Net profit falls 89% to Rs 22 crore, Retail News, ET Retail

Davida Erdahl

NEW DELHI: Raymond Ltd on Tuesday reported an 88.7 per cent plunge in its consolidated internet profit to Rs 22.18 crore for the quarter ending December 2020. The corporation had posted a internet profit of Rs 196.eighty three crore through the October-December interval of the former fiscal, Raymond mentioned in […]

NEW DELHI: Raymond Ltd on Tuesday reported an 88.7 per cent plunge in its consolidated internet profit to Rs 22.18 crore for the quarter ending December 2020.

The corporation had posted a internet profit of Rs 196.eighty three crore through the October-December interval of the former fiscal, Raymond mentioned in a regulatory submitting.

Its income from functions was down 34.one per cent to Rs one,243.44 crore through the quarter beneath evaluate as towards Rs one,885.43 crore in the corresponding interval of the former fiscal.

Commenting on the success, Raymond Chairman & Managing Director Gautam Hari Singhania mentioned: “With marketplaces and channels opening up and consumer sentiments having back on track, we are looking at desire for our merchandise & providers having improved on a quarter on quarter foundation and our sustained focus on operational efficiencies has yielded in a worthwhile quarter.

“In addition, our Engineering Companies are back on track with a worthwhile growth and effectiveness of the FMCG business has also been worthwhile in the third quarter.”

Raymond’s total expenditures ended up at Rs one,274.38 crore in the third quarter of FY2020-21, down 30.9 per cent in contrast to Rs one,844.sixty nine crore in the yr-ago quarter.

It can be income from textile was down 30.three per cent to Rs 603.04 crore as towards Rs 865.54 crore in the corresponding quarter. Income from shirting was down forty eight.7 per cent to Rs 86.04 crore as towards Rs 167.seventy nine crore in Q3/FY2019-20.

Income from attire section was down fifty six.eight per cent to Rs 210.77 crore as towards Rs 487.74 crore and garmenting section was down forty two.9 per cent to Rs 136.54 crore as towards Rs 239.01 crore in the yr-ago quarter. Income from Applications & Hardware was just about flat at Rs 103.eighty four crore.

Its income from the automobile components section was up 43.forty eight per cent to Rs fifty eight.74 crore as towards Rs forty.94 crore of the October-December quarter of the very last fiscal.

Its Real Estate and Progress of home section was up forty seven.fifty six per cent to Rs sixty three.20 crore as towards Rs forty two.eighty three crore.

Shares of Raymond Ltd on Monday settled at Rs 341.25 on BSE, down one.19 per cent from the former shut.

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