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Raymond Ltd bucks trend to post exceptional results
Nov '08
Raymond Limited today announced its un-audited financial results for the quarter ended September 30, 2008.

The textile segment sales registered an increase of 22% to Rs 370 crores driven by robust market demand. The textile segmental profit amounted to Rs 80 crore as compared to Rs 54 crore in same quarter in the previous year, an increase of 49% due to improved performance.

The profit margin of the textile segment improved to 22% from 18% due to better product mix, higher realization and volume growth. The net sales of Files & Tools segment was up by 42% to Rs 59 crores backed by excellent growth rates in realization and higher volumes, especially in international markets.

The segmental profit was also up to Rs 8 crores from Rs 2 crores in the same quarter of the previous year. The profit margin of Files & Tools segment improved to 14% from 5%.

The Group's branded apparel businesses continued its blistering pace of growth and logged sales growth rates close to 27% for the quarter over same period previous year.

The Group added 21 stores and retail space of 46000 sq. ft. during the quarter. The retail sales of the company have grown by 27% over the same period previous year. Like-to-like sales of the company stores have grown over 16%.

The Standalone Net Profit for the quarter ended September 30, 2008 was Rs 24 crores. The standalone profitability was affected on account of forex loss of Rs 12 crores due to translation losses on foreign exchange borrowings, as opposed to a translation gain of Rs 8 crores in the same quarter of the previous year.

The first phase of the proposed suit plant with capacity of 1800 suits per day commenced operations in September 2008. The Vapi Phase III expansion is on schedule and the plant will commence operation from Q4FY09.

The Group's carded woolen outerwear Joint Venture with Lanificio Fedora was terminated w.e.f. 9th August 2008. The name of the company has been changed to “Raymond Woolen Outerwear Ltd.” and has now become a subsidiary of Raymond Ltd.

Announcing the results, Mr. Gautam Hari Singhania, Chairman & Managing Director, Raymond Limited said, “Our robust performance in these testing times across all our business categories including our core business is a testimony to the strength of our brand franchise and the reach of our retail and distribution network.

Though the current financial turmoil could bring with it its own share of uncertainties we are bullish on India consumption story and we believe that with our inherent strengths we will sustain our current performance.”

Raymonds Ltd

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