Textiles firm Raymond today said its consolidated net profit declined by 78.91 per cent to Rs 12.84 crore for the third quarter ended December 31, 2012, due to various factors including higher input costs.
The company had posted net profit of Rs 60.89 crore in the same period last fiscal, Raymond Ltd said in a filing to the BSE.
Net sales of the company, however, rose to Rs 1,049.06 crore during the quarter, as against Rs 952.76 crore in the same period of 2011-12 fiscal.
"The third quarter of current financial year has been far more challenging," Raymond CMD Gautam Hari Singhania said in a filing to BSE.
"On one hand margins of our worsted suiting' business have been under pressure due to higher input costs and inflation, our apparel business suffered from high inventory overhang impacting margins," he added.
Singhania said the company has put in place various processes and cost improvement initiatives to tackle the same.
"Despite a tough quarter gone by, we remain confident about the long term consumption demand," Singhania added. Raymond scrip today closed at Rs 429.50 on the BSE, up 0.08 per cent from its previous close.