Q1 Raymond’s net loss dips to Rs 5.87 cr

For the first quarter ended June, Raymond’s net loss dipped to Rs 5.87 crores. In comparison, the company had posted a consolidated net loss of Rs 15.59 crores during April-June of the previous financial year. Total consolidated income from operations during the quarter under review was up 13.86 per cent at Rs 1,239.85 crores as against Rs 1,088.88 crores in the same period last fiscal.

Branded textile segment sales grew 11 per cent to touch Rs 572 crores over the previous year while the garment business turnover was Rs 144 crores. The branded apparel segment registered sales of Rs 270 crores, up 17 per cent over the previous year.

With macroeconomic indicators looking positive, coupled with upbeat sentiment on increased demand and consumption, Raymond is confident of continuing the growth momentum, thus enhancing value for all the stakeholders.

Raymond now plans to invest Rs 350 crores in capacity and retail expansion this year. This will help build up apparel sales and boost fabric business over the next few years. Of the total investment Rs 200 crores will be use for manufacturing expansion, both in India and offshore, while Rs 150 crores will be towards retail expansion.