The company reported significant reduction of net debt by Rs 310 crore, leading to net debt of Rs 1,253 crore.

Gautam Hari Singhania, chairman & managing director, Raymond said, I am pleased to announce an overall strong performance in the quarter with business achieving 100% of pre-Covid levels. With our focused approach on capitalizing on the growing demand for our products and continued cost optimization, we delivered record profitability. We generated free cash flows to reduce debt and are progressing towards being a net debt free business. With Union Budget to be announced shortly, we are hopeful that there will be a further impetus for improving consumerism and expect reforms that increases the spending power of the consumer which will provide opportunity for Indian economy to achieve higher GDP growth in the coming fiscal.

Branded Textile segment sales reported strong growth of 49% to Rs 899 crore. The growth driver being the improved consumer sentiments and strong momentum in secondary sales on the back of buoyant festive demand, wedding related purchases and higher footfalls in retail outlets.

In Branded Apparel segment, strong sales growth was witnessed in all trade and retail channels across regions leading to increase in sales by Rs 105 crore from Rs 211 crore in previous year to Rs 316 crore in Q3FY22.

Garmenting segment sales grew strongly by 48% to Rs 203 crore compared to Rs 137 crore in previous year, mainly driven by growth in bulk business due to high demand from customers in US, UK & Europe markets.

High Value Cotton Shirting segment sales recorded a high growth by 72% to Rs 148 crore compared to Rs 86 crore in previous year, led by higher cotton fabric sales in domestic markets.

During the quarter, the Engineering business was consolidated under JK Files & Engineering. On aggregate basis, the sales grew by 28% to Rs 209 crore as compared to Rs 163 crore in previous year.

Real Estate segment sales grew by 177% to Rs 175 crore from Rs 63 crore in previous year. The business witnessed strong growth in bookings due to improved customer sentiments and overall liquidity in the market. The board of directors approved the Real Estate business division to be subsidiarized into wholly owned subsidiary of Raymond.

Raymond is India's largest integrated worsted suiting manufacturer that offers end-to-end solutions for fabrics and garmenting. The group has presence in engineering space engaged in precision engineered products with an expansive presence in national as well as international markets. Raymond forayed into realty sector through the launch of its maiden project TenX - an 'aspirational district' spread across 14 acres housing ~3,100 residential units and has recently launched a premium residential project - The Address by GS. Raymond also has presence in FMCG sector through Raymond Consumer care that offers wide range of products in men's personal grooming category and personal hygiene.

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