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Textile and branded apparel maker Raymond Ltd’s losses have mounted to Rs 35 crore for the first quarter ended June 30.
The company had reported a consolidated net loss of Rs 11-crore in the year-ago period.
However, net sales grew marginally to Rs 837 crore in the first quarter against Rs 764.93 crore during the same period in the last fiscal.
“Keeping in line with the industry sentiments, the first quarter results of the 2012-13 fiscal year for Raymond is reflecting a subdued trend,” said the Managing Director, Mr Gautam Hari Singhania.
Segment-wise sales from the branded apparel business stood at Rs 171 crore, down by three per cent on a year-on-year basis due to poor consumer sentiment and early end of season sale.
Net sales from the textile segment witnessed an increase of six per cent at Rs 366 crore on the back of both higher volumes and better realisation in the export market.
However, margins have been impacted due to challenging domestic environment and increase in input costs.
Mr Singhania was hopeful that the industry would witness growth in the second half of the financial year as global economic uncertainties and the domestic scenario would improve going forward.
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