Raymond Q1 net loss widens to Rs 49.68 crore

NEW DELHI: The consolidated net loss of premium textiles manufacturer Raymond Ltd widened to Rs 49.68 crore in the quarter ended June 30.

The company had posted a net loss of Rs 34.98 crore in the corresponding period a year ago. Net sales increased 4.52 per cent to Rs 873.79 crore from Rs 835.94 a year earlier, the company said in a filing to the BSE.

Sales of textiles, which contribute substantially to revenue, and profitability are of a seasonal nature, Raymond said. Sales of high value added products are linked to festivals and winter seasons, it said.

Raymond shares fell 4 per cent to Rs 216.85 at the close on the BSE.

Revenue from textiles (branded fabric) increased 12.78 per cent to Rs 382.45 crore, while sales of denim and shirting fabric rose 4.32 per cent to Rs 151.52 crore. Textiles accounted for almost 44 per cent of net sales in the quarter.

In branded readymade garments, revenue declined by 14.04 per cent to Rs 157.93 crore.

Expenses in the quarter climbed 4.75 per cent to Rs 890.86 crore from Rs 850.56 crore a year earlier.