Raymond, a domestic textile major, has posted a decline of 21.87 per cent in its net profit at Rs 24 crore for the quarter ended September. The company’s net sales during the period grew to Rs 434 crore (Rs 346 crore), up 25 per cent. In a statement, the company said, “Profitability was affected on account of forex loss of Rs 12 crore due to translation losses on foreign exchange borrowings.”
Gautam Hari Singhania, chairman and managing director, Raymond, said, “Though the current financial turmoil could bring with it its own share of uncertainties, we are bullish on the India consumption story and we believe that with our inherent strengths, we will sustain our current performance.” On the Bombay Stock Exchange, the company’s share closed at 84.25, up 4.08 per cent on Friday.