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Raymond, a textile major in the second quarter of FY 14 has reported a 84 per cent rise in net profit to Rs 92 crore as the textile business of the company has seen a rise in its profits. Net sales of the company in the September quarter was up by 10 per cent to Rs 1,224 crore.
The textile business of Raymond's saw a rise of 18 per cent in it's profits t Rs 126 crore due to better margins. Raw material costs of the company did not see a sharp rise this quarter, and only rose by 7 per cent which helped the company's textile business.
The textile business revenue saw a growth of 7 per cent to Rs 559 crore during the September quarter. The apparel business revenue grew by per cent to Rs 254 crore. The garmenting business revenue saw a rise of 17 per cent to Rs 118 crore during the quarter.
“We've completed half year of FY13-14 on a positive note. This has been possible due to our confidence in our brands, product quality and strong pan India distribution network, coupled with continued thrust being given on strategic and tactical plans. We continue to remain bullish on the Indian consumption story.
"Our strategy to enter and consolidate our presence in smaller towns and cities with our iconic brands is giving desired results. We will continue to focus on improving operational efficiencies, strengthening of our brand portfolio and expanding retail coverage to consolidate our end to end leadership position in the country,” said Gautam Singhania, chairman and MD of Raymond.
"Our strategy to enter and consolidate our presence in smaller towns and cities with our iconic brands is giving desired results. We will continue to focus on improving operational efficiencies, strengthening of our brand portfolio and expanding retail coverage to consolidate our end to end leadership position in the country,” said Gautam Singhania, chairman and MD of Raymond.
