INDIA: Raymond posts second-quarter growth
Indian textiles and apparel manufacturer Raymond has reported a jump in EBITDA for the second-quarter, which the company attributed to its strong brands and deep distribution network.
For the quarter ended 30 September, EBITDA grew 31% to INR1.85bn (US$37.2m), as sales increased 25% to INR9.78bn.
The textile segment reported a 26% increase in sales to reach INR4.97bn. It saw EBIT rise 8% to INR97bn.
Meanwhile, the branded apparel business recorded a 29% increase in quarterly sales to reach INR2.2bn. EBITDA in the division rose 112% to INR410m.
The company said its denim business witnessed 31% sales growth to INR1.9bn, while EBITDA grew 5% to INR200m.
Commenting on the results, chairman and managing director Gautam Hari Singharnia said the company has completed the first half on a "very positive note".
"This has been possible due to the strong portfolio of our own core brands, our product quality and deep distribution network that spreads across the length and breadth of the country. We are extremely encouraged by the response of our consumers and we will take this momentum going forward into the future."
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