Raymond doesn't feel like Raymond!

To say that the Q2FY16 performance of Raymond was disappointing is putting things lightly. Figuring amongst the top losers of the day currently, and intra day it was down 4.5% at Rs.424.55 and remains around Rs.429 levels, down over 3%.

The company posted a shockingly poor set of numbers for Q2FY16.Its net profit for the quarter dropped by a whopping 86% (YoY) at Rs.9 crore on a 2% rise in total income at Rs.1492 crore. EBITDA slumped 22% at Rs.134 crore and margins came down sharply from 15.5% to 9%. Exceptional expense of Rs.32 crore, which was impairment charges on account of its auto component business as carrying value of the foreign business assets held through subsidiary Ring Plus Aqua also dented the profit further. Tax outgot rose 37% to Rs.22 crore. Interest outgo has come down from Rs.52 crore to Rs.49 crore (YoY) and debt stands at Rs.1792 crore.