Raymond Q1 net loss narrows to Rs 5.87 crore

Diversified group Raymond today reported narrowing of its consolidated net loss at Rs 5.87 crore for the first quarter ended June. The company had posted a consolidated net loss of Rs 15.59 crore during April-June of the previous financial year, Raymond Ltd said in a filing to the BSE.

Total consolidated income from operations during the quarter under review was up 13.86 per cent at Rs 1,239.85 crore as against Rs 1,088.88 crore in the same period of the last fiscal. Raymond CMD Gautam Hari Singhania said: "In line with expectations, we have started the financial year on a positive note by posting strong growth in the first quarter."

Its branded textile segment witnessed sales growth of 11 per cent to Rs 572 crore over the previous year while the garment business saw turnover of Rs 144 crore. The branded apparel segment registered sales of Rs 270 crore, up 17 per cent over the previous year.

On the outlook, Singhania said: "With macroeconomic indicators looking positive coupled with upbeat sentiment on increased demand and consumption, we at Raymond are confident of continuing the growth momentum, thus enhancing value for all the stakeholders." The stock closed at Rs 807.65, flat from the previous close.

Source:PTI