Raymond Achieves Record Annual Revenue, Posts Highest-Ever EBITDA
Raymond Ltd announced its audited financial results for the year ended March 31, 2024, achieving its highest-ever annual revenue of Rs 9,286 cr and EBITDA of Rs 1,575 cr, with an EBITDA margin of 17.0%. Despite challenges in the lifestyle business, Raymond maintained double-digit revenue growth of 11% in FY24 compared to the previous year, driven by robust performance in branded apparel, garmenting and real estate segments.
In Q4FY24, Raymond continued its streak of growth with record-breaking revenue of Rs 2,688 cr, marking the 11th consecutive profitable quarter. The company achieved its highest-ever quarterly EBITDA of Rs 516 Cr, with an EBITDA margin of 19.2%.
The Board of Directors recommended the highest-ever dividend of 100%, reflecting Raymond’s strong financial performance. Additionally, the company reported its highest-ever earnings per share (EPS) of Rs 98, excluding profit from the sale of the FMCG business.
Gautam Hari Singhania, Chairman & Managing Director of Raymond Ltd, expressed satisfaction with the performance across all businesses, emphasizing consistent growth throughout the year. Despite headwinds, the lifestyle business demonstrated resilience and recorded growth. The real estate segment maintained strong booking momentum, particularly with the launch of ‘The Address by GS, Bandra.’
Raymond completed the business acquisition of Maini Precision Product Ltd, marking its foray into aerospace, defence and EV components business. The company is proceeding with the proposed demerger of the lifestyle business, which is scheduled for NCLT hearing on May 9, 2024.
Segment-wise performance in Q4FY24 saw growth in branded apparel sales by 23%, maintaining topline growth across all brands and formats. Garmenting segment sales declined due to ongoing geopolitical issues, while high value cotton shirting reported increased demand for linen fabric offerings.
