Raymond Q1 net plummets by 38.27 per cent

Mumbai, Jul 20: Raymond Ltd has posted a net profit of Rs 11.61 crore for the quarter ended June 30, 2006 as compared to Rs 18.81 crore for the quarter ended June 30, 2005, a decline of 38.27 per cent.

Announcing the results, the company said its total income (net of excise) has increased from Rs 261.78 crore in Q1 of FY 05-06 to Rs 298.47 crore for Q1 of FY 06-07.

Commenting on the results, Raymond Chairman and Managing Director Gautam Hari Singhania said, ''The capacity addition in the textile business and the partnerships forged with leading international players will contribute significantly to the Company's business in the coming years.''

UNI