Raymond’s Q3 net profit up 420 percent

In third quarter of this financial year that ended in December 2019, Raymond reported a 420 percent rise in its net profit to Rs 195 crore (27.5 million US dollars) as against Rs 38 crore it had reported in the corresponding period of last fiscal. The company’s net sales for the October-December period also grew by 12 percent to Rs 1,905 crore as against Rs 1,706 crore it had reported in the year-ago period.

Branded textile segment was the highest contributor to the company’s overall revenue with Rs 866 crore followed by apparel and garments segments which contributed Rs 488 crore and Rs 239 crore respectively. The company continued to consolidate market share with topline growth. The quarter also witnessed the deleveraging of balance sheet with over Rs 400 crore primarily driven by the net proceeds of land sales. The company also announced the demerger of its Lifestyle Business into a separate business entity. This will enable it to focus on its strategy and specialisation for sustained growth across its businesses. Raymond ended the quarter with a store count of 1,584 across all formats covering about 2.44 million square feet of retail space.