Q1 Results: Raymond Posts Loss On Cost Incurred In Real Estate Business
Raymond Ltd. suffered a loss in the quarter ended June, hurt by one-time property development charges in its real estate business.
Net loss stood at Rs 14.9 crore in the April-June period compared with a profit of Rs 2 lakh a year ago. Its revenue, however, jumped 14 percent year-on-year to Rs 1,467 crore.
“The situation has been fairly challenging in this quarter. The macroeconomic situation has changed completely to what we saw last year,” Group Chief Financial Officer Sanjay Bahl told BloombergQuint during an interview.
The June quarter, he said, was further impacted by subdued investor sentiment, consumption slowdown and liquidity crunch, among others.
While the revenue growth of Raymond's core suiting business was “fairly strong”, the “quality of growth” impacted margins, Bahl said.
Raymond Q1 Results 2019-20: Key Highlights (Year-On-Year)
- Ebitda jumped 58.9 percent to Rs 109.5 crore.
- Margin expanded by 210 basis points to 7.6 percent.
- Depreciation rose 74 percent to Rs 81.3 crore.
- Finance cost jumped 40 percent to Rs 73.6 crore.
- Property development cost worth Rs 57.5 crore was incurred.
Watch the full interview here:
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