Raymond registers 88.7% decline in Q3 net profit

The net profit of Raymond plunged 88.7 per cent to Rs 22.18 crore for the third quarter ending December 2020. The company had posted a net profit of Rs 196.83 crore during the October-December period of the previous fiscal. Its revenue from operations declined by 34.1 per cent to Rs 1,243.44 crore during the quarter under review as against Rs 1,885.43 crore in the corresponding period of the previous fiscal.

Raymond’s total expenses during the quarter declined 30.9 per cent to Rs 1,274.38 crore as against Rs 1,844.69 crore in the year-ago quarter. The company’s revenue from textiles declined 30.3 per cent to Rs 603.04 crore as against Rs 865.54 crore in the corresponding quarter. Revenue from shirting declined 48.7 per cent to Rs 86.04 crore as against Rs 167.79 crore in Q3/FY2019-20.

Revenue from apparel segment declined by 56.8 per cent to Rs 210.77 crore as against Rs 487.74 crore and garmenting segment was down 42.9 per cent to Rs 136.54 crore as against Rs 239.01 crore in the year-ago quarter.