Raymond Q4 Results: Company's Net Profit Slips 26% The company's net revenue rose 8% to INR 2192 crore during the quarter compared to INR 2032 in FY22
By Teena Jose
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Raymond Ltd has reported a 26% fall in its net profit to INR 194 crore in the quarter ended March 31, 2023 compared to INR 263 crore in the same quarter in the 2021-22. However, the company's net revenue rose 8% to INR 2192 crore during the quarter compared to INR 2032 in FY22.
"FY23 has been a year of exponential growth, as we doubled our net profit compared to previous year with strong growth in revenues delivered across all businesses. As we have charted out a clear roadmap for sustained growth, the recent corporate action announcements will fuel the company's future with a clear focus on B2C lifestyle business and real estate business. In our continued commitment to create shareholder value, I am delighted to state that these two new entities will be zero net debt and are poised to scale new heights," said Gautam Hari Singhania, chairman and managing director, Raymond Limited.
The Board of Directors has recommended an equity dividend of INR 3 per share of face value of INR 10 each (Previous year off INR 3 per share) for the financial year 2022-23. On an annual basis, net profit zoomed 6.8% to INR 1289 crore for the fiscal ended March 2023. Sales climbed 33% to INR 8214.72 crore in the March 2023 fiscal against INR 6178.51 crore for the fiscal ended March 2022.
As per the company's filings, Raymond delivered highest ever revenue and EBITDA of INR 8,337 crore and INR 1,322 crore respectively. Raymond clocked a healthy double-digit growth of 31% during the year led by a strong momentum and a robust performance. With Q4FY23, Raymond has demonstrated a strong revenue and profitable performance for six consecutive quarters. In addition, the company substantially reduced consolidated net debt by INR 399 crore which stands at INR 689 crore as on 31 March,2023 as compared to INR 1,088 crore as on 31 March, 2022.
Furthermore, during the year, the Branded Textile and Branded Apparel segment recorded high revenue growth along with an increased average transaction value (ATV) of 25% across our retail network in the country.
Raymond is India's largest integrated worsted suiting manufacturer that offers end-to-end solutions for fabric and garmenting. The company forayed into the realty sector through the launch of its maiden project Ten X Habitat spread across 14 acres housing ~3,100 residential units, followed by launch of a premium residential project – The Address by GS housing ~550 residential units. Recently, Raymond launched a new project Ten X Era with ~ 540 residential units, the statement claimed.
