Raymonds registered a net profit of Rs 31 crore for the quarter ended December 31 2005, compared to the net profit of Rs 10 crore last year, posting a substantial growth of 204 percent for the third quarter.
Denim business of the company recorded a sharp rise of 40 percent and textile revenues too showed a similar trend with a rise of 10 percent.
Revenues for the quarter ended December 31 2005 went up 14 percent to Rs 359 crore, compared to Rs 315 crore recorded last year.
These results had been made possible due to implementation of the capacity expansions in the textile and denim businesses, elaborated Gautam Hari Singhania, Chairman and Managing Director, Raymond.
Raymond is entering into a joint venture with Gruppo Zambaiti with a plan to set up a design studio in Italy.
The company would be a hundred percent venture named Raymond Europe, he said.
The project will give Raymonds an insight into international design, giving its products a global focus and a boost in exports.
Other expansion projects in the pipeline are manufacturing 10 million metres in denim, 3 million metres in worsted textiles which will be operational by March '06 and 11 million metres of shirting fabric division, expected to start operations by April '06.
marketing@alchempro.com
