Raymond Ltd reports Q2 net loss of Rs 137 crore
Raymond Ltd reported a consolidated net loss of Rs 137 crore ($18.5 million) in the second-quarter ended September 2020, as compared with net profit of Rs 86 crore it reported in the year-ago period.
The company’s net sales for the quarter declined 64 percent to Rs 674 crore, as against a revenue of Rs 1,883 crore it reported in the corresponding period last fiscal.
Raymond’s textiles segment got hit by the lockdown across factories and its retail sales outlets leading to sharp fall in sales during the July-September quarter resulting in a loss for the quarter.
Commenting on the quarterly performance, Gautam Hari Singhania, chairman and managing director of Raymond, in a statement said: “With consumer sentiments getting better on a sustained weekly basis, there is a rebound in consumer demand which is evident by increased footfalls in our retail stores. Our focused approach on cost optimization and operational efficiencies has helped us navigate through tough times and maintain both our liquidity and net debt levels.
“As we move in the second half of the current financial year, I am hopeful that the economy will improve with tailwinds giving businesses the impetus for recovery,” he added.
Raymond Ltd is one of India’s leading apparel brands and currently has a store count of 1,584 across all formats.
Copyright © 2021 FashionNetwork.com All rights reserved.