Indian fabric manufacturer Raymond's Q1 FY22 sales shoot up 289%

Indian textile and apparel firm Raymond Limited's revenue shot up 289% to ₹862 crore in Q1 FY22 that ended on June 30, compared to revenue of ₹222 crore in the corresponding period of the previous year. the net loss for Q1 FY22 reduced to ₹157 crore (FY21: ₹242 crore), while EBITDA improved to ₹7 crore (loss ₹167 crore).

 
“The quarter gone by was a difficult one as it was severely impacted by the second wave of pandemic. However, we were able to handle the situation better with past learnings and closed the quarter with higher revenues. The consumer sentiments were seen positive during the month of June with higher number of wedding dates,” Gautam Hari Singhania, chairman and managing director of Raymond Limited, said.
 
The company’s branded textile segment sales in the three-month period jumped to ₹283 crore (₹17 crore). As EBO and LFS channels were impacted as most of the malls across country remained closed, branded apparel sales stood at ₹75 crore. On the contrary, with gradual opening of the global market, Raymond’s garment business recovered with sales of ₹98 crore, and the rise in B2B customers order led to growth in high-value cotton shirting sales to ₹101 crore.

“With vaccination drive gaining pace, we are cautiously optimistic of consumer demand picking up with the upcoming festival and wedding season,” Singhania concluded in the release.