Raymond’s net profit rises by four per cent in Q2

For the second quarter Raymond’s net profit was up 4.75 per cent. Total income was up 16.04 per cent. Total expenses were up 14.86 per cent. Revenue from branded textiles was higher by 15 per cent over the previous year led by a 14 per cent growth in the suiting business and 17 per cent in the shirting business. Branded apparel segment sales were up by 15 per cent, driven by strong performance in the MBO channel along with growth in Raymond and Parx brands supported by new customer segments.

The initiatives undertaken in recent past are yielding strong results and with seasonally strong quarters coming up, it is confident to continue on its growth trajectory, enhancing value for all its stake holders. As per media reports, the textile and apparel major will invest Rs 350 crores in capacity and retail expansion this year. This will help ramp up its apparel sales and grow the fabric business over the next few years. Of the Rs 350 crores, Rs 200 crores will be allocated to manufacturing expansion, both in India and offshore, while Rs 150 crores will go towards retail expansion. Raymond is also looking to expand its retail presence to about 1,500 stores by 2020.