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