Raymond's Denim business witnesses 31 % sales growth
20 Oct '11
2 min read
Raymond Limited announced its unaudited financial results for the quarter ended September 30, 2011.
Raymond consolidated net profit surges 24% to Rs 81 crore for quarter ended September 2011, backed by strong performance across businesses.
• Consolidated Net Sales grew by 25% to Rs 978 crore • Consolidated EBITDA grew by 31% to Rs 185 crore • Margin expansion at consolidated level - EBITDA margin improves by close to 100 bps
The Textile segment (standalone) sales for the quarter ended 30 September 2011 registered an increase of 26% to Rs 497 crore on the back of both higher realizations and volume growth. The segment reported Earnings Before Interest and Tax (EBIT) of Rs 97 crore which is up by 8% as compared to the corresponding quarter of previous year.
The Branded Apparel business witnessed a 29% increase in the quarterly sales to Rs 220 crore and EBITDA of Rs 41 crore for the quarter, which was higher by 112% compared to the corresponding quarter in the previous year. The business has witnessed strong growth across all its core brands.
Raymond continues to operate one of the largest specialty retail networks in India in the textile and apparel space with 762 retail stores covering over 1.54 million square feet of retail space including 41 stores in Middle East and SAARC region. Like-to-like store sales growth for the quarter has been 6%.
The Indian operations of Denim business have witnessed a 31 % sales growth during the quarter backed by 33% realization growth to Rs 191 crore, while EBlTDA stood at Rs 20 crore during the quarter, which is higher by 5% compared to the corresponding quarter of the previous year.
Announcing the results, Mr. Gautam Hari Singhania, Chairman & Managing Director, Raymond Limited said, "We've completed half year of the 2011-12 financial year on a very positive note. This has been possible due to the strong portfolio of our own core brands, our product quality and deep distribution network that spreads across the length and breadth of the country. We are extremely encouraged by the response of our consumers and we will take this momentum going forward in to the future as well.”
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