Mumbai, July 18: Raymonds on Friday reported a robust 385 per cent rise in its net profit at Rs 20.92 crore during the first quarter ended June 30, 2003, against Rs 4.31 crore in the same period last financial year. Net sales grew by 11.2% during the April-June period to Rs 185.50 crore as compared to Rs 166.70 crore in the last financial year, a company release said.

The company said sales of the textile division which contributes substantially to the company's total sales and profitability are of seasonal nature and the bulk of despatches of high value fabric take place during the later part of the year.
Raymonds has also subscribed to 6,000 equity shares of Rs 100 each and 4,4,000 fully convertible debentures of Rs 100 at par. Bureau Report