Raymond Ltd posts Q2 net profit of Rs 56 crore
Textiles and apparel major Raymond Ltd reported a consolidated net profit of Rs 56 crore ($7.5 million) for the second quarter ended September 2021, as against a net loss of Rs 136 crore it reported in the year-ago period.
The company’s revenue during the quarter grew two-folds to Rs 1,583 crore, as against Rs 732 crore in the corresponding period of the previous fiscal year.
Raymond’s expenses for the quarter stood at Rs 1,488 crore as compared to last year’s Rs 942 crore.
Commenting on the Q2 results, Gautam Hari Singhania, Raymond chairman and managing director, in a statement said: “All our businesses have performed well in the second quarter. The consumer-facing businesses are witnessing a strong resurgence of demand and we witnessed an uptick on a week-on-week basis during the quarter. With the onset of the festive and wedding season, the consumer sentiment is upbeat primarily due to the large-scale vaccination drive across the country.”
“With the opening of the global economy, there is an impetus on our garments export business that continues to perform well with a healthy order book. With festive and wedding season buoyancy in H2 of this financial year, we are optimistic that the industry is on track for a strong revival,” he added.
Raymond Ltd ended the quarter with a store count of over 1,420 across all formats. The brand also sells online through its website and leading e-commerce platforms.
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