Raymond's first quarter net loss narrows to Rs 24 crore

RaymondIndia's leading textile firm, Raymond Ltd's has announced its financial results for first quarter of the fiscal year 2010-11. The company has informed that, in this reviewed quarter it has managed to narrow its loss figures as compared to last year report.

The net loss of the firm was reported to be Rs 24 crore for the first quarter of the current year.

For the same period of time, the net loss was Rs 32 crore in the previous year. Hence the company has managed to reduce the loss figure to 25% in the current year against last year.

Raymond Ltd's has produced this fact to the Bombay Stock Exchange in a filing. However, the net sales of the company have gone up in the quarter under review.

The net sales of the company has gone up Rs 240 crore in Q1 of 2010-11 which was reported to be Rs 234 crore for its like period a year ago.

MD of Raymond, Mr. Gautam Singhania has informed that, the hike in net sales was due to the capitalization in brand strength and rapid retail expansion to the smaller cities of the country.