Textile manufacturer Raymond Ltd has posted a 39.59 per cent pre-tax profit of INR1.83 billion for fiscal 2003, up from INR1.31bn in the previous year.

The Indian company also reported a 46.48 per cent year-on-year rise in net profit to INR1.32bn for the 12-month period, along with a gross turnover rise of 7.34 per cent year-on-year to INR10.91bn.

"Despite a stagnant domestic market and fierce competition in the overseas market, the board considers the all-round performance of the company during the year under review satisfactory," Raymond managing director Gautam Hari Singhania said of the results.

During the quarter, sales in the company's textile division grew six per cent year-on-year to INR72.13bn despite spiralling wool prices and difficult conditions in the international market.