India's Raymond profit triples on strong demand for office and festive wear

Raymond

03/11/2022 11:12

BENGALURU, Nov 3 (Reuters) - India's Raymond Ltd
 RYMD.NS  on Thursday reported a quarterly profit that almost
tripled from a year earlier, aided by higher demand for office
and festive wear.
    Shares of the textile and branded apparel maker closed 7.2%
higher, taking the year-to-date rise to 88.9%.
    Consolidated net profit came in at 1.59 billion
rupees($19.18 million) for the three months ended Sept. 30,
compared with 532.6 million rupees a year earlier. Revenue from
operations rose nearly 40% to 21.68 billion rupees.
    The branded textile segment, the company's biggest revenue
earner, benefited from a jump in demand as people went for
festive and wedding shopping and employees slowly returned to
offices.
    Consumer shopping is back in brick and mortar stores and the
company's network of retail stores experienced buoyancy with
higher footfalls, Raymond said in a statement.
($1 = 82.8910 Indian rupees)
 (Reporting by Navamya Ganesh Acharya in Bengaluru; Editing by
Subhranshu Sahu)
 ((Navamya.GaneshAcharya@thomsonreuters.com; +91 8805175330 ;))