Raymond, an Indian apparel and textile company, has announced its unaudited financial results for the second quarter ended September 30, 2017.
During the quarter under review, the textile manufacturer noted a more than twofold increase in its consolidated Profit After Tax (PAT) at Rs. 60 crores (140 per cent) compared to Rs. 25 crores during the same quarter of 2016.
Raymond’s net revenue for the second quarter stood at Rs. 1,616 crores as compared to Rs. 1,584 crores in the corresponding period last year.
In the quarter, the company introduced an all-new collection ‘Khadi Wool’ in collaboration with The Woolmark Company. However, it reported a 2 per cent decrease in its branded textile segment sales to Rs. 772 crores.
Gautam Hari Singhania, Chairman and Managing Director of Raymond says that the notable performance has come at a time when the industry is struggling with the GST issues.
Consolidated EBITDA for the quarter was up by 19 per cent year-on-year to Rs. 158 crores.
Additionally, the manufacturer recently announced some key strategies to revamp its business operations and minimise losses.
Raymond has decided to shut around 25 underperforming stores in the 2018 financial year.
Furthermore, it will work on renovating 50 of the unprofitable stores to increase sales.