03 February 2023, Mumbai
For the third quarter Raymond’s net profit fell by four percent compared to the year-ago period.
Revenue for the quarter rose by 18 percent as against the corresponding period of the previous fiscal year. Expenses during the quarter shot up by 17 percent as compared to the year-ago period. But the company continues to leverage the buoyancy in domestic markets as the festivities added to the fervour of good consumer demand leading to delivering the highest-ever revenues in a quarter.
This was the fifth straight quarter where Raymond registered strong performance and overall generated free cash flows to further deleverage the balance sheet to below Rs 1,000 crores of net debt levels.
Raymond is one of India’s leading textile and apparel business group with brands like ColourPlus, Park Avenue, KamaSutra, and Ethnix, among others. The business also offers textile and custom tailoring solutions. Raymond, a wool mill near Mumbai set up in 1925, originally supplied blankets to armed forces in the country. The brand known for its textile business has also diversified its business in consumer products ranging from shaving creams to condoms and also in technology such as auto parts. Raymond also runs a real estate business selling apartments on the outskirts of Mumbai.
