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Q1 2018 revenue at Raymond soars 14%
26
Jul '17
The consolidated revenue of Raymond Limited for the first quarter of 2018 has increased 14 per cent y-o-y to Rs 1240 crore. The sales of textile segment stood at Rs 572 crore, branded apparel at Rs 270 crore, garment at Rs 144 crore and luxury cotton shirting fabric at Rs 131 crore. In June this year, the company also commenced a garment plant in Ethiopia.

The company's EBITDA for the quarter was up 30 per cent y-o-y to Rs 81 crore. EBITDA of branded textiles was Rs 57 crore, up by 6 per cent over the previous year. There was improvement in the EBITDA margin of Raymond's branded apparel by around 110 basis points versus previous year mainly due to operating leverage. EBITDA of garment lowered by 32 per cent while there was an increase of 17 per cent in the luxury cotton shirting fabric segment.

"In line with the expectations, we have started the financial year on a positive note by posting strong growth in the first quarter. The commissioning of our garment facility in Ethiopia is an impetus to become price competitive for export markets enabling us to grow exponentially. The launch of our Khadi label reinstates our commitment to Make in India initiative and is in line with our endeavour to position khadi as a fashion fabric globally," Gautam Singhania, chairman and managing director, Raymond said.

"With GST now being implemented, it will pave way for a unified and simplified tax regime across the country and will also lead to a wide scale inclusion of a largely unorganised textile and apparel sector into the formal economy. With macroeconomic indicators looking positive coupled with upbeat sentiments on the increasing demand and consumption, we at Raymond are confident to continue with growth momentum thus enhancing value for all our stakeholders," added Singhania. (RR)

Fibre2Fashion News Desk – India


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