The world’s largest integrated manufacturer of fabric and India’s biggest woollen fabrics maker, based in Mumbai, Raymond Limited on Monday reported a consolidated net loss of Rs. 69 crore for the fourth quarter ended March 2020 as a result of the global COVID-19 pandemic and the subsequent lockdown.
The company had posted a net profit of Rs. 68 crore during the same quarter last year.
Raymond’s revenue from operations witnessed a drop of 29 per cent to Rs. 1,279 crore during the quarter under review, while it was Rs. 1,809 crore in the corresponding period of the previous fiscal.
“The Government of India had declared a lockdown on 24 March 2020, which had impacted the normal business operations of the group, its associates and joint ventures,” the company said in a recent statement.
The brand’s total expenses fell 17 per cent to Rs. 1,443 crore in the fourth quarter of 2019-20 as against Rs. 1,743 crore last year.
Revenue from the company’s textile segment declined 28 per cent to Rs. 582 crore, whereas it was Rs. 814 crore in the corresponding quarter last year.
Revenue from shirting (fell 24 per cent) and apparel (fell 41 per cent) segments contributed Rs. 119 crore and Rs. 289 crore, respectively. Revenue from garmenting dropped 14 per cent to Rs. 181 crore.
For fiscal year 2019-20, the company’s net profit grew 15 per cent to Rs. 202 crore as against Rs. 175 crore in 2018-19.