Net loss at Indian textile and branded apparel major Raymond Ltd dipped sharply in the three months to June 30, 2015 over the same period of the previous fiscal. In a BSE filing, the Gautam Singhania led Raymond said its net loss in the first quarter of fiscal 2016 fell massively to Rs 8.20 crore as against Rs 33.70 crore in the fiscal ago quarter. In the standalone results announced for the reporting quarter, Raymond net sales grew at 4 per cent year over year and amounted to Rs 534.47 crore. Of this, textile segment sales, which account for a major chunk of revenues rose 4.45 per cent over the prior fiscal first quarter to Rs 508.58 crore. Others, which include branded apparels and real estate revenues, were nearly flat at Rs 29.35 crore compared to Rs 29.51 crore in the second quarter of fiscal 2015. Profit before interest and tax in the textile segment soared 64 per cent at Rs 57.88 crore in the quarter under review compared to Rs 35.30 crore in the corresponding period of last fiscal. However, loss before interest and tax in the branded apparel and real estate division rose steeply by 24 per cent over the previous fiscal’s second quarter to Rs 20.39 crore. In the reporting period, expenses at the textile and apparel manufacturer rose 2.13 per cent to Rs 549.70 crore. This happened despite fall in cost of materials falling 8.36 per cent, purchase of stock-in-trade slipping 12.61 per cent and operating costs contracting 8.75 per cent, in comparison to the prior fiscal first quarter. Other expenses however climbed to Rs 137.24 crore, up 19.67 per cent over Rs 114.68 crore it posted in the first quarter of fiscal 2015. Loss from operations before other income, finance costs, and exceptional items too drove down to Rs 4.35 crore in the first quarter of current fiscal from a loss of Rs 24.30 crore. Other income at Rs 27 crore in the period under review was more or less flat as against Rs 27.52 crore in the corresponding quarter of earlier fiscal. Profit from ordinary activities before finance costs and exceptional items stood at Rs 22.65 crore compared to Rs 3.53 crore. Finance costs in the first quarter of fiscal 2016 at Raymond fell 8 per cent over the first quarter of previous fiscal to Rs 32.43 crore. Loss from ordinary activities after finance costs but before exceptional items was Rs 9.78 crore compared to Rs 33.70 crore in the prior fiscal first quarter.
