Raymond Limited, an Indian textile and apparel company, has reported 45 per cent revenue decline to ₹3,648 crore in fiscal 2021 ended on March 31, 2021, compared to the revenue of ₹6,578 crore in the previous fiscal. The company incurred a net loss during FY21 of ₹297 crore (FY20: profit ₹196 crore), while EBITDA dropped to ₹135 crore (₹612 crore).
Raymond Limited, an Indian textile and apparel company, has reported 45 per cent revenue decline to ₹3,648 crore in fiscal 2021 ended on March 31, 2021, compared to the revenue of ₹6,578 crore in the previous fiscal. The company incurred a net loss during FY21 of ₹297 crore (FY20: profit ₹196 crore), while EBITDA dropped to ₹135 crore (₹612 crore).#
According to the company, strong demand driven by festivals and marriage season provided the required impetus for faster recovery leading to bounce back in sales to almost three times in H2 as compared to H1.
Raymond Limited, an Indian textile and apparel company, has reported 45 per cent revenue decline to ₹3,648 crore in fiscal 2021 ended on March 31, 2021, compared to the revenue of ₹6,578 crore in the previous fiscal. The company incurred a net loss during FY21 of ₹297 crore (FY20: profit ₹196 crore), while EBITDA dropped to ₹135 crore (₹612 crore).#
“We as an organisation were able to leverage our core strengths in terms of a strong brand, great product quality and expansive channel network across the country,” Gautam Hari Singhania, chairman and managing director at Raymond Limited, said in a press release.
Raymond Limited, an Indian textile and apparel company, has reported 45 per cent revenue decline to ₹3,648 crore in fiscal 2021 ended on March 31, 2021, compared to the revenue of ₹6,578 crore in the previous fiscal. The company incurred a net loss during FY21 of ₹297 crore (FY20: profit ₹196 crore), while EBITDA dropped to ₹135 crore (₹612 crore).#
The company’s branded textile segment sales during FY21 dipped to ₹1,572 crore (₹2,917 crore), whereas sales from branded apparel plunged to ₹457 crore (₹1,619 crore). Sales from Raymond’s garmenting business came down to ₹549 crore (₹843 crore), and high value cotton shirting sales were ₹258 crore (₹622 crore).
Raymond Limited, an Indian textile and apparel company, has reported 45 per cent revenue decline to ₹3,648 crore in fiscal 2021 ended on March 31, 2021, compared to the revenue of ₹6,578 crore in the previous fiscal. The company incurred a net loss during FY21 of ₹297 crore (FY20: profit ₹196 crore), while EBITDA dropped to ₹135 crore (₹612 crore).#
“While consumers adapted to online channels during the peak of the pandemic, the future belongs to creating a Phygital experience that intersperses imagination, convenience and customisation and being a leading Brick and Mortar player with an expansive reach, we constantly strive to create an organisation that delights our consumers,” S Ganeshkumar, chief operating officer at Raymond Lifestyle said.
Raymond Limited, an Indian textile and apparel company, has reported 45 per cent revenue decline to ₹3,648 crore in fiscal 2021 ended on March 31, 2021, compared to the revenue of ₹6,578 crore in the previous fiscal. The company incurred a net loss during FY21 of ₹297 crore (FY20: profit ₹196 crore), while EBITDA dropped to ₹135 crore (₹612 crore).#
“For all of this year’s upheaval, we committed ourselves by staying to the course, we refocused the sight of our purpose and we demonstrated that the core will guide us through these turbulent times,” Singhania added in the release.
Fibre2Fashion News Desk (JL)
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