Q3 Results of Raymond: Net Profit Falls 89%
Raymond Ltd - NSE 1.46 %
On Tuesday Raymond Ltd reported an 88.7 percent jump in its combined net profit to Rs 22.18 crore for the quarter ending December 2020.
During the October-December period of the previous fiscal, the company had posted a net profit of Rs 196.83 crore, Raymond said in a regulatory filing.
During the quarter under review, its revenue from operations was down 34.1 percent to Rs 1,243.44 crore as against Rs 1,885.43 crore in the corresponding period of the previous fiscal.
Commenting on the results, Raymond Chairman & Managing Director Gautam Hari Singhania said: "With markets and channels opening up and consumer sentiments getting back on track, we are seeing demand for our products & services getting better on a quarter on quarter basis and our sustained focus on operational efficiencies has yielded in a profitable quarter."
"Additionally, our Engineering Businesses are back on track with a profitable growth and performance of the FMCG business has also been profitable in the third quarter."
In the third quarter of FY2020-21, Raymond's total expenses were at Rs 1,274.38 crore, down 30.9 percent compared to Rs 1,844.69 crore in the year-ago quarter.
Its revenue from textile was down 30.3 percent to Rs 603.04 crore as against Rs 865.54 crore in the corresponding quarter. Revenue from shirting was down 48.7 percent to Rs 86.04 crore as against Rs 167.79 crore in Q3/FY2019-20.
Revenue from the apparel segment was down 56.8 percent to Rs 210.77 crore as against Rs 487.74 crore and the garments segment was down 42.9 percent to Rs 136.54 crore as against Rs 239.01 crore in the year-ago quarter. Revenue from Tools & Hardware was almost flat at Rs 103.84 crore.
Its revenue from the auto components segment was up 43.48 percent to Rs 58.74 crore as against Rs 40.94 crore of the October-December quarter of the last fiscal.
Its Real Estate and Development of property segment were up 47.56 percent to Rs 63.20 crore as against Rs 42.83 crore.
Shares of Raymond Ltd on Monday settled at Rs 341.25 on BSE, down 1.19 percent from the previous close.