Diversified group Raymond today reported a massive fall of 86.14 per cent in its consolidated net profit at Rs 9.44 crore for the second quarter ended September 30, 2015 on account of under-performance of its engineering business.
The company had posted a consolidated net profit of Rs 68.12 crore during the July-September period of previous financial year.
Raymond's total consolidated income from operation during the quarter under review increased by 2.18 per cent to Rs 1,492.59 crore as against Rs 1,460.74 crore during the same period of last financial year, Raymond said in a filing to the the BSE.
"The Q2 of FY 2015-16 witnessed subdued consumer demand with extended end of season sales period. In addition to these factors, our continued investments in brand building and retail network expansion, besides under-performance of the engineering business impacted the quarterly results," said Raymond Ltd Whole-time Director H Sunder.
Raymond has posted a consolidated net loss of Rs 4.28 crore for the first half of 2015-16 as against a net profit of Rs 35.27 crore in the same period a year ago.
Its total income from operation on consolidated basis during the first half of the current fiscal was at Rs 2,614.28 crore, up 2.22 per cent from Rs 2,557.49 crore a year ago.
Shares of Raymond today settled at Rs 444.15 per scrip on BSE, up 1.35 per cent from previous close.