Mumbai, Maharashtra
Raymond, India’s
largest integrated worsted suiting manufacturer announced its fourth quarter
results for the year ending March 31, 2021. The company’s net profits stood at
Rs 560 million as against a net loss of Rs 680 million reported last year.
The company’s
net sales gained 6.8% to reach Rs 13.66 billion. EBITDA rose to Rs 1970 million
in Q4 FY21 from Rs 50 million in Q4 FY20. The net debt reduced to Rs 14.16
billion from Rs 15.83 billion in December 2020.
Gautam Hari
Singhania, Chairman and Managing Director (MD), Raymond, stated that the
quarter saw Branded Textile segment along with Engineering and Real Estate businesses
perform well. He added that with the COVID-19
pandemic being rampant, he hopes the business to regain momentum
once vaccination gains pace.
The share price
of Raymond surged over 5% on May 7, 2021; a day after the company’s Q4 results
for FY21 was released.
Source: Business Standard, Good Returns
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