Raymond Limited posted profit before tax and exceptional
item at Rs. 183.13 crores (Rs.131.19 crore) for the year
ended March 31, 2004, which is higher by 39.59 per cent
as compared to the previous year. Net Profit, after provision
for prior year adjustments, income and wealth taxes, was
higher by 46.48 per cent at Rs.132.29 crore (Rs.90.25
crore). The gross turnover of the Company was higher by
7.34 per cent at Rs.1091.53 crore (Rs.1016.87 crore).
appropriating Rs.2.50 crore (Rs.3.75 crore) to the Debenture
Redemption Reserve and Rs. 60 crore (Rs.67 crore) to the
General Reserves, the Board recommended an enhanced dividend
of 55 per cent (45 per cent).
spiraling wool prices and difficult conditions in the
international market, the sales of the Textile Division
registered a growth of 6per cent at Rs. 721.38 crore (Rs.680.63
crore) and the profit of the division rose by 13.31% at
Rs.121.70 cores (Rs.107.40 crore).
unabated rise in cotton prices, the sales of the Denim
Division recorded an increase of 44.76 per cent at Rs.186.75
crore (Rs.129.01 crore).The operating profit of the Division
declined by 11 per cent due to higher cotton prices and
lower export realisation due to the appreciating rupee.
The division, which is a net export earner, has taken
steps to mitigate to some extent the impact of increase
in cotton prices and the deprecating U.S. dollar by further
enrichment of product mix, timely judicious sourcing from
international and domestic suppliers and mixing varieties
of cotton optimally. The Company has been nominated by
major brands as a source for denim. The enhanced production
capacity of 20 million metres became fully operational
during the last quarter of the year under review.
The overall performance of the Files and Tools Division
was satisfactory despite the files business being almost
stagnant globally and a steep increase in the cost of
steel. The Division recorded sales of Rs.134.97 crores
(Rs.129.95 crores). The exports of the files division
recorded an increase of 7% over the previous year despite
on the occasion, Mr. Gautam Hari Singhania, Chairman and
Managing Director, said: Despite a stagnant domestic
market and fierce competition in the overseas market,
the Board considers the all round performance of the Company
during the year under review satisfactory.