Raymond net at Rs 5.4 crore

Textile firm Raymond has reported a profit after tax (PAT) of Rs 5.4 crore for the first quarter ended June 30. However, excluding denim operations from the same quarter of the last year, PAT has increased by 9 per cent in the period.

During the quarter, net sales increased by 7 per cent to Rs 166.08 crore with the second phase of Vapi expansion having its first full quarter of operations. Net sales of is files & tools division was also up 7 per cent to Rs 39.80 crore.

Revenues dipped to Rs 236.4 crore (Rs 298.5 crore), which included the results of the erstwhile denim division. Net revenues went up by 12 per cent to Rs 236.4 crore (Rs 211.8 crore).

Gautam Hari Singhania, chairman and managing director, Raymond, said, "The branded apparel business as well as the textile division witnessed an excellent growth. The increasing raw material costs and rupee fluctuations are a challenge." The company said in a statement that the figures were not comparable to last year as the company divested its denim business effective from August 1, 2006.