Raymond surges on robust Q4 earnings

Net profit for the fourth quarter jumped 161% to Rs 56.2 crore compared to same quarter last fiscal

Shares of Raymond were up over 5% at Rs 420 on the Bombay Stock Exchange after the company reported 161% growth in consolidated net profit at Rs 56.2 crore for the quarter ended March 31, 2016 compared with Rs 21.5 crore in the same quarter last fiscal.

Consolidated net sales for the quarter increased 8% to Rs 1,511 crore compared with Rs 1400 crore for the quarter ended March 31, 2015.

However, for the year ended March 2016 consolidated net profit was lower at Rs 92 crore compared with Rs 112.8 crore in the last fiscal. Net sales were higher at Rs 5594.7 crore compared with Rs 5,332.6 crore in the year ended March 31, 2015.

The board of directors has proposed a dividend of 30% (Rs 3/- per equity share) for the year 2015-16, the company said in a release.

The stock opened at Rs 434 and touched a high of Rs 437. At 10:10am, over 487,000 shares were traded on both the stock exchanges.