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Raymond Q2 net up 23.41% at Rs80.96 crore

Textile major Raymond has posted a 23.41% increase in consolidated net profit at Rs80.96 crore in the second quarter ended September 30, 2011.

Raymond had a net profit of Rs80.96 crore in the quarter ended September 30, 2011, compared to Rs65.60 crore in the same period in the previous year.

During the quarter under review, the firm's net sales rose by 24.95% to Rs977.92 crore from Rs782.60 crore in the year-ago period.

On a standalone basis, Raymond's net profit during the quarter declined by 7.6% at Rs36.22 crore from Rs39.18 crore recorded in the year-ago period.

The company's net sales stood at Rs498.46 crore, which is 26.23% increase from Rs394.86 crore in the corresponding quarter last fiscal.

The textile segment standalone quarterly sales registered an increase of 26% to Rs497crore on the back of higher realizations and volume growth. The branded apparel business witnessed a 29% increase in quarterly sales to Rs220 crore. The business has had strong growth across all its brands.

Announcing the results, Gautam Hari Singhania, CMD, Raymond Limited said, “We have completed half year of the 2011-12 financial year on a positive note. This has been possible due to the strong portfolio of our own core brands, our product quality and deep distribution network that spreads across the length and breadth of the country. We are extremely encouraged by the response of our consumers and we will take this momentum going forward into the future as well.”

In the morning, Raymond was trading at around Rs358.50 per share on the Bombay Stock Exchange, 3.22% up from the previous close.

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Gitanjali adds 261 stores with focus on smaller towns

Gitanjali Gems has added 42 franchise stores, 24 own stores, 45 modern stores and 150+ shop-in-shops (SIS) via departmental stores and distribution

Gitanjali Gems, the world’s largest integrated jewellery company, has added 261 points of sales (POS) across all of its channels in H1 FY’12. Out of this, 42 franchise stores have been added, 24 own stores, 45 modern stores and 150+ shop-in-shops (SIS) via departmental stores and distribution. The Group has close to 1.7 mn sq ft of retail under its management, of which about 400,000 sq ft has been added in H1 FY’12.

Moreover the penetration has been geographically focused on Tier II and Tier III towns. With rising income in these locations there are significant franchise opportunities available from these towns. As per Choksi, CMD of Gitanjali Group “The opportunity of expansion via franchise route in smaller towns offers added advantage of supply chain management, push of sales by the franchise as owner and better economics for both the company and franchise partners”

With transformations from product brands to retail brands, the retail expansion also brings in opportunity for category and product innovation. Increasing retail stores requires mix of gold and diamond jewellery giving boost to company’s gold jewellery collection. All of its key brands like Gili, Nakshatra, Asmi, D’Damas, Sangini, Diya, Maya, have come up with gold collections to compliment its diamond jewellery. The demand for gold jewellery is second tier towns are strong and growing, thanks to increasing affluence and preference for branded jewellery.

Choksi further added that “jewellery industry is transforming from commodity to service driven, branded jewellery will the new trusted source of buying behaviour from consumers. There are immense opportunities available for branded player like us to lead through this transformation.”

The key brands of the group have mapped their respective expansion strategy via, formats, categories, channel, geography and type of stores. Gitanjali has also appointed globally renowned design agency FITCH to makeover their visual merchandising and store designing. To support its retail expansion the group has also launched complimentary brands like Parineeta, ME Solitaire, Gold Souk and others. Further, there are collections available which completes the story behind every brand. There are about 20 different formats available at Gitanjali depending on the retail architecture.

In the morning, Gitanjali Gems was trading at around Rs361.50 per share on the Bombay Stock Exchange, 0.39% up from the previous close.

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