Raymond Q2 net down 26.18% at Rs 68.12 crore

Diversified group Raymond today reported 26.18 per cent decline in consolidated net proft at Rs 68.12 crore in the second quarter ended on September 30 due to higher expenses.
The company had posted a consolidated net of Rs 92.28 crore during July-September in the previous financial year.
Net sale rose to Rs 1,453.91 crore in the second quarter, up 18.82 per cent as against Rs 1,223.57 crore during the same period of last financial year, Raymond said in a BSE filing.
Commenting on the results, Raymond CMD Gautam Hari Singhania said: "While the revenue growth was in line with our expectations, however, profitability did not meet our desired targets, particularly in the branded textile segment and engineering businesses."

Overall expenses in the quarter under review stood at Rs 1,328.3 crore, up 22.35 per cent compared with Rs 1085.57 crore in the corresponding period a year ago.
For the half year period ended September 30, the company posted a net profit of Rs 35.27 crore as against net profit of Rs 42.60 crore in the corresponding period last year.
Net sales of the company for the half year period ended September 30, rose to Rs 2,550 crore as compared to Rs 2,097.36 crore in same period in the previous fiscal.
Shares of Raymond today closed at Rs 488.45 apiece on the BSE, down 2.94 per cent from previous close.