Raymond to boost garment manufacturing and retail capacity
Raymond plans to boost its garment manufacturing and retail capacity by a third with an investment of Rs 200 crore. This expansion will make the company, the third-largest suit maker globally, says Amit Agarwal, CFO.
Despite facing challenges such as weaker demand in the wedding and general retail sectors due to inflationary pressures in FY24, Raymond remains optimistic about its growth prospects. Highlighting the company's positive performance, Agarwal reveals a notable growth of over 20 per cent in its branded apparel segment on an annual basis.
However, the garmenting segment experienced a decline in the fourth quarter, attributed to the disruptions caused by the Red Sea crisis affecting shipments.
Nonetheless, Raymond has a robust order book supported by initiatives like Make in India and the China plus one policy, which significantly benefit Indian garment manufacturers, notes Agarwal. In its quarter ended March 31, Raymond recently reported an 18 per cent increase in consolidated net profit to Rs 229 crore with revenue reaching Rs 2,688 crore compared to Rs 2,192 crore in the same period last year.
