Raymond Q1 net loss at Rs 157 cr; revenue from operations at Rs 826 cr

Raymond Ltd on Thursday reported a consolidated net loss of Rs 157.10 crore for the quarter ended June 2021.

The company had posted a net loss of Rs 247.60 crore during the April-June quarter of the previous fiscal, Raymond said in a regulatory filing.

However, its revenue from operation rose over four-fold to Rs 825.70 crore as against Rs 163.16 crore in the corresponding period of the previous fiscal.

Total expenses in Q1 FY 2021-22 were at Rs 971.06 crore, up 78.54 per cent over Rs 543.87 crore earlier.

Raymond Chairman and Managing Director Gautam Hari Singhania said, "The quarter gone by was a difficult one as it was severely impacted by the second wave of pandemic. However, we were able to handle the situation better with past learnings and closed the quarter with higher revenues."

The consumer sentiments were seen positive during the month of June with higher number of wedding dates, he added.

Raymond was also able to maintain strong profitable momentum in the engineering business as it focused on exports as the domestic market was impacted due to lockdown, he said.

"With vaccination drive gaining pace, we are cautiously optimistic of consumer demand picking up with upcoming festival and wedding season," Singhania added.

Shares of Raymond Ltd settled at Rs 453.40 on BSE, down 2.66 per cent from the previous close.