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Shares of diversified group Raymond today slumped five per cent after the company reported 26.18 per cent decline in consolidated net profit for the September quarter.
Raymond had yesterday reported 26.18 per cent decline in consolidated net profit at Rs 68.12 crore for the second quarter ended September 30, 2014 due to higher expenses.
Reacting to the numbers, the shares of the company opened on a weak note at Rs 478 and fell 4.98 per cent to an early low of Rs 464.10 on the BSE.
Similar movement was seen on the National Stock Exchange, where the stock opened at Rs 476, then fell as much as 4.87 per cent to a low of Rs 464.
Marketmen attributed the fall in the counter to weak September quarter earnings.
For the half-year period ended September 30, 2014 the company posted a net profit of Rs 35.27 crore against a net profit of Rs 42.60 crore in the corresponding period last year.
Commenting on the results, Raymond CMD Gautam Hari Singhania said: “While the revenue growth was in line with our expectations, however, profitability did not meet our desired targets, particularly in the branded textile segment and engineering businesses.”
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