Raymond Q3 net profit at Rs 101.07 crore, income rises 48.25%

Raymond Ltd on Tuesday reported a multifold jump in its net profit to Rs 101.07 crore for the third quarter ended in December 2021.

The company had posted a net profit of Rs 22.18 crore during the October-December of the previous fiscal, Raymond said in a regulatory filing.

Its revenue from operations was up 48.25 per cent to Rs 1,843.39 crore during the quarter under review as against Rs 1,243.44 crore in the corresponding period of the previous fiscal.

According to the company, it has reported "highest profitable quarter in last 10 years" and its revenue is now "100 per cent of pre-Covid levels".

Commenting on the result, Raymond Chairman & Managing Director Gautam Hari Singhania said: "With our focused approach on capitalizing on the growing demand for our products and continued cost optimization, we delivered record profitability. We generated free cash flows to reduce debt and are progressing towards being a net debt free business."

Raymond's total expenses were at Rs 1,685.03 crore, up 32.22 per cent in Q2/FY 2021-22, as against Rs 1,274.38 crore.

Shares of Raymond Ltd on Tuesday settled at Rs 783.95 on BSE, up 6.43 per cent from the previous close.