Raymond Q2 profit at Rs 56 cr

Raymond Ltd on Wednesday reported a consolidated net profit of Rs 56.15 crore for the second quarter ended September 2021 helped by a good performance of all business segments.

The company had incurred a net loss of Rs 136.59 crore in July-September period a year ago, Raymond said in a regulatory filing.

Total income was up over two folds to Rs 1,583.26 crore during the quarter under review as against Rs 732.34 crore in the corresponding period of the previous fiscal year.

Total expenses were higher at Rs 1,488.64 crore as compared to Rs 942.35 crore.

"All our businesses have performed well in the second quarter. The consumer-facing businesses are witnessing a strong resurgence of demand and we witnessed an uptick on a week-on-week basis during the quarter," Raymond Chairman & Managing Director Gautam Hari Singhania said.

With the onset of the festive and wedding season, the consumer sentiment is upbeat primarily due to the large scale vaccination drive across the country, he added.

Revenue from Textile was up over three folds to Rs 772.09 crore as against Rs 229.89 crore in the year-ago period.

Revenue from the 'Shirting' segment zoomed to Rs 148.26 crore from Rs 33.09 crore earlier.

"The growth was driven due to improvement in both primary sales as well as secondary sales. There was a gradual pickup in primary sales from August onwards catering to upcoming festive demand and wedding season. The growth in secondary sales was led by improvement in consumer sentiments post gradual unlocking, leading to increasing footfalls in retail outlets," said Raymond.

Revenue from the Apparel segment was up over three folds to Rs 221.05 crore as against Rs 70.84 crore.

Garmenting segment was higher at Rs 211.92 crore as against Rs 187.20 crore.

"This was mainly due to growth in bulk business from the US & UK retail markets along with gradual opening up of Europe market," the company said.

Revenue from Tools & Hardware was higher at Rs 137.63 crore from Rs 99.98 crore earlier.

Auto components segment revenue was up 66 per cent at Rs 81.40 crore as against Rs 48.53 crore in July-September last fiscal year.

"Strong growth in exports mainly in US region and domestic markets in ring gears category driven by a significant increase in demand for automobiles. The segment reported a strong EBITDA margin for the quarter of 19 per cent despite an increase in raw material price which was partly offset by higher productivity and efficiencies,'' it said.

Real Estate and Development of Property segment revenue soared to Rs 81.11 crore from Rs 19.01 crore.

Shares of Raymond Ltd on Wednesday settled at Rs 458.10 apiece on BSE, up 1.66 per cent from the previous close.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)