Raymond reports highest ever revenue in Q2; stock ends flat
Raymond shares slipped 1.45% intraday to Rs 1,840 against the previous close of Rs 1867.20. Later, the stock closed 0.10% lower at Rs 1865.35 on BSE.
- Nov 8, 2023,
- Updated Nov 8, 2023 4:49 PM IST
Shares of Raymond Ltd ended on a flat note on Wednesday after the garments and apparel maker reported its earnings for the quarter ended September 2023. Raymond shares slipped 1.45% intraday to Rs 1,840 against the previous close of Rs 1867.20 on BSE. Later, the stock closed 0.10% lower at Rs 1865.35 on BSE. The dip in the stock came after earnings were announced. Net profit was almost unchanged in Q2 at Rs 160 crore against a net profit of Rs 159 crore during the July-September quarter of the previous fiscal.
Revenue from operations climbed 4% year-on-year to a record Rs 2,253 crore in the September 2023 quarter from Rs 2,168 crore in the corresponding quarter of the previous fiscal. Total expenses surged 7% year-on-year to Rs 2,093 crore in the September 2023 quarter against Rs 1,954 crore in Q2 of the previous fiscal.
Total 0.30 lakh shares of the firm changed hands amounting to a turnover of Rs 5.74 crore in Wednesday’s trade. Market cap of the firm fell to Rs 12,418 crore on BSE. Raymond stock opened flat at Rs 1867.25 today.
In terms of technicals, the relative strength index (RSI) of Raymond stood at 57.5, signaling it's trading neither in the overbought nor in the oversold zone. Raymond stock is trading higher than the 5 day, 10 day, 20 day, 100 day and 200 day moving averages but lower than 50 day moving averages.
Shares of Raymond have gained 48 per cent in a year and risen 24.42 per cent in 2023.
EBITDA rose 7% to Rs 382 crore (the highest ever) in Q2 against Rs 358 crore in the September 2022 quarter.
During the quarter, the Branded Apparel segment grew by 18% compared to the corresponding quarter last year. The firm opened 63 stores during the quarter.
"Our branded textile business demonstrated a steady performance compared to the same quarter last year. Raymond’s garmenting business continues to have a robust order book driven by new customer acquisitions and increased order volumes from existing customers, with the business closing the quarter with a 18% strong growth rate as compared to same quarter last year," said Raymond.
Gautam Hari Singhania, Chairman & Managing Director, Raymond Limited 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 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 the consumer demand and overall sentiments should remain positive.”
The company operates in the textile and apparel sector and other segments like consumer care, realty and engineering.
Shares of Raymond Ltd ended on a flat note on Wednesday after the garments and apparel maker reported its earnings for the quarter ended September 2023. Raymond shares slipped 1.45% intraday to Rs 1,840 against the previous close of Rs 1867.20 on BSE. Later, the stock closed 0.10% lower at Rs 1865.35 on BSE. The dip in the stock came after earnings were announced. Net profit was almost unchanged in Q2 at Rs 160 crore against a net profit of Rs 159 crore during the July-September quarter of the previous fiscal.
Revenue from operations climbed 4% year-on-year to a record Rs 2,253 crore in the September 2023 quarter from Rs 2,168 crore in the corresponding quarter of the previous fiscal. Total expenses surged 7% year-on-year to Rs 2,093 crore in the September 2023 quarter against Rs 1,954 crore in Q2 of the previous fiscal.
Total 0.30 lakh shares of the firm changed hands amounting to a turnover of Rs 5.74 crore in Wednesday’s trade. Market cap of the firm fell to Rs 12,418 crore on BSE. Raymond stock opened flat at Rs 1867.25 today.
In terms of technicals, the relative strength index (RSI) of Raymond stood at 57.5, signaling it's trading neither in the overbought nor in the oversold zone. Raymond stock is trading higher than the 5 day, 10 day, 20 day, 100 day and 200 day moving averages but lower than 50 day moving averages.
Shares of Raymond have gained 48 per cent in a year and risen 24.42 per cent in 2023.
EBITDA rose 7% to Rs 382 crore (the highest ever) in Q2 against Rs 358 crore in the September 2022 quarter.
During the quarter, the Branded Apparel segment grew by 18% compared to the corresponding quarter last year. The firm opened 63 stores during the quarter.
"Our branded textile business demonstrated a steady performance compared to the same quarter last year. Raymond’s garmenting business continues to have a robust order book driven by new customer acquisitions and increased order volumes from existing customers, with the business closing the quarter with a 18% strong growth rate as compared to same quarter last year," said Raymond.
Gautam Hari Singhania, Chairman & Managing Director, Raymond Limited 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 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 the consumer demand and overall sentiments should remain positive.”
The company operates in the textile and apparel sector and other segments like consumer care, realty and engineering.