Raymond Q2 PAT up two-fold

Textile and apparel major Raymond Ltd reported over two-fold rise in its consolidated profit after tax (PAT) at Rs 60 crore for the second quarter ended September 30. The company had posted PAT of Rs 25 crore during the same period of the previous fiscal. Consolidated net revenue of the company grew to Rs 1,616 crore for the second quarter, as against Rs 1,584 crore during the same period of the previous financial year.

“This performance is noteworthy as the GST implementation to the last mile impacted the market in the short term,” Raymond Chairman and Managing Director Gautam Hari Singhania said. However, the GST will see the inclusion of largely unorganised textile and apparel sectors into the formal economy, he added.