Raymond’s net profit up 427%

Friday, 19 November 2010

Raymond, India’s most well known textile brand has been bestowed with exceptional profits at the end of the second quarter of the current fiscal. It reported a whopping 427 per cent rise with profit after tax (PTA) at Rs 39 for the second quarter ended September 30 in comparison to the Rs 7 crores reported in the corresponding period in 2009-10.

Gautam Hari Singhania, chairman and MD, Raymond, says this financial year has thrown open numerous opportunities. Raymond’s focused efforts over the years towards tapping the great Indian consumer potential has enabled the company to capitalize on opportunities significantly during this fiscal. The company’s strong performance over the quarter and the half-year ended September 30, 2010 is a reflection of this and the various structural initiatives undertaken by them, including restructuring of loss-making denim business, closure of unviable operations, and rapid expansion of retail footprint in smaller cities. Raymond is bullish on the domestic consumption story and confident of its capabilities to focus on opportunities and grow rapidly.

Raymond continues to operate one of the largest speciality retail networks in India in the textile and apparel space with 665 stores covering over 1.4 million sq. ft. of retail space. The company also has 39 stores in the Middle East and SAARC. Like-to-like store sales growth for company-operated stores for the quarter has been strong at 10 per cent. Commanding a 60 per cent market share in India in worsted suiting, it ranks amongst the first three fully integrated worsted suiting manufacturers in the world. With a capacity of 31 million meters in wool and wool-blended fabrics, Raymond is considered the only company in the world to have a diverse product range of nearly 20,000 designs and colors of suiting fabric to suit every age, occasion and style. It exports to over 55 countries including the US, Canada, Europe, Japan and the Middle East.

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