Raymond Ltd NSE 0.34 percent reported a consolidated net profit of Rs 81.93 crore for the first quarter ended June helped by an increase in sales. The company had posted a net loss of Rs 157.10 crore during the April-June quarter of the previous fiscal, Raymond NSE 0.34 percent said in a regulatory filing.
Its revenue from operations was at Rs 1,728.14 crore, up two-fold, in comparison with a lower base of the pandemic-impacted corresponding quarter. In the year-ago period, Raymond's revenue from operations was at Rs 825.70 crore.
"Q1FY23 has been yet another strong quarter with the highest Q1 revenue and profitability in last 10 years," said an earning statement from Raymond.
During the quarter, it capitalized on market buoyancy and strong wedding demand, supported by expansive distribution helped propel sales. Raymond's total expenses were up 68.59 percent at Rs 1,637.19 crore in the first quarter of FY23, as against Rs 971.06 crore.
"B2C businesses continue to grow with sustained sentiments and strong consumption across markets. Garments business demonstrated resilience with a strong order book. The sustained demand from home buyers contributed to our real estate business with diverse product offerings," it said.
Gautam Hari Singhania, Chairman, and MD said, "The growing demand in both - domestic and international markets along with new customer acquisitions in international markets has been rewarding for the quarter. Furthermore, our real estate project is progressing well with sales velocity and the construction pace of both the projects at Thane. This helps us to deliver strong performance for our real estate business."
In the April-June period, Raymond's revenue from textile was at Rs 648.18 crore and Rs 169.51 crore from the 'shirting' segment. Its revenue from the apparel segment was Rs 262.44 crore and Rs 247.13 crore from the garment segment.
Revenue from tools and hardware was at Rs 123.87 crore and Rs 85.57 crore from the auto components. Its real estate and development of property segment were over two-fold to Rs 286.46 crore as against Rs 130.04 crore in the June quarter of FY22.