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."
Raymond Ltd is increasing its manufacturing capacity and export capacity to cater to the growing demand for suits in the world by adding more colours and shades. It is also concentrating on the beauty...
Raymond Ltd is a part of the parent company Raymond Group. The company is synonymous with premium textiles for men’s suits and apparel. As the company’s retail structure involves exclusive mono-brand ...
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Apparel and footwear internet retailing recorded very strong growth in 2013. Websites such as Myntra and Jabong offer apparel and footwear at lower prices than their rivals in store-based retailing an...
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