Raymond profit more than doubles to Rs 56 cr in Q4

Diversified group Raymond today reported over twofold jump in consolidated net profit at Rs 56.22 crore for the fourth quarter ended March 31, on account of revenue growth and profitability from lifestyle business.
The company had posted a consolidated net profit of Rs 21.47 crore during January-March previous fiscal.
Raymond's total consolidated net sales during the quarter under review increased by 7.93 per cent to Rs 1,511.35 crore as against Rs 1,400.29 crore during the same period of last financial year, Raymond said in a filing to BSE.
"The financial year was challenging in terms of subdued consumer sentiment and difficult global economic environment impacting export driven business. However, we ended the year on positive note driven by good growth in revenue and profitability especially for our lifestyle business," Raymond Chairman and Managing Director Gautam Hari Singhania said.

He further said Raymond's sustained investments in brands, expansion and modernisation of retail network coupled with operational efficiencies are producing desired results.
On the outlook, Singhania said: "We are confident of the strategic direction of our business in terms of brands, retail and consumer focus."
For the full fiscal, Raymond's consolidated net profit was down 18.40 per cent at Rs 112.81 crore as against Rs 92.05 crore of the previous fiscal year.
Consolidated net sale was at Rs 5,594.69 crore, up 4.91 per cent in FY16 as against Rs 5,332.61 crore of 2013-14.