''The company incurred losses amounting to Rs 24.2 crore on account of mark-to-market of foreign exchange borrowings, as opposed to a mark-to-market gain of Rs 7.6 crore in the same quarter of the previous year,'' a company statement said. Its net sales for the first quarter ended June 2008 was at Rs 235.7 crore compared to Rs 209.1 crore in the same quarter of the previous year. The textile division sales registered an increase of eight per cent to Rs 178.4 crore driven by good market demand.
The net sales of Files and Tools division was up by 32 per cent to Rs 52.5 crore backed by excellent growth rates, especially in international markets.
The apparel businesses continued its blistering pace of growth and logged sales growth rates close to 30 per cent for the quarter over same period previous year.
''Our Vapi Phase three expansion is on schedule and should commence production during the fourth quarter of this year,'' Raymond Limited CMD Gautam Hari Singhania said.