Diversified Raymond Ltd on August 1 reported a consolidated net loss of Rs 12.20 crore for the first quarter ended June 2019. Sanjay Bahl, group CFO of the company, spoke to CNBC-TV18 about the financial results.

“The macroeconomic situation is very weak. We have seen major liquidity concerns impacting the micro and SME segment. Our trade channels both wholesale and retail have been impacted because of liquidity crunch and consumer sentiment especially on discretionary spending side has been subdued,” he added.

“It’s been a bit of a portfolio change in this quarter with lower value products selling more than the higher value and the result of which the margin dilution is what you see in the core businesses and it's mainly an impact of the big change that has happened in the business,” added Bahl.

On the demand front, he said, “July has been quite weak from business offtake and sentiment wise, consumer demand has been slow.”

“However, we do see improvement happening in the remaining 2 months of the quarter. We do not believe that the revenue growth will be very high on a year-on-year basis,” he said.

"We expect double-digit growth in branded apparels business," said Bahl.