1. Raymond shares plunge over 6 per cent on posting Rs 16.61 cr loss in Q1

Raymond shares plunge over 6 per cent on posting Rs 16.61 cr loss in Q1

Raymond shares slipped over 6 per cent after the company posted consolidated net loss of Rs 16.61 crore for the first quarter ended June 30, 2016, citing low consumer demand amid global economic environment.

By: | Updated: July 22, 2016 4:46 PM
Raymonds store Raymond losses widened its consolidated net loss at Rs 16.61 crore for the first quarter ended June 30, 2016. (Picture for representation only)

Raymond shares slipped over 6 per cent on Friday after the company posted consolidated net loss of Rs 16.61 crore for the first quarter ended June 30, 2016, citing low consumer demand amid global economic environment. The company had reported net loss of Rs 14.47 crore during the April-June period of previous financial year.

At 12.39 pm, the scrip was trading 5.82 per cent down at Rs 461.50. The share price opened at Rs 482.80 and has touched a high and low of Rs 482.80 and Rs 460, respectively, in trade so far. Later, the scrip settled the day 6.60 per cent up at Rs 457.65.

The company’s 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.

Post the first quarterly numbers, Raymond CMD Gautam Hari Singhania said: “The current quarter witnessed a subdued consumer demand with early onset of end of season sales period in addition to volatile global economic environment. Notwithstanding these challenges we have been able to register growth in top-line and EBITDA at the consolidated level, which speaks well of the resilience of our brands and distribution network.”

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