Raymond undertakes cost reduction initiatives to minimize debts
13 June 2022, Mumbai:
To become debt-free by 2025, apparel brand Raymond has undertaken several cost reduction and resource mobilization initiatives. As per a Fashion Network report, the brand’s debt declined to Rs1,088 crorein March 2022 from Rs1,416 crorein March 2021.
The company achieved this by focusing on working capital management and cost rationalization. It aims to grow revenue exponentially by the time we compete a century of operations in 2025, says AmitAgarwal, Group Chief Financial Officer, Raymond Group.
For FY22, the 98-year-old company reported a consolidated revenue from operations of Rs 6,179 crore and EBITDA of Rs881 crore. The group has created way-forward strategies for its business verticals — the flagship Raymond Lifestyle (suiting, shirtings, fabrics, apparel, garments exports and garmenting); Raymond Realty, JK Files & Engineering (which includes the steel files, tools, hardware and auto components businesses) and education.
