Companies

Raymond stitches a profitable Q4

Mumbai | Updated on May 06, 2021

Its apparel business’ loss widens to ₹40 crore

Raymond has reported a ₹56.45 crore profit in the fourth quarter of FY21 compared to a loss of ₹90.99 crore in the corresponding quarter last year. Its revenue from operations for the quarter that ended on March 31, 2021 was ₹1,365 crore — a rise of 6 per cent over the corresponding previous period.

The company’s total expenses for the quarter stood at ₹1,341 crore (₹1,442 crore).

For the full fiscal, Raymond has posted a net loss of ₹297 crore compared to a ₹166 crore profit for FY20. The revenue from operations for FY21 were halved to ₹3,446 crore.

Segment-wise details

The conglomerate has its presence in the apparel, shirting, textile, real estate and auto components sectors.

For the quarter ended on March 31, its apparel business posted a loss of ₹40 crore compared to a loss of ₹18 crore the same time last fiscal. However, the profits from its auto components segment increased marginally and the real estate segment doubled.

The Ministry of Corporate Affairs vide notification dated July 24, 2020, issued an amendment to Ind AS 116, Leases, by inserting a practical expedient w.rt “Covid-19 Related Rent Concessions” effective from the period beginning on or after April 1, 2020.

Pursuant to the amendment, the Group has opted to apply the practical expediente by accounting for the rent concessions amounting to ₹2.65 crore (including unconditional rent concessions for periods after March 31, 2021) during the quarter ended March 31, 2021 and ₹48.75 crore (including unconditional rent concessions for periods after March 31, 2021) during the year ended March 31, 2021, in “Other Income in the Consolidated Statement of Profit and Loss.

Published on May 06, 2021

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