Raymond Q4FY23 profit falls 26% to Rs 194 crore, revenue at Rs 2150 crore

Raymond posted revenue from operations at Rs 2,150.18 crore, up 9.8 per cent from Rs 1,958.10 crore in the fourth quarter of FY22.

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Raymond Ltd net profit for the fiscal fourth quarter dropped by 26.2 per cent at Rs 194.35 crore from Rs 263.31 in the same quarter last year. It posted revenue from operations at Rs 2,150.18 crore, up 9.8 per cent from Rs 1,958.10 crore in the fourth quarter of FY22. The company EBITDA stood at Rs 336.8 crore, up 18.4 per cent on-year. The company Board also recommended payment of a dividend of 30 per cent on the equity share capital, that is Rs 3 per equity share of the face value of Rs 10 each for the financial year. “The dividend, if approved by the shareholders, will be paid on or after Tuesday, July 11, 2023,” it said in a regulatory filing. 

In terms of annual performance, Raymond posted its highest revenue in FY23 at Rs 8,337 crore and clocked a double-digit growth of 31 per cent during the year led by a strong momentum and a robust performance, the company said. “FY23 has been an year of exponential growth, as we doubled our net profit compared to previous year with strong growth in revenues delivered across all businesses,” said Gautam Hari Singhania, Chairman & Managing Director, Raymond Limited. 

Raymond’s segment wise performance

In consolidated terms, Raymond’s textile business clocked a revenue of Rs 901.79 crore in the fourth quarter of FY23, shirting posted revenue at Rs 187.15 crore, apparel at Rs 331.54 crore, garmenting posted revenue at Rs 205.40 crore, tools & hardware was at Rs 115.49 crore, auto component was was Rs 103.05 crore and real estate business posted a revenue of Rs 289.16 crore. Talking about its real estate business, Raymond said, “In our three projects in Thane, we received bookings for ~300 units with a value of Rs 473 crore during the quarter. Overall, ~80 per cent of total units have been sold in Ten X Habitat & Address by GS projects and ~25 per cent of launched units in TenX Era project.

Raymond’s demerger into lifestyle and real estate business

Raymond had recently initiated the demerger of its lifestyle and real estate business. In the regulatory filing, the company said that the demerger will result in two independent net debt free listed entities of pure play B2C focused lifestyle and real estate businesses with significant liquidity surplus at the Group level to spur future growth. During FY23, Raymond’s branded textile and branded apparel segment recorded high revenue growth along with  increased average transaction value (ATV) of 25 per cent across our retail network in the country. The real estate business received a total booking value of Rs 1,609 crore for the launched inventory in all three projects. “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.

In terms of retail store network, Raymond added 58 stores on net basis during the year leading to 1,409 stores (TRS and EBOs) as on 31st March, 2023.

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First published on: 09-05-2023 at 15:19 IST