Raymond cuts losses by 34%

Textile major Raymond has reduced its losses by 34 per cent from ₹50 crore to ₹33 crore on a consolidated basis for the first quarter due to operational expenses and weak consumer sentiment. Net sales, however, increased by 25 per cent from ₹874 crore to ₹1,096 crore during the quarter. Sales from the textile division grew by 27 per cent on the back of higher volumes and better realisation coupled with the penetration of shirting fabrics across consumer channels. The apparel division sales grew by 14 per cent to ₹179 crore due to volume growth across brands. On Friday, shares of Raymond dropped by 3.74 per cent closing at ₹419.75.