|
Friday, 06 May 2011 |
Raymond announced its audited financial results for the quarter and year ended March 31, 2011.
The consolidated yearly sales for the company has witnessed a growth of 21 per cent at Rs 3,036 crores and EBITDA of Rs 479 crores, which is up by 44 per cent as compared to the corresponding period in the previous year. The textile segment sales registered an increase of 21 per cent to Rs 1,485 crores on the back of higher realizations in a buoyant domestic market. The textile segment reported Earnings Before Interest and Tax (EBIT) of Rs 281 crores which is up by 65 per cent compared to last year. The branded apparel business witnessed a 15 per cent increase in yearly sales to Rs 641 crores and EBITDA of Rs 66 crores for the year, higher by 65 per cent compared to the corresponding previous year. Raymond continues to operate one of the largest specialty retail networks in India in the textile and apparel space with 739 retail stores covering over 1.5 million sq. ft. of retail space including 40 stores in the Middle East and SAARC region. Like-to-like store sales growth for the quarter has been strong at 17 per cent.
The board of directors of the company has approved, subject to shareholders and statutory approval, merger of its subsidiary Raymond Woolen Outerwear having operations at Jalgaon with the company. The company has also successfully completed its voluntary separation scheme at the Thane plant during the year and has now decided to relocate the plant and machinery from Thane to Jalgaon thus leveraging synergies. The Raymond Group was incorporated in 1925 and, within a span of a few years, transformed from being an Indian textile major to a global conglomerate. |
