Raymond’s Q2 profits grow, textile revenues up threefold

29th October 2021, Mumbai:

For the second quarter, Raymond’s consolidated net profit was Rs 56.15 crores. Total income was up twofold during the quarter under review as against the corresponding period of the previous fiscal year.

Total expenses were higher at Rs 1,488.64 crores as compared to Rs 942.35 crores. All of Raymond’s businesses performed well in the second quarter. The consumer-facing businesses witnessed a strong resurgence of demand and witnessed an uptick on a week-on-week basis during the quarter.

With the onset of the festive and wedding season, the consumer sentiment is upbeat primarily due to the large-scale vaccination drive across the country.

Revenue from textile was up over three folds. Revenue from the shirting segment zoomed to Rs 148.26 crores. Growth was driven due to improvement in both primary sales as well as secondary sales.

There was a gradual pickup in primary sales from August onwards catering to the upcoming festive demand and the wedding season. Growth in secondary sales was led by improvement in consumer sentiments post gradual unlocking, leading to increasing footfalls in retail outlets.

Revenue from the apparel segment was up over threefold. The garmenting segment was higher at Rs 211.92 crores. This was mainly due to the growth in bulk business from the US and UK retail markets along with the gradual opening up of the European market.

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