Raymond Q3 profit down 4.4% to `97cr

under review as against `3,574.98 crore in the year-ago period. “The net profit includes an exceptional gain (net of tax) of Rs359 crore, pursuant to a joint venture agreement with Bel SA for the cheese business and consequent sale of 49% equity stake in its subsidiary and fair valuation of the residual stake of 51%,” a company’s earning statement said. Britannia Industries’ total expenses were at Rs3,475.31 crore in the third quarter of FY23, up 11.28% from `3,123.02 crore in the corresponding period of the previous year. On Wednesday, shares of Britannia Industries Ltd settled 1.19% higher at `4,369.30 on the BSE.

New Delhi: Raymond Ltd on Wednesday reported a decline of 4.42% in its Dec quarter net profit at `96.60 crore, mainly on account of a one-time tax hit. The company had posted a net profit of `101.07 crore during the October-December period of the previous fiscal, Raymond said in a regulatory filing.

Its revenue from operations rose 17.61% to `2,168.16 crore during the quarter under review, as against `1,843.39 crore in the yearago period. According to Raymond, it has recorded the “highest-ever revenues in a quarter”. Total expenses were at `1,977.28 crore, up 17.34% from `1,685.03 crore earlier. Raymond has exercised the option of lower corporate tax rate which has resulted in one-time net impact of `73.5 crore in the profit and loss account, the company said in its earning statement. Its EBITDA (pre-tax profit) was at Rs351 crore in the third quarter of FY23. Shares of Raymond Ltd on Wednesday settled at `1,376.70 on BSE, down 10.11% from the previous close.