Raymond not in its best suit

Raymond is the top loser on the BSE since morning. The stock which had yesterday hit a new 52-week high at Rs.495 in anticipation of a good Q1FY17, today went down almost 6.5% to Rs.459.10 and continues to remain around the same levels.

The results were very discouraging. The company ended Q1FY17 with a net loss of Rs.17 crore v/s loss of Rs.14 crore in Q1FY16. Its total income was at Rs.1062 crore, up 4% (YoY). It also posted an EBITDA at Rs.36 crore, up 4% and margins actually improved marginally from 3.3% to 3.4%. What really did the company in was the interest outgo; for the current Q1 it was at Rs.45 crore v/s Rs.47 crore (YoY).