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Raymond reports alarming dip in net profits
24
Oct '09
Raymond Ltd reported a dip in net profit to Rs 74 million in the second quarter of fiscal 2009-10 (July-September), from Rs 243 million in the same period of the previous fiscal.

The company attributed the same to low sales volumes. Sales in the textile division declined by 7 percent, while in the files and tools division it slid by an awesome 15 percent.

However, sales in the readymade garments business reported a growth of 3 percent to touch Rs 1.64 billion, though total income plunged 8 percent to Rs 4.02 billion.

Recently, Raymond had announced its intention to ramp up its store count by 300 retail outlets by March 2011, which will take its tally up to 800 stores.

Most of these stores will be set up Tier IV and V, towns and cities, which have a population of around 500,000 people.

Fibre2fashion News Desk - India

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