Indian textiles maker Raymond eked out a marginal rise in its net profit for the September quarter, despite a delayed festive and wedding season that typically boosts demand. The company’s consolidated net profit for the quarter ended 30th September inched up to Rs. 159.78 crore from Rs. 158.86 crore in the previous year.
Revenue from operations, however, grew by 4 per cent year-on-year to Rs. 2,253.4 crore from Rs. 2,168.2 crore in the same period previous quarter. The company’s EBITDA (earnings before interest, taxes, depreciation, and amortisation) stood at Rs. 382 crore, up 7 per cent from Rs. 358 crore in the previous year.
“With the onset of festivities and wedding season, we at Raymond are optimistic that there will be an uptick in consumer demand and overall sentiments should remain positive,” said Gautam Hari Singhania, Chairman and MD, Raymond Ltd.
“Raymond continues to attest its growth momentum with strong quarter on quarter performance and Q2 FY ’24 was the 9th consecutive quarter that reported the highest-ever performance both in terms of revenue and EBITDA,” the company said.
The company’s branded textile segment saw a stable top-line performance during the September quarter, with sales of Rs. 933 crore, compared to Rs. 912 crore last year. The quarter saw a reduced offtake due to postponed festivals and wedding dates, further impacted by the presence of an additional month (adhik maas) in the Hindu calendar this year. Despite these factors, the segment maintained a healthy EBITDA margin of 22.1 per cent.
The branded apparel segment achieved significant growth in the second quarter of the fiscal year 2024, with sales reaching Rs. 437 crore, an impressive 18 per cent increase compared to Rs. 370 crore in the same quarter last year. This remarkable growth is attributed to the exceptional performance of the company’s own retail stores and the large format stores (LFS) channel.
Garmenting segment sales grew by 18 per cent to Rs. 312 crore in Q2 FY 2024. The business continues to leverage high demand in the US and European markets, the company said.
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