Raymond net down 59%

BS 200 SCORECARD

Raymond has posted a 59 per cent decline its net profit at Rs 16.12 crore for the fourth quarter ended March 31, 2005 compared with Rs 39.41 crore for corresponding period in the previous quarter.

Net sales dipped to Rs 336.75 crore (Rs 338.27 crore). Net profit for the year ended March 2005 fell 41 per cent at Rs 76.38 crore from Rs 130.37 crore in the year ended March 2004. Net sales rose 7 per cent at Rs 1,211.71 crore (Rs 1,125 crore).

The board has declared a dividend of 40 per cent. In a media release, the company said the decline in net profit was a result of the writing off the voluntary retirement scheme (VRS) of Rs 22 crore and a fall in the other income in this quarter.

The company stated that the profitability was impacted on account of margin pressures due to rise in input costs in polyester, cotton and steel. In this quarter, the company's expenditure on raw material jumped 190 per cent at Rs 258.12 crore (Rs 88.72 crore).