August 08, 2022

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Q1 Records Rs. 81.93 Crore Consolidated Net Profit For Raymond

Q1 Records Rs. 81.93 Crore Consolidated Net Profit For Raymond

Raymond Ltd clocked a consolidated net profit of Rs 81.93 crore for its first quarter this fiscal year. This was reached due to a sudden surge in sales by the company. The firm’s regulatory filing mentioned how it had clocked a net loss Rs 157.10 crore during the same quarter, previous year.

The company’s revenue from operations was at Rs 1,728.14 crore, which was a direct two-fold rise as compared to the lower base of the same quarter during the pandemic. Raymond’s revenue in the year-ago period was at Rs 825.70 crore.

Raymond, in an earning statement, said, “Q1FY23 has been yet another strong quarter with highest Q1 revenue and profitability in last 10 years.”

During this quarter, the firm leveraged the market buoyancy and a comparatively stronger wedding demand. This was additionally supported by an expansive distribution which helped bolster the sales.

“B2C businesses continue to grow with sustained sentiments and strong consumption across markets. Garments business demonstrated resilience with a strong order book. The sustained demand from home buyers contributed to our real estate business with diverse product offerings,” Raymond said in an official statement.

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The total expenses of the firm were up by 68.59 per cent at Rs 1,637.19 crore in the first quarter of the fiscal year 2023 as compared to Rs 971.06 crore. In this quarter, the revenue from textile for the company was recorded at Rs 648.18 crore and Rs 169.51 crore from the ‘shirting’ segment.

Doonited Affiliated: Syndicate News Hunt

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