Reporting a stellar third quarter, textile and apparel giant Raymond ended December 2023 with net profit nearly doubling to Rs 184 crore ($23 million) compared to Rs 95 crore in the same period last year. This impressive performance marks the company's 10th consecutive quarter of growth, achieving its highest ever revenue and profitability across all its businesses.
Driving this growth was an 11 per cent increase in revenue, reaching Rs 2,450 crore compared to Rs 2,200 crore in the previous year's Q3. Both branded textile and apparel segments saw significant growth, with textile sales reaching Rs 909 crore and apparel sales reaching Rs 437 crore.
Raymond is further amplifying its retail presence with an ambitious plan to open over 500 new stores in the next three years. This aggressive expansion strategy follows the successful opening of the 100th milestone store of "Ethnix by Raymond," bringing the total to 105 stores. As of December 31, 2023, the company's retail network boasts a total of 1,512 stores.
Raymond's strong Q3 performance and ambitious expansion plans position the company for continued success in the Indian textile and apparel market.
