Date:05/05/2006 URL: http://www.thehindubusinessline.com/2006/05/05/stories/2006050504640100.htm

Back Raymond Q4 net profit dips 22 pc

Our Bureau

Net profit for year up 45 p.c.

Mumbai , May 4

Textile major Raymond Ltd reported a 21.65 per cent decline in its fourth quarter net profit at Rs 34.81 crore as against Rs 44.43 crore posted last year. The dip in profit is due to tax provisions during the quarter.

Net sales for the quarter rose by 20.56 per cent to Rs 384.25 crore (Rs 318.71 crore). The company has declared a divided of 50 per cent.

During the quarter, tax provisions stood at Rs 9.58 crore. In the year-ago quarter no tax provisions were made.

For the year ending March 2006, the net profit increased by 45.52 per cent at Rs 121 crore, against Rs 83.15 crore the previous year.

Net sales for year grew 15.81 per cent at Rs 1,324.74 crore, against Rs 1,143.83 crore the previous year.

Addressing the media on Thursday, Mr Pradeep Bhandari, Group President, Raymond Ltd, said that the growth in profitability was largely driven by the strong performance of the textile division, growth in the denim business with the increased capacity coming into operation and the benefits of restructuring undertaken in 2004-05 in the Files and Tools Division. Shares of Raymond fell by Rs 5.95 to Rs 598.55 in Thursday's trade on the BSE.