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Textile major Raymond posted a 90 per cent drop in net profit at Rs 3 crore for the quarter-ended March 31, 2012, against Rs 30 crore logged in the same period last year.
The company said that though the branded apparel business sales were up by 12 per cent at Rs 165 crore, the loss at the EBITDA level was Rs 15 crore on account of extended end of season sale for liquidating the inventory.
Employee benefit expenses rose 24 per cent to Rs 118.42 crore (Rs 95.55 crore) and finance cost was up by 26 per cent at Rs 48.45 crore (Rs 38.46 crore). Other expenses rose 17 per cent to Rs 187.22 crore.
However, net sales were up 13 per cent at Rs 949 crore (Rs 839 crore).
The board of directors has recommended a dividend of 25 per cent for 2011-12.
Mr Gautam Hari Singhania, Chairman, said that the financial year was a combination of two extremes, with the first half witnessing buoyant consumer sentiment, while the second-half saw a dip in sentiment.
On the BSE, the company scrip closed 1.76 per cent lower at Rs 396.50 on Wednesday.
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