Raymond rose 1.08% to Rs 607 after consolidated net profit rose 32.7% to Rs 83.96 crore on 1.9% increase in net sales to Rs 1,883.17 crore in Q2 September 2019 over Q2 September 2018.
The announcement was made after market hours yesterday, 24 October 2019.
Consolidated Earnings before Interest, Tax, Depreciation and Ammortisation (EBITDA) tanked 10% to Rs 193 crore in Q2 September 2019 as against Rs 214 crore in Q2 September 2018. EBITDA margin fell to 10.1% in Q2 September 2019 compared with 11.4% in Q2 September 2018.
The firm recorded exceptional items worth Rs 43 crore in Q2 September 2019. Net debt stood at Rs 2,378 crore in Q2 September 2019 as against Rs 2,280 in Q2 September 2018. Net Debt/Equity ratio stood at 1.1 in Q2 September 2019 compared with 1.2 in Q2 September 2018.
Commenting on the results, Gautam Hari Singhania, the chairman and managing director of Raymond, has said that, "With the consumer sentiment remaining tepid, growth continues to be dampened by subdued consumption leading to sluggish market conditions during the quarter. The overall economy is facing strong headwinds in terms of consumer demand especially in rural areas along with liquidity crunch. While our fundamentals remain strong, our quarterly performance is a reflection of the current market conditions."
"However, with upcoming festive and wedding season we expect things to improve and we are confident that macroeconomic factors will get better. Also, I am happy to state that the sale of JKIT (an Associate Company of Raymond) land parcel is a major step towards our strategy of asset monetization and value creation for our shareholders," he added.
Meanwhile, the S&P BSE Sensex was up 30 points or 0.08% to 39,050.70.
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On the BSE, 6,017 shares were traded in the counter so far compared with average daily volumes of 17,791 shares in the past two weeks. The stock hit an intraday high of Rs 618.45 and an intraday low of Rs 605.80 so far during the day.
The stock hit a 52-week high of Rs 884.85 on 21 December 2018. The stock hit a 52-week low of Rs 533.10 on 23 August 2019.
Raymond is an Indian lifestyle, textile and branded apparel company. The clothing firm is engaged in wool and wool blended fabric and shirting fabric.
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