Shares of diversified group Raymond today surged 5 per cent after the company reported an over two-fold jump in net profit for the March quarter.
Raymond's scrip jumped 5.07 per cent to settle at Rs 418.80 on BSE. Intra-day, it moved up sharply by 9.63 per cent to Rs 437.
On NSE, the stock soared 4.91 per cent to close at Rs 418.55.
Raymond yesterday reported an over two-fold 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 the January-March period of the 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 last fiscal, it had said in a regulatory filing.
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 in the previous fiscal.
Consolidated net sales were at Rs 5,594.69 crore, up 4.91 per cent, in 2015-16 as against Rs 5,332.61 crore in 2014-15.
