Raymond Ltd, a major player in textiles and apparel, nearly doubled its net profit to Rs 184 crore ($23 million) in the third quarter of the year, up from Rs 95 crore in the same period last year. The company’s revenue for the quarter saw an 11 percent increase, reaching Rs 2,450 crore compared to Rs 2,200 crore in the previous fiscal year.
The branded textile segment contributed Rs 909 crore in sales, while the branded apparel segment recorded sales of Rs 437 crore. Raymond’s chairman, Gautam Hari Singhania, expressed delight over achieving the 10th consecutive quarter of growth, marking the highest-ever revenue and profitability across all business segments. Singhania highlighted ongoing retail expansion plans, aiming to open more than 500 stores in the next three years.
In the quarter, Raymond celebrated the opening of its 100th milestone store for ‘Ethnix by Raymond,’ bringing the total to 105 stores. The company’s retail store network stood at 1,512 stores as of December 31, 2023.
