Suit and apparel producer Raymond Ltd has posted a 59 per cent slump in fourth-quarter profit, after year-on-year sales fell in the period.

Net profit totalled INR161.2 million compared to profit of INR394.1m in the same period last year, while net sales reached INR3.37 billion, down from INR3.38bn a year ago.

Raymond said it wrote off INR219.2m in a voluntary retirement scheme during the quarter.