Net sales slumped 88.6% year-on-year (YoY) to Rs 163.16 crore during the quarter. Pre-tax loss stood in Q1 FY21 stood at Rs 349 crore as against a pre-tax loss of Rs 11.07 crore in Q1 FY20. Current tax expense were down 99% to Rs 0.09 crore in Q1 June 2020 from Rs 9.17 crore in Q1 June 2019.

Raymond said the Q1 operations were impacted by lockdown due to COVID 19 pandemic. The company said its retail stores remained closed during lockdown 1.0 and 2.0. Currently 95% of its store network spread across 600+ towns & cities are operational.

The company undertook cost rationalization & various cost control measures relating to sales & marketing, manpower, rentals and others. This has resulted in operating cost at Rs 275 crore, lower by 50% on a sequential basis from Rs 551 crore in Q4FY20 and lower by 44% on a YoY basis from Rs 494 crore in Q1FY20.

Commenting on the quarter performance, Gautam Hari Singhania, chairman & managing director, Raymond, said, "Raymond's expansive retail network remains key to the business and it is re-assuring to see that over 95% of our retail stores are now operational. While tiding through the tough times, managing effective cash flows through significant cost reduction coupled with maintaining liquidity levels and debt reduction have been the highlights of the quarter.

With ease in restrictions now, we are witnessing that consumer sentiment is gradually picking up across the country. As we move closer to the festive and wedding season, it is expected that the increased consumer spending will bring in the much needed recovery."

Raymond is an integrated worsted suiting manufacturer that offers end-to-end solutions for fabrics and garmenting. The company also has presence in FMCG sector along with engineering and auto component markets.

The scrip shed 0.84% to currently trade at Rs 274.75 on the BSE. It traded in the range of 271.85 and 280.90 so far during the day.

Currently, the stock is trading 67.21% below its 52-week high of Rs 838 hit on 11 November 2019. It has gained 31.14% from its 52-week low of Rs 209.50 hit on 30 March 2020.