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Raymond Slips After Q1 Net Loss Widens to Rs 16.61 Crore

Raymond Worst on BSE500 Index After Q1 Loss Widens

A person wearing a protective gloves, cuts a folded up section of fabric. Photographer: Chris Ratcliffe/Bloomberg. 
A person wearing a protective gloves, cuts a folded up section of fabric. Photographer: Chris Ratcliffe/Bloomberg. 

Shares of the textile maker drop as much as 4.7 percent to Rs 465 after its June quarter loss widened 15 percent to Rs 16.61 crore. It made a loss of Rs 14.47 crore in the same period last year.

Its total consolidated income from operations during the quarter under review was up 4.81 per cent to Rs 1,057.36 crore as against Rs 1,008.82 crore in the corresponding period of last financial year.

The earnings before interest, tax, depreciation and amortisation (EBITDA) went up by 5 percent to Rs 63 crore from the same quarter last year.

The EBITDA margin remained unchanged to 5.7 percent on a year-on-year basis.

The current quarter witnessed a subdued consumer demand with early onset of end of season sales period in addition to volatile global economic environment,”
Raymond CMD Gautam Hari Singhania told PTI. 

The Mumbai-based firm expects to see pick up demand in coming months courtesy good monsoon season, seventh pay commission pay-outs and festive season.