Raymond Ltd Q3 net profit down 89 percent to Rs 22 crore
Raymond Ltd witnessed an 89 percent slump in its consolidated net profit to Rs 22 crore ($3.1 million) for the quarter ending December 2020, as against a net profit of Rs 197 crore it reported in the year-ago period.
The company’s revenue for the quarter under review was down 34 percent to Rs 1,243 crore, as against Rs 1,885 crore in the corresponding period of the previous fiscal.
Raymond's total expenses for the quarter were down 31 percent at Rs 1,274 crore, as compared to Rs 1,845 crore in the year-ago quarter.
Commenting on the results, Raymond chairman and managing director, Gautam Hari Singhania, in a statement said: "With markets and channels opening up and consumer sentiments getting back on track, we are seeing demand for our products & services getting better on a quarter on quarter basis and our sustained focus on operational efficiencies has yielded in a profitable quarter.
"Additionally, our Engineering Businesses are back on track with a profitable growth and performance of the FMCG business has also been profitable in the third quarter,” he added.
Raymond Ltd is one of India’s leading apparel brands and currently has a store count of 1,584 across all formats.
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