Raymond Textile Division registers a good growth in Q1

01 Aug '08

2 min read

Raymond Limited announced its un-audited financial results for the quarter ended June 30, 2008.

Net Sales for the first quarter ended June 30, 2008 was at Rs 235.7 crores compared to Rs 209.1 crores in the same quarter of the previous year.

The company incurred losses amounting to Rs 24.2 crores on account of mark-to-market of foreign exchange borrowings, as opposed to a mark-to-market gain of Rs 7.6 crores in the same quarter of the previous year.

Consequently, the Company's Loss for the quarter ended June 30, 2008 was Rs 41.6 crores compared to a profit after tax of Rs. 5.4 crores in the same quarter previous year.

The textile division sales registered an increase of 8% to Rs 178.4 crores driven by good market demand. The net sales of Files & Tools division was up by 32% to Rs.52.5 crores backed by excellent growth rates, especially in international markets.

The apparel businesses continued its blistering pace of growth and logged sales growth rates close to 30% for the quarter over same period previous year.

Announcing the results, Mr. Gautam Hari Singhania, Chairman & Managing Director, Raymond Limited said, “We are on target in our core textile business. The market response is also very encouraging.

Our Vapi Phase 3 expansion is on schedule and should commence production during Q4 of this year. The branded apparel business has continued its spectacular growth rates quarter on quarter”.

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