Raymond shares jump over 4 pc after strong Dec qtr earnings

Shares of Raymond Ltd on Thursday gained over 4 percent after the company reported a multifold jump in its net profit at Rs 101.07 crore for the third quarter ended December 2021.

The stock jumped 4.37 percent to its 52-week high of Rs 818.25 on the BSE.

At the NSE, it gained 4.44 percent to a 52-week high of Rs 819.

Raymond Ltd on Tuesday reported a multifold jump in its net profit at Rs 101.07 crore for the third quarter ended December 2021, helped by improved performance across the segment.

The company had posted a net profit of Rs 22.18 crore during the corresponding quarter of the previous financial year, Raymond said in a regulatory filing.

Its revenue from operations during October-December 2021 jumped 48.25 percent to Rs 1,843.39 crore, compared with Rs 1,243.44 crore in the year-ago period.

According to the company, it has reported the ''highest profitable quarter in the past 10 years'' and its revenue is now ''100 percent of pre-COVID-19 levels''.

''In domestic markets, improved consumer sentiments and strong festive & wedding season demand across our B2C (business-to-consumer) businesses and strong momentum of export orders maintained in garments and engineering businesses helped in achieving growth in revenues,'' said Raymond in a post-earnings statement.

Equity markets were closed on Wednesday on account of Republic Day.