Raymond Ltd has reported a 66.91 per cent decline in net profit to Rs 88.11 crore for the year ended March 31 compared with Rs 266.32 crore net recorded in the previous fiscal.
However, the net profit after tax is lower by 75.5 per cent at Rs 81.13 crore compared with Rs 332.22 crore seen in the previous fiscal. The previous year figures factor in an exceptional income on account of net gain on sale of steel and cement divisions and other adjustments amounting to Rs 339.17 crore.
The loss taken over on amalgamation also reduced the net profit after tax by Rs 65.9 crore in the year 2000-01 whereas the net profit after tax has increased by Rs 6.98 crore in the 2001-02 on account of excess provision of tax written back.
The net sales decreased 33.07 per cent to Rs 975.12 crore for the financial year 2001- 02 compared with a net sales of Rs 1,457.06 crore in the previous fiscal. The board of directors has, however, recommended a higher dividend of 45 per cent compared with 30 per cent in the previous fiscal.
Gautam Hari Singhania, chairman & managing director, said, "The year in retrospect was an extremely difficult year, particularly for the textile industry. Despite difficult market conditions, we could still achieve a marginal growth in the textile operation which augurs well for the future."
For the year 2001-02, the textile division contributed Rs 719.14 crore to the turnover, files and tools Rs 140.30 crore, denim Rs 115.93 crore and others contributed around Rs 7.48 crore.
