The Hindu Business Line : Raymond’s net, turnover drop in Q1

Mumbai, July 21 Raymond’s net profit fell by around 54 per cent to Rs 5.3 crore for the quarter ended June 30, 2007, compared with Rs 11.6 crore in the corresponding quarter last year.

The turnover also took a hit of 25.45 per cent to settle at Rs 209.1 crore as against Rs 280.5 crore in the corresponding quarter last year. Total income declined to Rs 236.3 crore from Rs 298.4 crore, registering a decline of 20.81 per cent. The revenue from other income though, increased to Rs 27.2 crore from Rs 17.8 crore.

The company release said that the figures for this quarter are not comparable with that of last year, due to the divestment of Denim business effective August 1, 2006.

Raymond deals in textiles, denims, engineering files and tools, aviation and designer wear; and exports fabrics to more than 50 countries including the US, Canada, Europe, Japan and West Asia. The company will increase its retail outlets to 950 by 2010, most of which will come up in Tier-II cities. Most of these stores will come up in small towns.

The company is also planning to foray into automobile furnishing sector by way of a joint venture with Treves. The shares of the company closed at Rs 292.05 on Saturday, less 0.75 per cent, from the previous day’s close at Rs 294.25.