revenue for the quarter rose to Rs 826 crore, as against Rs 163 crore it reported in the corresponding period of the previous fiscal year.
Raymond’s expenses for the quarter rose by 79 percent to Rs 971 crore, as compared to the previous fiscal’s Rs 544 crore.
Commenting on the Q1 results, Raymond Ltd chairman and managing director, Gautam Hari Singhania, in a statement said: “The quarter gone by was a difficult one as it was severely impacted by the second wave of the pandemic. However, we were able to handle the situation better with past learnings and closed the quarter with higher revenues.
“The consumer sentiments were seen positive during the month of June with higher number of wedding dates. With vaccination drive gaining pace, we are cautiously optimistic of consumer demand picking up with upcoming festival and wedding season,” Singhania added.
Raymond Ltd is one of India’s leading apparel brands with a store count of over 1,584 across all formats. The brand also sells online through its website and leading e-commerce platforms.
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