India's Raymond profit triples on strong demand for office and festive wear

BENGALURU (Reuters) - India's Raymond Ltd on Thursday reported a quarterly profit that almost tripled from a year earlier, aided by higher demand for office and festive wear.

Shares of the textile and branded apparel maker closed 7.2% higher, taking the year-to-date rise to 88.9%.

Consolidated net profit came in at 1.59 billion rupees($19.18 million) for the three months ended Sept. 30, compared with 532.6 million rupees a year earlier. Revenue from operations rose nearly 40% to 21.68 billion rupees.

The branded textile segment, the company's biggest revenue earner, benefited from a jump in demand as people went for festive and wedding shopping and employees slowly returned to offices.

Consumer shopping is back in brick and mortar stores and the company's network of retail stores experienced buoyancy with higher footfalls, Raymond said in a statement.

($1 = 82.8910 Indian rupees)

(Reporting by Navamya Ganesh Acharya in Bengaluru; Editing by Subhranshu Sahu)