Raymond Ltd reported a consolidated net profit of Rs 58.36 crore for the fourth quarter ended March 2021. The company had posted a net loss of Rs 69.10 crore during the January-March period of the previous fiscal, Raymond said in a regulatory filing.
Speaking about the outlook for Q1FY22, Amit Agarwal, Group CFO of the company, said that demand was robust in the first two weeks of April 2021, ex-Maharashtra.
“The first two weeks of April, we had a fairly good, robust demand, except for Maharashtra which had gone on lockdown. The second wave of COVID has hit and it has created a lot of lockdowns. But we believe that in the next 1-2 weeks there will be few states which will open up and which would enable us to get back into demand,” he said in an interview to CNBC-TV18.
He also believes that as unlock happens, the company will see pent-up demand leading to strong recovery.
“As soon as unlock happens, the demand will pick up and there will be a lot of pent up demand as well. In 2-3 months you will start seeing the festivities coming around with Onam and Dusshera and we see a good possibility of a strong recovery in our products,” he said.
Agarwal also said that the company is seeing strong demand in the US and Europe market.
He further added that the real estate business is getting a lot of inquiries from channel partners and expects to see strong demand as the market opens up.
He said that currently 15-17 percent of retail shops are operational and tier-IV to tier-VI cities contribute 60 percent of revenues.
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(Edited by : Bivekananda Biswas)
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