Q3 net profit fall of 28% for Raymond: closes at Rs 40.11 crore

Raymond, one of India's largest branded fabric and fashion retailer today reported a decline of 28.46 % and a consolidated net profit at Rs 40.11 crore for the third quarter this December
Raymond's Q3 report

Raymond, one of India’s largest branded fabric and fashion retailer today reported a decline of 28.46 % and a consolidated net profit at Rs 40.11 crore for the third quarter this December. On the contrary the company had posted a consolidated net profit of Rs 56.07 crore during the October-December period of previous financial year.
Raymond said in a BSE filing that it’s total consolidated income from operations during the quarter under review increased by 7.36 % to Rs 1,484.40 crore as against Rs 1,382.58 crore during the same period of last fiscal.
Gautam Hari Singhania, CMD, Raymond Ltd said that the global economic environment has been challenged by slowdown in major world economies and falling commodity prices. This has resulted in demand slowdown in export market and subdued consumer demand. Despite these challenges, the company registered a healthy top line growth driven by strong performance in the textile and apparel segment.
He further added that the profitability was impacted due to higher bonus provision as per statutory requirement coupled with company’s investment in brand building and retail network expansion.
Today, Raymond shares closed 2.90 % up at Rs 386.80 apiece on the BSE.

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