Raymond Q3 net down at Rs 56.07 cr

Diversified group Raymond today reported 1.44 per cent decline in consolidated net profit at Rs 56.07 crore for the third quarter ended December 31, 2014 on the account of higher expenses.
The company had posted a consolidated net profit of Rs 56.89 crore during the same period of previous financial year.
Its net sales in the quarter under review, however, increased by 14.54 per cent to Rs 1,382.32 crore as against Rs 1,206.81 crore during the same period of last financial year, Raymond said in a filing to the BSE.
Raymond Chairman and Managing Director Gautam Hari Singhania said: "We have registered good topline growth driven by strong performance in the textile segment. We have significantly stepped up our Ad spends, new store roll-outs, along with store renovation, as a part of brand building exercises in the Life Style Business, benefits of which will commence accruing next year."

Raymond's expense in the third quarter of current fiscal grew by 15.37 per cent to Rs 1,281.4 crore compared with Rs 1,110.6 core in the corresponding period a year ago.
During the quarter, revenue from textile segment grew by 23 per cent to Rs 681 crore while apparel sales increased by 5 per cent to Rs 256 crore.
In the quarter under review, sales from Garment segment declined by 32 per cent to Rs 132 crore. Revenue from luxury cotton segment and denim increased by 2 per cent (Rs 10 crore) and 4 per cent (Rs 243 crore) respectively.
Raymond scrip closed at Rs 530.90, up 1.11 per cent, on the BSE.