Home Retail Raymond Q2 net profit up 427 per cent

    Raymond Q2 net profit up 427 per cent

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    Textile major Raymond has reported a PAT (profit after tax) of Rs.39 crore for the second quarter ended September 30, 2010, up 427 per cent from Rs.7 crore reported in the corresponding period in FY 2009-10.

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    Chairman & Managing Director, Raymond, Gautam Hari Singhania told PTI, the company is committed to protect interest of all its shareholders and is taking all appropriate steps, including legal measures, towards this objective

    , chairman and managing director, , said, “This financial year has thrown open numerous opportunities, predominant of which is the buoyant consumer sentiment. Raymond’s focused efforts over the years towards tapping this great Indian consumer potential has enabled the company to capitalise on these opportunities significantly during this fiscal. Our strong performance over the quarter and the half-year ended September 30, 2010 is a reflection of this and the various structural initiatives we undertook, including restructuring our loss-making denim business, closure of unviable operations, and rapid expansion of our retail footprint in smaller towns and cities.”

    He added, “We remain bullish on the domestic consumption story and remain confident of our capabilities to focus on opportunities and grow rapidly.”

    Raymond continues to operate one of the largest speciality retail networks in India in the textile and apparel space with 665 retail stores covering over 1.4 million sq.ft of retail space. The company also has 39 stores in the Middle East and SAARC. Like-to-like store sales growth for company-operated stores for the quarter has been strong at 10 per cent.

    – IndiaRetailing Bureau