The company had posted a net profit of Rs 162.43 crore in the same quarter last fiscal
New Delhi: Raymond Lifestyle Ltd on Thursday reported a 60.5 per cent decline in consolidated net profit at Rs 64.17 crore in the third quarter ended December 31, 2024, impacted by weak market conditions and higher expenses.
The company had posted a net profit of Rs 162.43 crore in the same quarter last fiscal, Raymond Lifestyle said in a regulatory filing.
Revenue from operations in the quarter under review stood at Rs 1,754.21 crore as against Rs 1,726.26 crore in the year-ago period, it added.
Total expenses in the third quarter were higher at Rs 1,708.37 crore as compared to Rs 1,546.22 crore in the corresponding period last fiscal. The cost of materials consumed was higher at Rs 366.02 crore as against Rs 339.47 crore in the year-ago period, the company said.
“Q3FY25 continued to be a challenging quarter for our business. Despite weaker market conditions, our efforts have resulted in low single-digit revenue growth,” Raymond Lifestyle Managing Director Sunil Kataria said.
The company said its branded textile segment revenue declined by 6 per cent to Rs 856 crore in Q3 FY25 as compared to Rs 909 crore in Q3FY24, predominantly on account of weaker consumer demand.
On the other hand, branded apparel segment revenue was higher at Rs 458 crore in the third quarter as compared to Rs 437 crore in the year-ago period.
The performance was on account of a new range of products launched during challenging market conditions and muted consumer demand, the company said.
Garmenting segment revenue was at Rs 309 crore in Q3 FY25 as compared to Rs 261 crore in the same quarter previous year, while the high-value cotton shirting segment reported a lower revenue of Rs 201 crore in the third quarter as compared to Rs 214 crore in the corresponding period last fiscal, on account of weak consumer demand.
The company said it opened 61 new stores in the third quarter of the ongoing fiscal.
Going forward, Raymond Lifestyle said its primary objective remains to establish a long-term sustainable business, by continued investments in retail store expansion, product innovation and marketing.
