Raymond reports 93.6% rise in net profit to Rs 183.60 cr in Q3 FY24, revenue surges to Rs 2,386.18 cr 

Raymond Ltd reported a 93.6 per cent rise in net profit to Rs 183.60 crore as compared to Rs 94.84 crore during the corresponding quarter of the last fiscal. It posted revenue from operations at Rs 2,386.18 crore in Q3 FY24, up 10.1 per cent as against Rs 2,168.16 crore during Q3 FY23. The company's EBITDA stood at Rs 362 crore, up 13.4 per cent on-year. 

The company noted that the improved operating and financial performance was due to strong revenue growth of 50 per cent in real estate business and over 20 per cent in the branded apparel business.

“Despite subdued consumer demand in the retail market post festivities, our focused approach on casualization, newer designs and distribution reach expansion helped Branded Apparel business to grow from Rs 364 crore in Q3FY23 to Rs 437 crore in Q3FY24 witnessing growth of 20 per cent,” Raymond said in a statement. 

Branded Textile segment sales maintained with the top line of Rs 909 crore in Q3 FY24 despite muted customer demand and challenging market conditions. EBITDA margins stood at 21.6 per cent as compared to the previous quarter mainly due to operational efficiency.

Branded Textile segment sales maintained with the top line of Rs 909 crore in Q3 FY24 despite muted customer demand and challenging market conditions. EBITDA margins stood at 21.6 per cent as compared to the previous quarter mainly due to operational efficiency.

While the branded apparel segment reported topline growth of 20 per cent with sales at Rs 437 crore in Q3 FY24 as compared to Rs 364 crore in the same quarter last year. The segment reported an EBITDA margin of 13.9 per cent led by revenue growth and operational efficiencies. The Q3 witnessed the 100th milestone store of ‘Ethnix by Raymond’ taking the tally to 105 stores. The total retail store network now stands at 1,512 stores as of 31st December 2023.

Real Estate business saw a strong sales performance with 50 per cent growth to Rs 439 crore from Rs 292 crore in the same quarter in FY23 showing customer confidence in the ongoing projects. Total booking value was ~Rs 428 crore in the launched projects.

Engineering business reported sales of Rs 217 crore in Q 3FY24, up 4 per cent as compared to Rs 208 crore during the same quarter previous year. In domestic markets, growth was driven by demand in the auto components category especially in the PV, CV and industrial sectors driving growth in flex plates and bearings categories.

Gautam Hari Singhania, Chairman & Managing Director, Raymond Limited, said: “I am delighted to share that Q3 has been a momentous quarter, as we have delivered 10th consecutive quarter of growth with highest ever revenue and profitability across businesses. Our retail expansion continued, and we have an aggressive plan to open over 500 stores during the next 3 years. In the Real Estate business, we signed 2 JDA’s with over Rs 3,000 crore during the quarter as well. Another big development in the third quarter of this fiscal, Raymond Group’s Engineering Business is now set to grow exponentially as we foray into sunrise sectors of Aerospace, Defence and EV components business post the acquisition of Maini Precision Products Limited.”

Shares of Raymond Ltd were trading at Rs 1,776.40, up by 0.06 per cent.

Also read: Raymond Group's Gautam Singhania pays Rs 328 cr in fine for evading duty on 142 cars

Also watch: Gautam Singhania-Nawaz Modi divorce: A fresh twist. Click for details