Raymond Q1 net loss narrows to Rs 157.10 crore

31st July 2021, Mumbai:

Raymond’s net loss during Q1 FY21-22 that ended June 2021 narrowed to Rs 157.10 crore against a net loss of Rs 247.60 crore during the corresponding quarter of the previous fiscal.

However, the brand’s revenue from operation rose over four-fold to Rs 825.70 crore as against Rs 163.16 crore in the corresponding period of the previous fiscal.

Total expenses increased by 78.54 per cent in Q1 FY 2021-22 to Rs 971.06 crore against Rs 543.87 crore in the previous year.

Raymond was also able to maintain strong profitable momentum in the engineering business as it focused on exports as the domestic market was impacted due to lockdown, said Gautam Singhania, Chairman and Managing Director.

The brand expects consumer demand to pick up in the upcoming festival and wedding season with increased vaccinations.

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