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Raymond jumps 7% as the company stitches a profitable Q4

NEW DELHI: Shares of Fabric firm Raymond surged as much as 7 per cent after the company reported a consolidated net profit of Rs 58.36 crore for the fourth quarter ended March 2021.

The scip surged 7 per cent to Rs 351.30. Later, it cooled down to the levels of Rs 340, up by 4 per cent by 10.30 am. Shares of the company closed at Rs 328.15 on Monday. BSE Sensex was trading 393.55 points or 0.80 per cent higher at 49,343.31 at the same time.

The Textile major reported a net loss of Rs 69.10 crore during the January-March period of the previous fiscal, Raymond said in a regulatory filing.

However, its total income was up 9.03 per cent to Rs 1,407.45 crore as against Rs 1,290.87 crore in the corresponding period of the previous fiscal.

Revenue from textiles climbed 24.09 per cent to Rs 722.10 crore as against Rs 581.90 crore earlier. Revenue from the shirting segment was up 12.2 per cent to Rs 133.17 crore from Rs 118.69 crore. However, apparel revenue dropped 39.5 per cent to Rs 174.96 crore as against Rs 289.27 crore.

The counter is trading 15-odd per cent lower to its 52-week high of Rs 408.95. However, in May 2018, it surpassed Rs 1,100. Shares of Raymond did not actively participate in the market during 2020 as the scrip is still about halfway from its pre-Covid levels.

The textile and apparel industry was impacted as a result of lockdowns in several states with supply chain and business getting affected. The company management has been keen on focusing on online value chains to cater to the demand.

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