Raymond posts net profit of Rs 1.92 crore in Q1

By

Maverick Martins

Published
Aug 1, 2018

Textile and apparel major Raymond Group reported a consolidated net profit of Rs 1.92 crore for the first quarter ended June 30. The company had posted a net loss of Rs 5.87 crore in April-June period a year ago.
 

The company’s revenue during the quarter increased 4.5 percent to Rs 1,251 crore as compared to Rs 1,197 crore reported in the corresponding period last year. The sales revenue was driven mainly by the textile and branded apparel segments.
 
Raymond's total expenses were at Rs 1,281 crore, up 3.31 per cent from Rs 1,240 crore in the year-ago period.

Commenting on the results, Gautam Hari Singhania, Chairman & Managing Director, Raymond Limited in a statement said, "Our positive results and the profitable growth for 1QFY19 is a deposition towards our strong focus on execution and financial prudence.
 
“Achieving the profitable growth in a relatively subdued consumer demand environment is a strong indicator of our sustainable competitive advantage through products, brand, retail and enabling platforms. Guided by Raymond Reimagined vision with customer centricity at the heart of it, we remain focused on shareholder value creation n in our transformation journey,” he added.
 
Raymond ended the quarter with a retail store count of 1,236 across all formats, including 52 stores in the Middle East and SAARC region.
 
The company’s net profit for the last fiscal (2017-18) had jumped threefold to Rs 142 crore ($21.5 million) with the company terming the financial year as one of the milestone years for the entire group.