Raymond Ltd posts Q4 net loss of Rs 69 crore
Raymond Ltd reported a consolidated net loss of Rs 69 crore ($9.2 million) for the fourth quarter ended March 2020, as against a net profit of Rs 68 crore it posted in the year-ago period.
The company’s revenue declined 29 percent to Rs 1,279 crore during the quarter under review, as against Rs 1,809 crore in the corresponding period of the previous fiscal.
Raymond’s textile segment contributed Rs 582 crore to its overall revenue, while shirting and garment segments contributed Rs 119 crore and Rs 181 crore respectively.
Commenting on the results, Gautam Hari Singhania, chairman ans managing director of Raymond Limited, in a statement said: “The business was significantly impacted from mid-March due to nationwide lockdown, which resulted in disrupting manufacturing operations and temporary closure of all our retail stores. It has been a challenging phase and Raymond has taken requisite measures to recalibrate business operations that will enable us to benefit from increased agility and effectively combat market volatility.
“In our efforts to contribute to the fight against Covid-19, Raymond has launched a comprehensive range of PPE offerings and sanitization products that is receiving an encouraging response. As the Indian economy is gradually unlocking, it is heartening to witness the encouraging consumer response post re-opening up of our stores,” he added.
For the fiscal year 2019-20, Raymond's net profit grew 15 percent to Rs 202 crore, as compared with Rs 175 crore in 2018-19, while its revenue declined 2 percent to Rs 6,482 crore, as against Rs 6,582 crore in 2018-19.
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