Mumbai: Raymond Ltd has posted net sales of Rs. 277.44 crore for the third quarter ended December 31, 2003, against Rs.275.38 crore in the corresponding period last year. Profit before tax (PBT) rose to Rs.41.48 crore against Rs.27.42 crore in the corresponding quarter in 2002, while the net profit after tax for the third quarter rose by 60 per cent to Rs 30.55 crore, from Rs.19.10.

The PBT for nine month period April to December 2003, was higher by 44.54 per cent at Rs.125.88 crore against Rs.87.09 crore during the same period last year, while the net profit after tax for the nine month period rose by 57 per cent to Rs.90.96 crore (Rs.57.82 crore last year). Net sales were up by 6.5 per cent at Rs.785.86 crore (Rs.737.67 crore).

During the third quarter, the revenue of the textiles division declined in the third quarter to Rs.192.34 crore from Rs.200.35 crore on sales volumes of 5.50 million metres — down from 5.63 million metres. Despite a steep rise in the prices of wool and polyester, the textile division achieved a higher profit of Rs.28.30 crore (up from Rs.22.51 crore) due to better management of costs.

Similarly, the denim division recorded a growth of 33.13 per cent with revenues of at Rs.51.31. crore (up from Rs.38.54 crore) with sales volumes increasing 32.17 per cent at 4.56 million metres. From 3.45 million metres.

Commenting on the results, Gautam Hari Singhania, chairman and managing director of the company said: "Despite continued difficult market conditions and increasing input costs, we have been able to maintain a satisfactory third quarter and overall performance during the nine months of the financial year."