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Raymond posts lower net profit in Q1
PTI, Mumbai
Textiles major Raymond has posted a lower net profit at Rs 3.14 crore in the
first quarter ended June 30, 2004, compared to Rs 20.92 crore posted during
the year-ago period.
The company’s total income (net of excise) rose to Rs 207.38 crore during
the quarter under review, as against Rs 188.23 crore in Q1 last fiscal, Raymond
informed the Bombay stock exchange.
Raymond has received approval from its board to set up an additional trouser
line facility, with a capacity of 1,000 trousers per day, at its existing plant
in Bangalore. The Bangalore plant functions under its wholly-owned subsidiary
Silver Spark Apparel. The new facility is slated to commence operations from
November this year, it said.
The board had also approved setting up a new facility to manufacture formal
shirts, it said, adding, the plant would have a capacity of 3,000 shirts per
day. The project, which would cost Rs 13.57 crore, would be implemented after
setting up a new company, it said.
The company would commence operations from march next year, it added.
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