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Equity | News | Hot Pursuit
Hot Pursuit
Raymond slips on posting Q4 net loss of Rs 69 cr
(09:52, 30 Jun 2020)

Consolidated net sales dropped 29.31% to Rs 1,278.65 crore in Q4 FY20 over Rs 1,808.71 crore in Q4 FY19. The company reported pre-tax loss of Rs 124.81 crore in Q4 FY20 compared with pre-tax profit of Rs 92.89 crore in Q4 FY19. Total tax expense stood at Rs 55.71 crore in Q4 FY20. It reported tax write back of Rs 25.19 crore in Q4 FY19.

Topline and profitability was impacted due to Covid-19 and channel stock correction in branded apparel segment. The primary sale of March was impacted especially for the wedding season of April to June 2020. The sales for the good wedding season was completely wiped off. Overall topline impact was Rs 414 crore and EBITDA impact was Rs 134 crore.

The company is taking all requisite measures to manage liquidity that includes cost reduction, fund management and focus on collections. The company is looking at all available options that include long term funding and alternate working capital availability to manage liquidity in the current situation. The company is in the process of taking steps to issue NCDs that would support to rebalance its debt mix favouring long-term debt. In Q1 FY21, the company has raised Rs 145 crore through NCDs at market benchmarked rates.

Commenting on the year performance, Gautam Hari Singhania, chairman & managing director, Raymond said, FY20 witnessed the achievement of big milestones including deleveraging through land sale, emergence of real estate as an independent business, announcement of de-merger of lifestyle business. The business was significantly impacted from mid-March due to nationwide lockdown which resulted in disrupting manufacturing operations and temporary closure of all our retail stores. It has been a challenging phase and Raymond has taken requisite measures to recalibrate business operations that will enable us to benefit from increased agility and effectively combat market volatility. In our efforts to contribute to the fight against Covid-19, Raymond has launched a comprehensive range of PPE offerings and sanitization products that is receiving encouraging response. As the Indian economy is gradually unlocking, it is heartening to witness the encouraging consumer response post re-opening up of our stores.

Raymond is an Indian lifestyle, textile and branded apparel firm. The company is engaged in wool and wool blended fabric, and shirting fabric.

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