Raymond Ltd reports Q3 net profit of Rs 195 crore
Raymond Ltd reported a 420 percent rise in its net profit to Rs 195 crore ($27.5 million) for the third quarter ended December 2019, as against Rs 38 crore it had reported in the corresponding period of last fiscal.
The company’s net sales for the October-December period also grew by 12 percent to Rs 1,905 crore as against Rs 1,706 crore it had reported in the year-ago period.
Branded textile segment was the highest contributor to the company’s overall revenue with Rs 866 crore followed by apparel and garments segments, which contributed Rs 488 crore and Rs 239 crore, respectively.
Commenting on the results, Gautam Hari Singhania, chairman & managing director of Raymond Limited in a statement said: "Domestic consumption continued to be sluggish coupled with liquidity crunch in the trade channels impacting profitable growth during the quarter. However, the company continued to consolidate its market share with topline growth. The quarter also witnessed the deleveraging of balance sheet with over Rs 400 crore primarily driven by the net proceeds of land sale.”
“With a focus on value creation, during the quarter we also announced the demerger of Lifestyle Business as a separate business entity. This move will enable us to have a focused strategy and specialization for sustained growth across our businesses,” he added.
Raymond Ltd ended the quarter with a store count of 1,584 across all formats covering about 2.44 million square-feet of retail space.
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