Raymond, one of the largest integrated manufacturer of worsted fabric, has posted a drop of 37.92% in net profit of Rs 502.6 million for the quarter ended September 30, 2012 as compared to Rs 809.6 million for the quarter ended September 30, 2011.
The company's profit was majorly impacted due to steep drop in the EBITDA margins, which fell 4 percentage points to 15%.
Net sales has incresed by 13.58% to Rs 11.14 billion for the quarter ended Sept. 30, 2012 from Rs 9.80 billion in the year ago period.
Gautam Hari Singhania, chairman and managing director, Raymond, said, ''Despite challenging business environment, Raymond has reported double digit growth rates during the quarter on the strength of its brands, network and customer relationships. Though consumer sentiment continues to remain subdued largely due to high interest rates and inflation, we are confident about the long term and will continue to invest in brand building, retail and in improving operational efficiencies.''
Shares of the company declined Rs 4.8, or 1.25%, to trade at Rs 378.20. The total volume of shares traded was 61,593 at the BSE (Friday).