Raymond Q2 net up 4.7% to Rs 652 mn, income rises 16% to Rs 18.75 bn

Diversified group Raymond Thursday reported a 4.75 per cent increase in consolidated net profit to Rs 652 million for the second quarter ended September 2018.

The company had posted a net profit of Rs 622.4 million in the July-September period a year ago, Raymond said in a filing to the BSE.

Its total income during the quarter under review rose 16.04 per cent to Rs 18.757 billion as against Rs 16.16.39 billion in the corresponding period of the previous fiscal.

Total expenses stood at Rs 17.71 billion, compared to Rs 15.42 billion earlier, up 14.86 per cent.

Raymond Chairman and Managing Director Gautam Hari Singhania said: "The initiatives that we have undertaken in recent past are yielding strong results and with seasonally strong quarters coming in, we are confident to continue on the growth trajectory, enhancing value for all our stake holders."

Revenue from branded textile was at Rs 8.84 billion, higher by 15 per cent over the previous year "led by 14 per cent growth in the suiting business and 17 per cent in the shirting business".

Branded apparel segment sales was at Rs 4.84 billion, up by 15 per cent, "driven by strong performance in MBO channel along with growth in Raymond and Parx brands supported by new customer segments".

Shares of Raymond Ltd on Thursday settled at Rs 620.25 on BSE, down 3.87 per cent from the previous close.