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Raymond’s Q1 net loss widens to Rs 247.60 crore

  

The consolidated net loss of Raymond widened to Rs 247.60 crore in the first quarter ended June 2020, impacted by COVID-19 and subsequent lockdowns. The company’s revenue from operations declined 88.63 per cent to Rs 163.16 crore during the quarter as against Rs 1,435.12 crore in the corresponding period of the previous fiscal. Its total expenses declined by 63.26 per cent to Rs 543.87 crore 2020-21from Rs 1,480.51 crore a year ago.

Most of the company’s retail stores remained closed during the first two lockdowns and gradually reopened from lockdown 3.0 onwards with easing of restrictions. Almost 95 per cent of stores spread across over 600 cities are now operational. Moreover, demand is back to 50 per cent of previous year levels in our The Raymond Shop (TRS) network. It's revenue from the textile division declined by 97.23 per cent to Rs 16.58 crore as against Rs 600.34 crore of the corresponding quarter, while, revenue from shirting was down by 96.82 per cent to Rs 5.52 crore as against Rs 174.09 crore of Q1/FY 2019-20.

Revenue from garmenting declined 47.58 per cent to Rs 99.73 crore as against Rs 190.26 crore while from other segment such as tools and hardware was at Rs 20.25 crore, Rs 21.03 crore from auto components and Rs 4.73 crore from real estate and development of property.

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