Raymond Ltd posts Q3 net profit of Rs 184 crore

Textiles and apparel major Raymond Ltd almost doubled its net profit to Rs 184 crore ($23 million) for the third quarter ended December, as against Rs 95 crore in the year-ago period.

The company’s revenue for the quarter rose by 11 percent to Rs 2,450 crore, as against Rs 2,200 crore in the corresponding quarter of the previous fiscal year.

Raymond’s branded textile segment sales stood at Rs 909 crore while the branded apparel segment sales for the quarter was Rs 437 crore.

Commenting on the results, Gautam Hari Singhania, chairman managing director of Raymond Limited in a statement said, “I am delighted to share that Q3 has been momentous quarter, as we have delivered 10th consecutive quarter of growth with highest ever revenue and profitability across businesses. Our retail expansion continued, and we have an aggressive plan to open over 500 stores during the next 3 years.”

During the quarter, Raymond opened the 100th milestone store of ‘Ethnix by Raymond’ taking the tally to 105 stores. The company’s retail store network was at 1,512 stores as of 31st December 2023.