Strong Q4 Earnings, Thane Land Development Plans Lift Raymond Shares
Raymond Ltd. posted a 61 percent growth in profit driven by margin expansion in the March-ended quarter.
Margins expanded on higher sales of branded apparels and textiles coupled with lower promotional and ad spends, the company said in a media statement. Revenue rose 11 percent on a year-on-year basis.
The fourth quarter saw a strong recovery from the impact of the demonetisation and the Goods and Services Tax rollout witnessed in the same quarter last year, Sanjay Bahl, group chief financial officer of Raymond told BloombergQuint in an interview.
The board has approved an investment of Rs 300 crores in the ongoing financial year for developing a residential project in 20 acres of land at Thane. “We have secured a major part of the regulatory approvals that are required and a few are in process,” Bahl said.
- Textile and branded apparel have outperformed targets.
- Launch of Raymond Ethnic and Nextlook will drive growth in the branded segment.
- Expecting to add overall 250 stores in current financial year.
- Board has approved development of 20 acres of land for residential purposes.
- Have secured major part of regulatory approval.
- Estimate spending towards project development at Rs 300 crore in current year.
Watch the full interview with Sanjay Bahl of Raymond here.