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Raymond back on growth path
31
Jul '10
Raymond Limited announced its unaudited financial results for the quarter ended June 30, 2010.

The Textile segment sales for Q1FYll registered an increase of 29% to Rs 238 crore on the back of higher volumes and improved realisations consequent to the buoyancy in the domestic market. In terms of Earnings Before Interest and Tax (EBIT), the Textile segment witnessed a profit of Rs 5 crore as compared to a loss of Rs 7 crore in the corresponding previous year.

The Files & Tools Division has been transferred to J K Files (India) Ltd a wholly owned subsidiary with effect from October 1, 2009 and hence the standalone results are not comparable.

The net sales of the entire Files & Tools business was up 22% Rs 57 crore for the quarter, Earnings before interest depreciation tax and amortisation (EBITDA) was higher by 39% at Rs 8 crore with EBITDA margins of 14% against 12% in the corresponding previous year.

The Branded Apparel business also witnessed a 20% jump in sales to Rs 149 crore and EBITDA of Rs 14 crore for the quarter, EBITDA margins before exceptional items rose to 10% as against 6% in the corresponding previous quarter.

Raymond continues to operate one of the largest specialty retail networks in India in the textile and apparel space with 644 retail stores covering over 1.37 million square feet of retail space. In addition, the Company also has 39 stores in Middle East and SAARC. Like-to-like store sales growth for Company-operated stores for the quarter has been very strong at 13%.

Announcing the results, Mr. Gautam Hari Singhania, Chairman & Managing Director, Raymond Limited said, “The 2011 financial year's first quarter performance has been up to expectations. Our strategy of consolidation on the cost front, capitalizing on the brand strengths, and rapidly expanding our retail footprint in Tier 3/4/5 towns and 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.

“This has contributed to the healthy performance of our various businesses in the quarter, laying the foundations for a strong FY 2011 ahead. World class manufacturing delivering best in class products is an integral part of our consumer proposition. We remain very bullish on the domestic consumption story and will continue to expand into smaller towns and cities through the year."

Raymond Limited

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