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Monday, 16 August 2010 |
Raymond’s textile segment sales for the first quarter of financial year 2010-11 registered an
increase of 29 per cent. It increased to Rs 2.38 billion on the back of higher volumes and improved realizations consequent to the buoyancy in the domestic market. In terms of earnings before interest and tax, the textile segment witnessed a profit of Rs 50 million as compared to a loss of Rs 70 million in the corresponding period previous year.
Raymond’s strategy of consolidation on the cost front, capitalizing on brand’s strengths, and rapidly expanding its retail footprint in Tier III, IV and V cities has contributed to the growth achieved in this quarter. It has also been backed by a significant improvement in consumer sentiment, after two previous years of consumer slowdown. The company remains very bullish on the domestic consumption story and will continue to expand into smaller towns and cities through the year. With over 60 per cent market share in India, Raymond is today the largest integrated manufacturer of worsted fabric in the world. |
