Raymond Ltd Q3 net profit down 4 percent to Rs 97 crore

By

Maverick Martins

Published
Feb 1, 2023

Raymond Ltd witnessed a 4 percent decline in its net profit to Rs 97 crore ($11.9 million) for the third quarter ended December 2022, as against a net profit of Rs 102 crore reported in the year-ago period.

The company’s revenue for the quarter rose by 18 percent to Rs 2,168 crore, as against Rs 1,843 crore reported in the corresponding period of the previous fiscal year.

Raymond’s expenses during the October-December quarter shot up by 17 percent to Rs 1,977 crore as compared to Rs 1,685 in the year-ago period.

Commenting on the Q3 results, Gautam Hari Singhania, chairman managing director of Raymond Ltd in a statement said, “Raymond continues to leverage the buoyancy in domestic markets as the festivities added to the fervour of good consumer demand leading to delivering highest-ever revenues in a quarter."

“This was the fifth straight quarter where Raymond registered strong performance and overall generated free cash flows to further deleverage the balance sheet to below Rs 1,000 crore of net debt levels,” he added.

Raymond Ltd is one of India’s leading textiles and apparel business group with brands like ColourPlus, Park Avenue, KamaSutra, and Ethnix among others. The business also offers textile and custom tailoring solutions.