Raymond Q3 Net Climbs 60%

Mumbai, Jan 28: | Updated: Jan 29 2004, 05:30am hrs
Raymond Ltd has reported a 60 per cent rise in net profit at Rs 30.55 crore for the third quarter ended December 31, 2003 as against Rs 19.10 crore in the same period last year.

Net sales for the reporting quarter also increased marginally at Rs 277.44 crore as against Rs 275.38 crore in the corresponding previous quarter.

However, revenue of the textiles division was marginally lower at Rs 192.34 crore as compared to Rs 200.35 crore for the same period last year. Sales volume for the third quarter were also lower at 5.5 million metre as against 5.63 million metre.

The company in a statement said that despite a steep rise in the prices of wool and polyester, the textile division has achieved a higher profit of Rs 28.3 crore for the reporting quarter as compared to Rs 22.51 crore the corresponding previous quarter. The company has attributed this to its continuous better management of costs, which has started giving results.

The denim division recorded a 33.13 per cent growth in revenue during the third quarter at Rs 51.31 crore as against Rs 38.54 crore for the same period last year. The files and tools division saw a drop in revenue for the third quarter at Rs 37.01 crore as compared to Rs 38.12 crore for the same period last year. The company said that due to steep rise in the steel prices during the last six months, the profit of the division was marginally lower.

Gautam Singhania, chairman and managing director, Raymond Ltd, said, Despite continued difficult market condition and increasing input costs, we have been able to maintain a satisfactory third quarter and overall performance during the nine months of the financial year.