New Delhi: Diversified group Raymond on Friday reported a 38.03 per cent decline in consolidated net profit to Rs 33.68 crore for the fourth quarter ended March 31.
The company had posted a net profit of Rs 54.35 crore during the January-March period a year ago, Raymond said in a filing to the BSE.
Its net sales during the quarter under review was up 5.10 per cent at Rs 1,473.60 crore as against Rs 1,402.05 crore in the corresponding period of previous fiscal. Raymond's total expenses increased by 7.40 per cent to Rs 1,409.57 crore as against Rs 1,312.41 crore.
For FY 2016-17 ended on March 31, Raymond's net profit declined 64.90 per cent to Rs 30.02 crore as against Rs 85.55 crore in 2015-16. However, it net sales was grew 4.14 per cent to Rs 5,391.32 crore in 2016-17 as against Rs 5,176.83 crore of FY 2015-16.
Commenting on the results, Raymond CMD Gautam Hari Singhania said: "FY 2016-17 was combination of two extremes, while the H1 performance met our internal targets, the second half witnessed unprecedented disruptions due to liquidity crunch arising out of demonetisation." Shares of Raymond today settled at Rs 747.70 on BSE, down 2.31 per cent from previous close.