Raymond posts Q1 net loss at Rs 35 cr

The company had posted a net profit of Rs 10.76 cr in the same period last year

Textile firm Raymond Ltd today posted a consolidated net loss of Rs 34.98 crore for the first quarter ended June 30, 2012, due to poor consumer sentiment and early end of sale season.

The company had posted a net profit of Rs 10.76 crore during the same period of previous financial year, Raymond said in a filing to the BSE.

Total income from operations rose to Rs 837.71 crore for the first quarter ended June 30, as against Rs 764.93 crore during the same period of last financial year.

"Keeping in line with the industry sentiments, the first quarter results of the 2012-13 fiscal year for Raymond is reflecting a subdued trend," Raymond Chairman and Managing Director Gautam Hari Singhania said.

He evinced hope that the global economic uncertainties and the domestic scenario will improve going forward.

"We are, therefore, confident that this should bolster market sentiment and help the industry steer back on growth path in second half of the financial year," Singhania said.

Shares of Raymond today closed at Rs 349.85 on the BSE, down 2.04% from its previous close.