India-based apparel and textile company Raymond has announced its financial results for the second quarter ending September 2018. During the period under review, the textile manufacturing company’s consolidated net profit witnessed a 4.7 per cent surge to Rs. 65.20 crore as compared to the previous year’s figures of Rs. 62.24 crores.
Revenue during the reporting quarter soared by 16.04 per cent to mark Rs. 1,875.70 crores as compared to the Rs. 1,616.39 crores in the prior year during the same time.
The company also reported that its expenses were up by 14.86 per cent and accumulated a figure of Rs. 1,771,77 crores as compared to the Rs. 1,542.45 crores in the corresponding year.
Additionally, the branded apparel section yielded a revenue of Rs. 484 crores, recording a hike of 15 per cent. The apparel label marked out, strong performance in MBO channel as well as growth in Raymond and Parx brands popular among new customers that helped the brand achieve such positive results during the said time.
Gautam Hari Singhania, Chairman & MD, Raymond elucidated that the initiatives that the brand has invested in recently are now providing strong outcomes. “With seasonally strong quarters coming in, we are confident to keep up the growth trajectory, enhancing value for all our stakeholders,” Gautam said.
Notably, the income from branded textile for the company also jumped 15 per cent more as compared to the prior fiscal year, fetching a revenue of Rs. 884 crores, boosted by 14 per cent in the suiting department and 17 per cent in the shirts segment.