Raymond may acquire Robot Systems

Leading textile and apparel company Raymond is set to acquire Robot Systems, a wholly-owned subsidiary of Gokaldas Exports, for an undisclosed amount. Silver Spark Apparel, a unit of Raymond, has entered into a share purchase agreement with Gokaldas Exports, Robot Systems and Gautam Chakravarti for acquisition of the entire shareholding in Robot Systems, Raymond said in a filing to the BSE.

Raymond reported 1.44 percent decrease in consolidated net profit at Rs 56.07 crores for the third quarter ended December 31, 2014 on the account of higher expenses. The company had posted a consolidated net profit of Rs 56.89 crores during the same period of previous financial year. However, net sales for the quarter increased by 14.54 percent to Rs 1,382.32 crores against Rs 1,206.81 crores during the same period of last financial year.

Textiles enjoy almost 44 percent share of Raymond's revenues, followed by branded apparel and denim. The company, which opened its first retail shop in 1958, plans to add 150 more in FY15 to its existing countrywide network of 954.