Raymond posts Q1 net loss of Rs 12.20 cr

Diversified Raymond Ltd on Thursday reported a consolidated net loss of Rs 12.20 crore for the first quarter ended June 2019.

The company had posted a net profit of Rs 1.92 crore in the April-June period a year ago, Raymond said in a BSE filing.

However, net sales rose 14.74 per cent to Rs 1,435.12 crore as against Rs 1,250.66 crore in the corresponding quarter of the previous fiscal.

"We have delivered a healthy top line growth in a moderate quarter witnessing sluggish market conditions, subdued consumer sentiment and liquidity crunch impacting our trade channel," Raymond Chairman and Managing Director Gautam Hari Singhania said.

Total expenses was at Rs 1,480.51 crore as against Rs 1,281.01 crore earlier, up 15.57 per cent.

Shares of Raymond Ltd on Thursday settled at Rs 638.10 on BSE, down 3.02 per cent.