Inspired by growth in domestic sales, Indian textile major, Raymond clocked a 23 per cent surge in textile segment revenue for the third quarter of fiscal 2015.
However, on account of higher expenses, consolidated net profit fell 1.44 per cent year on year in the same quarter ending December 31, 2014.
The company said its textile segment revenue drove up by 23 per cent from a year ago quarter to Rs. 681 crore in the reporting quarter.
Raymond CMD Mr. Gautam Hari Singhania said, “We have registered good topline growth driven by strong performance in the textile segment.”
In the third quarter of fiscal 2015, Raymond posted decline in consolidated net profit at Rs. 56.07 crore from Rs. 56.89 crore during the corresponding quarter of fiscal 2014, which it attributed to higher expenses.
During the period branded apparel sales rose to Rs. 256 crore from Rs. 244 crore, up 5 per cent. Raymond said sales growth was moderate due to lower primary sales and deep discounting by e-tailers.
During the quarter it added 22 new stores and closed 12 stores, completed renovation of 8 stores, with 9 stores still under renovation.
Volume growth helped Raymond achieve highest sales growth in the garmenting segment which expanded by a massive 32 per cent year-on-year to touch Rs. 138 crore for the quarter under review.
Raymond’s expense in the third quarter of current fiscal grew by 15.37 per cent to Rs. 1,281.4 crore compared with Rs. 1,110.6 crore in the same quarter a year earlier.
