Raymond Ltd witnessed a 15% decline in consolidated net profit at Rs 58 crore ($7.9 million) for the fourth quarter ended March 2021, as against Rs 69 crore it had reported in the year-ago period.
The company’s revenue for the quarter rose by 9 percent to Rs 1,407 crore, as against Rs 1,291 crore it reported in the corresponding period of the previous fiscal.
Raymond’s total expenses were down 7 percent to Rs 1,342 crore, as against Rs 1,443 crore it reported last year.
For the fiscal year 2020-21, Raymond reported a net loss of Rs 304 crore while its total income for the entire fiscal stood at Rs 3,648 crore.
Commenting on the results, Raymond chairman and managing director Gautam Hari Singhania in a statement said, “The quarter witnessed top-line growth mainly driven by branded textile along with strong momentum maintained in engineering and real estate businesses and overall higher profit margins, led by focused efforts on reducing operational costs.”
“We began the new fiscal with the higher number of wedding dates and encouraging consumer footfalls in retail outlets. However, with the second wave of COVID-19 and its intensity, we are witnessing lockdowns across cities thereby impacting sales,” added Singhania.
Raymond Ltd is one of India’s leading apparel brands and currently has a store count of 1,584 across all formats.