Raymond profit rises 60 crores in second fiscal

Textile and Apparel major Raymond Ltd reported over two fold rise in its consolidated profit after tax of Rs 60 crore for the second quarter ended September 30.

Raymond Ltd Chairman and Managing Director Gautam Hari Singhania said “Consolidated net revenue of the company grew to Rs 1,616 crore for the second quarter, as against Rs 1,584 crore during the same period of the previous financial year. This performance is noteworthy as the GST implementation to the last mile impacted the market in the short term. However, the GST will see the inclusion of largely unorganised textile and apparel sectors into the formal economy”.