Raymond Ltd reports 45% revenue decline in FY21

14th July 2021,Mumbai:

In fiscal 2021 that ended March 31, 2021, Indian textile and apparel company Raymond reported a 45 per cent decline in revenue to Rs 3,648 crore compared to the revenue of Rs 6,578 crore in the previous fiscal. The company incurred a Rs 297 crore net loss during FY21 against Rs 196 crore profit in FY20. Its EBITDA dropped to Rs 135 crore from Rs 612 crore in the previous fiscal.

According to the company, strong demand driven by festivals and marriage season provided the required impetus for faster recovery leading to bounce back in sales to almost three times in H2 as compared to H1.

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The company’s branded textile segment sales dipped to Rs 1,572 crore during FY21 from Rs 2,917 crore in the previous fiscal. Its sales from branded apparel plunged to Rs 457 crore while sales from garmenting business declined to Rs 549 crore and sales of high value cotton shirting declined to Rs 258 crore

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