Shopping is a therapy, says Raymond which is in business for 97 years
The fabric and fashion retailer company, Raymond, reported over a two-fold jump in its consolidated net profit at Rs 162 crore in its quarter two of FY23 on improved growth across its business segments.
Raymond’s Group CFO Amit Agarwal on November 4 said that the company has seen good numbers, which is reflected in a more-than 26 percent growth in branded textiles, 65 percent-plus growth in the branded apparel business — leading to a strong performance for the second quarter.
The fabric and fashion retailer reported over a two-fold jump in its consolidated net profit at Rs 162 crore in the second quarter of the ongoing fiscal, on improved growth across its business segments. In fact, it said that the company has seen buoyed domestic demand driven by strong consumer sentiments, and an uptick in social gatherings and celebrations with the onset of festivities.
“We are looking at a growth and that is reflected by delivering the highest or record revenue, EBITDA numbers, PAT numbers and if I look at our numbers pre-COVID, on a consolidated basis, we have grown 15 percent,” said Agarwal.
While talking about the e-commerce business, he said, “People thought during the pandemic that there has been a significant shift to online and which would remain permanent in nature is not actually not the case."
Also Read: Raymond's shirt segment not impacted due to high cotton prices as wedding season kicks in
“We think, as Raymond, being in the business for 97 years, that shopping is an experience, it is therapy. So we are seeing that the brick and mortar store has its relevance and we are growing our store count as well,” Agarwal said.
On real estate business, he said, “We have sold 85 percent of our total launched inventory. We have 2 projects in Thane. One is TenX where we sold 120 units and the second is The Address by GS, where we sold 67 units. So that reflects that in the quarter we have been getting strong bookings and the trend continues.”
For more details, watch the accompanying video
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Exclusive | NDA will cross 400 mark before 12:30 pm on June 4, can win all 80 seats in UP, says Amit Shah
May 2, 2024 12:47 PM
View | Congress manifesto vs BJP's wealth redistribution narrative — is it something out of nothing
May 2, 2024 9:10 AM
Two days left for filing nomination, Congress undecided on candidates for Amethi and Rae Bareli seats
May 2, 2024 7:32 AM
Lok Sabha polls: Polling time in Telangana increased by an hour, here's why
May 2, 2024 6:55 AM