Raymond Q3 net profit rises to Rs 101 crore
Textiles and apparel Raymond Ltd reported a jump in its net profit to Rs 101 crore for the third quarter ended in December 2021, as against a net profit of Rs 22 crore it reported in the year-ago period.
The company’s revenue for the quarter rose by 48 percent to Rs 1,843 crore, as against Rs 1,243 crore in the corresponding period of the previous fiscal.
Raymond's total expenses were up 32 percent to Rs 1,685.03 crore, as against Rs 1,274 crore.
Commenting on the results, Gautam Hari Singhania, chairman and managing director of Raymond Ltd in a statement said, “I am pleased to announce an overall strong performance in the quarter with business achieving 100 percent of pre-Covid levels. With our focused approach on capitalizing on the growing demand for our products and continued cost optimization, we delivered record profitability. We generated free cash flows to reduce debt and are progressing towards being a net debt free business.”
“With Union Budget to be announced shortly, we are hopeful that there will be a further impetus for improving consumerism and expect reforms that increases the spending power of the consumer which will provide opportunity for Indian economy to achieve higher GDP growth in the coming fiscal,” he added.
Raymond Ltd opened 12 new stores during the quarter and ended with a retail network of 1,411 operational stores.
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