Raymond, the India’s biggest woollen fabrics maker, has reported consolidated net loss of Rs 7 crore during the first quarter ended June 30, 2017, as high cost cotton inventory & deep discounting during end of season sale (EOSS) impacted margins.
“The company had registered consolidated net loss of Rs 17 crore in the April-June quarter of the previous fiscal, Raymond said in a filing to the Bombay Stock Exchange.
The consolidated net revenue of the company rose by 14 per cent to Rs 1,240 crore in Q1 FY18 from Rs 1,089 crore in Q1 FY17. The net sales grew 13 per cent Y-o-Y to Rs 1,197 crore during the quarter, led by the wedding season and early onset of EOSS period due to pre-GST clearance.
During the quarter under review, the operating profit of the company improved by 30 per cent to Rs 81 crore versus Rs 63 crore in the year ago period, led by strong growth across all the brands.
Meanwhile, shares of the company were trading at Rs 805.45 apiece, down 0.27 per cent from the previous close on BSE at 13:15 hours.