Raymond Q4 Profit Falls 26% To Rs 196.5 Cr, Income Rises 10% To Rs 2,150 Cr

Diversified group Raymond Ltd on Tuesday reported a 25.84 per cent decline in its consolidated net profit at Rs 196.48 crore in the fourth quarter ended on March 31, 2023, on account of exceptional items.

The leading textile and apparel maker had posted a net profit of Rs 264.97 crore during the January-March period of the previous fiscal, Raymond said in a regulatory filing.

However, its revenue from operations was up 9.8 per cent to Rs 2,150.18 crore during the quarter under review, as against Rs 1,958.10 crore in the year-ago period.

Total expenses of the Singhania family-controlled firm were at Rs 1,939.27 crore, up 17.34 per cent from Rs 1,790.12 crore of the corresponding quarter.

Its total income during in the March quarter was at Rs 2,192.20, up 7.89 per cent.

"With Q4FY23, Raymond has demonstrated a strong revenue and profitable performance for six consecutive quarters," said Raymond in its earnings statement.

During the quarter Raymond registered a loss of Rs 93.03 crore on exception items such as expected credit loss of trade receivables, write-down of inventories, and retrenchment compensation, among others.

Its profit before exceptional items and tax was at Rs 266.42 crore.

In the March quarter, Raymond's revenue from the textile segment stood at Rs 901.79 crore and it was Rs 187.15 crore from shirting.

The apparel segment reported a revenue of Rs 331.54 crore, while garmenting section recorded a revenue of Rs 305.40 crore.

"Garmenting segment reported strong sales in a quarter at Rs 305 crore, a growth of 44 per cent. The growth was driven by continued high demand in US and Europe markets from existing customers and new customer acquisitions," said Raymond.

In the engineering business, Raymond's tools & hardware business revenue was at Rs 115.49 crore and it was Rs 103.05 crore from auto components.

"Engineering business sales grew by 7 per cent in the quarter to Rs 219 crore. Sales performance was mainly driven by growth in key categories in exports markets in a global inflationary environment and was well supported by growth in domestic markets," it said.

However, its revenue from real estate and development of property in the March quarter was down 9.97 per cent to Rs 289.16 crore.

"In our three projects in Thane, we received bookings for 300 units with a value of Rs 473 crore during the quarter," it said.

For the financial year ended March 31, 2023, Raymond's net profit was up two folds to Rs 536.96 crore. It was at Rs 265.12 crore in FY22.

Its consolidated revenue from operations in FY23 increased 32.95 per cent to Rs 8,214.72 crore from Rs 6,178.51 crore a year ago.

Terming FY23 as "landmark year" Raymond said it has delivered "highest ever revenue and EBITDA of Rs 8,337 crore and Rs 1,322 crore, respectively."

"Raymond clocked a healthy double-digit growth of 31 per cent during the year led by a strong momentum and a robust performance," it said.

It has "substantially" reduced its consolidated net debt by Rs 399 crore, which stands at Rs 689 crore as on 31st March, 2023, the statement said.

Meanwhile in a separate filing, Raymond informed that its board in a meeting held on Tuesday recommended the payment of a dividend of 30 per cent on the equity share capital i.e. Rs 3 per equity share of the face value of Rs 10 each for the financial year ended March 31, 2023.

Shares of Raymond Ltd on Tuesday settled at Rs 1,599.55 on BSE, up 0.81 per cent from the previous close.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)