Indian fabric manufacturer Raymond's Q1 revenue doubles to ₹1,583 cr

30 Oct '21

2 min read

Pic: Raymond Limited

Raymond Limited, Indian textile and apparel company, has posted a 116 per cent revenue acceleration to ₹1,583 crore in the second quarter (Q2) of FY22 ended on September 30, 2021, compared to the revenue of ₹732 crore in the corresponding period of previous fiscal. The company’s net profit for the quarter improved to ₹53 crore (Q2 FY21: loss ₹133 crore).

“All our businesses have performed well in the second quarter. The consumer facing businesses are witnessing strong resurgence of demand and we witnessed an uptick on a week on week basis during the quarter. With the onset of festive and wedding season, the consumer sentiment is upbeat primarily due to large scale vaccination drive across the country,” Gautam Hari Singhania, chairman and managing director at Raymond Limited, said in a press release.

“With the opening up of global economy, there is an impetus on our garmenting export business that continues to perform well with a healthy order book,” Singhania added.

As for business segments, Raymond said that its branded textile segment skyrocketed with a 214 per cent sales hike to ₹722 crore driven by festive and wedding season demand that began from the month of August. Brand apparel segment also recorded a 211 per cent surge in sales to ₹221 crore witnessing growth across all channels and company’s EBO (exclusive brand outlet) and LFS (large format stores) channels.

Furthermore, with bulk business from US and UK retail markets along with gradual re-opening of European market, the garmenting business sales improved by 13 per cent to ₹212 crore over the Q2 FY21. High value cotton shirting segment’s sales expanded 349 per cent to ₹148 crore.

“With festive and wedding season buoyancy in H2 of this financial year, we are optimistic that the industry is on track for a strong revival,” Singhania concluded.

Fibre2Fashion News Desk (JL)

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