Net Profit At Raymond Almost Doubles To Rs 184cr In Q3FY’24
Net profits at Gautam Singhania led Raymond almost doubled to Rs 184 crore in the third fiscal quarter ending December 31, 2023 from Rs 95 crore in the corresponding quarter of fiscal 2022-23.
During the three months to December 2023, revenue increased 11 percent year on year to Rs 2,450 crore, with an EBITDA margin of 17.4 percent.
According to a Raymond press release, it achieved a record-breaking performance in both revenue and EBITDA in the reporting quarter, making it the 10th consecutive quarter with sustained performance.
“The improved operating and financial performance during the quarter was led by strong revenue growth of 50 percent in real estate business and over 20 percent in branded apparel business,” it added.
Despite subdued consumer demand in the retail market, Raymond’s focused approach helped branded apparel business to grow 20 percent year on year to reach Rs 437 crore in the quarter under review.
However, branded textile segment sales rose modestly to Rs 909 crore in the third quarter of ongoing fiscal as against Rs 902 crore in same quarter of previous fiscal.
Garmenting segment sales were nearly stable at Rs 281 crore, while high value cotton shirting segment reported 10 percent year on year revenue growth to Rs 214 crore.
