Raymond profit jumps 13 times in March quarter

Jump in profits came on back of healthy 16% growth in sales to Rs 1,244 cr from Rs 1,069 cr in same period last year

Raymond, textile and apparel company, reported 13 times increase in profit to Rs 8.1 crore in the quarter ending March 2014 from Rs 61 lakh March quarter previous year.

The jump in profits came on the back of a healthy 16% growth in sales to Rs 1244 crore from Rs 1069 crore in the same period last year. Operating profit rose by 29% to Rs 142 crore led by 114 basis points increase in margins to 11.4%.

Giving reasons for sharp increase of 13 times in consolidated net profit, the company said that strong growth in sales and margins in textile segment and garmenting and cotton shirting fabric business helped it to achieve higher margins.

Gautam Singhania, CMD of Raymond said," We closed the financial year 2013-14 on a positive note with a significant turnaround in performance at the Profit After Tax level. We are hopeful of improvement in the domestic sentiments in the coming quarter."