Raymond third quarter profit declines 88.7% to Rs 22.18 crore

The firm reported an 88.7 per cent plunge in its consolidated net profit

Raymond Ltd on Tuesday reported an 88.7 per cent plunge in its consolidated net profit to Rs 22.18 crore for the quarter ending December 2020.

The company had posted a net profit of Rs 196.83 crore during the October-December period of the previous fiscal, Raymond said in a regulatory filing.

Its revenue from operations was down 34.1 per cent to Rs 1,243.44 crore during the quarter under review as against Rs 1,885.43 crore in the corresponding period of the previous fiscal.

Commenting on the results, Raymond Chairman & Managing Director Gautam Hari Singhania said: "With markets and channels opening up and consumer sentiments getting back on track, we are seeing demand for our products & services getting better on a quarter on quarter basis and our sustained focus on operational efficiencies has yielded in a profitable quarter.

"Additionally, our Engineering Businesses are back on track with a profitable growth and performance of the FMCG business has also been profitable in the third quarter."

Raymond's total expenses were at Rs 1,274.38 crore in the third quarter of FY2020-21, down 30.9 per cent compared to Rs 1,844.69 crore in the year-ago quarter.

It's revenue from textile was down 30.3 per cent to Rs 603.04 crore as against Rs 865.54 crore in the corresponding quarter. Revenue from shirting was down 48.7 per cent to Rs 86.04 crore as against Rs 167.79 crore in Q3/FY2019-20.

Revenue from apparel segment was down 56.8 per cent to Rs 210.77 crore as against Rs 487.74 crore and garmenting segment was down 42.9 per cent to Rs 136.54 crore as against Rs 239.01 crore in the year-ago quarter. Revenue

from Tools & Hardware was almost flat at Rs 103.84 crore.

Its revenue from the auto components segment was up 43.48 per cent to Rs 58.74 crore as against Rs 40.94 crore of the October-December quarter of the last fiscal.

Its Real Estate and Development of property segment was up 47.56 per cent to Rs 63.20 crore as against Rs 42.83 crore.

Shares of Raymond Ltd on Monday settled at Rs 341.25 on BSE, down 1.19 per cent from the previous close.