Raymond witnesses recovery in consumer demand
Raymond announced its unaudited financial results for the quarter ended September 30, 2020. Progressive recovery witnessed on a month-on-month basis in 2QFY21.
Raymond announced its unaudited financial results for the quarter ended September 30, 2020. Progressive recovery witnessed on a month-on-month basis in 2QFY21. While July and August were impacted by local lockdowns, September witnessed recovery of secondary sales leading to improvement in primary sales.
Continued focus on cost rationalisation:
Liquidity maintained similar to June 2020 and March 2020 levels:
Commenting on the quarter performance, Gautam Hari Singhania, Chairman & Managing Director, Raymond, said, “With consumer sentiments getting better on a sustained weekly basis, there is a rebound in consumer demand which is evident by increased footfalls in our retail stores. Our focused approach on cost optimisation and operational efficiency has helped us navigate through tough times and maintain both our liquidity and net debt levels. Our other businesses such as engineering, FMCG and real estate are also getting back on track and showing positive signs of revival. As we move in the second half of the current financial year, I am hopeful that the economy will improve with tailwinds giving businesses the impetus for recovery.”