• Q2 profit after tax almost doubled to INR920m
  • Sales up 10% to INR12.24bn 
  • Garment segment sales grew by 17%

Indian textile and clothing group Raymond Ltd has seen its second-quarter net profit almost double due to higher domestic and international demand for its products.

Profit after tax reached INR920m (US$15m) during the three months to 30 September, compared to INR500m in the same period of last year.

Sales were up 10% to INR12.24bn from INR11.14 in the previous year. The company's textile segment saw sales rise 7% to INR5.59bn, while the apparel division reported sales of INR2.54bn, up 9% year-on-year.

Garment segment sales grew by 17% to INR1.18bn and the cotton fabric business posted a 12% sales increase to reach INR880m. Denim segment sales, meanwhile, were up 11% to INR2.36bn due to higher demand in domestic and export markets.

During the first half, profit more than doubled to INR430m from INR150m in the previous year, while sales reached INR20.97bn, up 7% on INR19.51bn last year.

"We will continue to focus on improving operational efficiencies, strengthening of our brand portfolio, and expanding retail coverage to consolidate our leadership position in the industry," said chairman and managing director Gautam Hari Singhania.