Apparel manufacturer Raymond today reported a net loss of Rs 41.6 crore for the quarter ended June 30, against a net profit of Rs 5.4 crore in the corresponding period a year-ago.
The net sales of the company rose to Rs 235.7 crore in the June quarter from Rs 209.1 crore in the same quarter of the previous year, Raymond said in a filing to Bombay Stock Exchange.
"We are on target in our core textile business. The market response is also very encouraging. Our Vapi phase 3 expansion is on schedule and should commence producing during Q4 of this year. The branded apparel business has continued its spectacular growth rates quarter on quarter", the company said.
The company incurred losses amounting to Rs 24.2 crore on account of mark-to-market of foreign exchange borrowings, the filing added.
Further, the textile division sales increased 8 per cent to Rs 178.4 crore driven by good market demand and the files and tools division sales rose 32 per cent to Rs 52.5 crore, the company said.
Shares of the company were trading at Rs 202.35, down 2.79 per cent in the afternoon trade on BSE.
