INDIA: Raymond Q3 earnings soar to $9.2m
Indian textile and clothing group Raymond Ltd saw its earnings soar in the third quarter on the back of growth in all of its businesses.
Net profit in the three months to the end of December reached INR570m (US$9.2m) compared to earnings of INR130m a year earlier.
Sales were up 15% to INR12.07bn from INR1.05bn in the comparable period last year.
Textile segment sales grew 8% to INR5.43bn, while apparel sales were up 15% to INR2.5bn. Garment sector sales climbed 45% to INR1.04bn and the firm's denim business witnessed sales growth of 8% to INR2.35bn.
"We have ended the third quarter on a positive note, despite subdued discretionary spend witnessed in the month of December 2013," said chairman and MD, Gautam Hari Singhania.
"Our focus on profitability through margin expansion across key business segment has led to a strong bottom line growth in the current quarter as well as for the period till date."
Indian textile and clothing group Raymond Ltd saw its share price tumble 4.37% after revealing a drop in second-quarter earnings....
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