New Delhi, May 4: Textile major Raymond Limited today reported a decline in its net profit at Rs 34.99 crore for the fourth quarter ended 31 March 2006, a fall of 7 per cent as against the same period last year.
The fall in net profit is due to the increased tax provision of Rs 9.58 crore as compared to 'nil' in the same quarter of the previous year, a statement released here said.
The Board has recommended a dividend of 50 per cent.
Revenue for the fourth quarter stood at Rs 400 crore, a hike of 21 per cent over the same period last year.
The company reported a 45.5 per cent increase in net profit at Rs 121 crore for the year ended 31 March, 2006 as against Rs 83.15 crore for the last fiscal.
Revenue for the period jumped 15 per cent at Rs 1,345 crore as against Rs 1,169 crore last year.
Consolidated revenue for the financial year 2005-06, was Rs 1,793, a jump of 19 per cent over the previous year.
Announcing the results, Raymond Chairman and MD Gautam Hari Singhania said, ''The capacity additions in textile and denim business completed in FY06 and the partnerships forged with leading international players will contribute significantly to the company's business in the coming years.''