Textiles company Raymond announced Q2FY24 & H1FY24 results: Q2FY24: Net Revenue: Rs 2,321 crore, a 6% YoY increase. EBITDA: Rs 382 crore, up by 7% YoY. EBITDA Margin: 16.5%, a 20 bps YoY improvement. Reported PAT: Rs 160 crore, with a marginal 1% YoY change. H1FY24: Net Revenue: Rs 4,147 crore, showing a 5% YoY growth. EBITDA: Rs 634 crore, a 7% YoY rise. EBITDA Margin: 15.3%, a 30 bps YoY improvement. Reported PAT: Rs 1,225 crore. Commenting on the performance, Gautam Hari Singhania, Chairman & Managing Director, Raymond said, “The growth trajectory at Raymond continues its journey as we have recorded yet another stellar quarter. We continue to achieve milestones across businesses as we recently announced our second project under joint development in our real estate business with a potential of Rs 1,700 crore revenue. With the acquisition of MPPL, our engineering business will now be consolidated and will participate in sunrise sectors like aerospace, defense, and EV components, which have phenomenal growth opportunities. With the onset of festivities and wedding season, we at Raymond are optimistic that there will be an uptick in consumer demand and overall sentiments should remain positive.” Result PDF
Textiles company Raymond announced Q1FY24 results: Net revenue of Rs 1,826 crore in Q1FY24 compared to Rs 1,754 crore in Q1FY23, up 4% YoY EBITDA of Rs 252 crore in Q1FY24 compared to Rs 235 crore in Q1FY23, up 7% YoY EBITDA % of 13.8% in Q1FY24 compared to 13.4% in Q1FY23, up 40 bps YoY Profit on sale of FMCG Business of Rs 983 crore Reported PAT of Rs 1,065 crore in Q1FY24 compared to Rs 81 crore in Q1FY23 Commenting on the performance, Gautam Hari Singhania, Chairman & Managing Director, Raymond said, “This was a momentous quarter for us as the Raymond group became net debt-free post the sale of our FMCG business. During the seasonally weak first quarter and subdued consumer demand, the company has recorded a strong and steady performance across businesses. The quarter witnessed a lesser number of wedding days compared to the corresponding quarter last year which was a dampener for consumer demand. However, going forward we are optimistic as festive and wedding season will set in during the second half of the year giving an impetus to consumer demand across the country. The silver lining for the quarter was our recent value-unlocking initiative of Lifestyle business demerger which is in progress. Post demerger, we will have two independent consumer-facing net debt-free listed entities for Lifestyle and Real Estate businesses and there is a significant liquidity surplus of over Rs 1,500 crore at the Group level to drive future growth.” Result PDF