Raymond closes quarter at Rs 4.47 bn

For the third quarter ended December, 31, 2010, Raymond’s

income from operation stood at Rs 4.47 billion as compared to Rs 3.72 billion for the quarter ended December, 31, 2009. EBITDA stood at Rs 1.11 billion as compared to Rs 700 million for the same quarter. The group is vertically and horizontally integrated to provide customers total textile solutions. It has a diverse products range.

The textile segment sales registered an increase of 21 per cent to Rs 444 crores on the back of higher realizations in a buoyant domestic market. The textile segment reported Earnings Before Interest and Tax. (EBIT) of Rs 105 crores, which is up by 69 per cent compared to the corresponding period of previous year. The branded apparel business witnessed a 29 per cent increase in sales to Rs 178 crores, while EBITDA of Rs 26 crores for the quarter, higher by 111 per cent as compared to the corresponding period of the previous year. Gautam Hari Singhania, Chairman and Managing Director, Raymond said, "We are continuing with our strong momentum built up on the strengths of our brands, network and manufacturing capabilities. The vibrant domestic market will bring us bigger opportunities for growth and profitability." The Raymond group was incorporated in 1925 and within a span of a few years transformed from being an Indian textile major to a global conglomerate. It introduced a polywool blend in India and created the world’s finest suiting fabric, the Super 240s, made from the superfine 11.6 micron wool. It operates one of the largest specialty retail networks in India in the textile and apparel space with 671 retail points. The company also has 39 stores in Middle East and SAARC region. Like-to-like store sales growth for the quarter has been strong at 14 per cent.