Raymond rose 2.06% to Rs 686.95 after consolidated net profit surged 409.2% to Rs 195.28 crore on a 12.6% jump in net sales to Rs 1,885.43 crore in Q3 December 2019 over Q3 December 2018.
On a consolidated basis, profit before tax soared 263.50% to Rs 219.30 crore in Q3 December 2019 as against Rs 60.33 crore in Q3 December 2018. Tax expense declined 45.6% to Rs 7.52 crore in Q3 December 2019 as against Rs 13.83 crore paid in Q3 December 2018. The Q3 earnings were announced after market hours yesterday, 22 January 2020.
Consolidated EBITDA fell 2% to Rs 182 crore in Q3 December 2019 as against Rs 185 crore in Q3 December 2018. The consolidated EBITDA margin stood at 9.6% during the quarter as compared to 10.9% in the corresponding quarter previous year.
During the quarter, debt reduced by Rs 415 crore, led by Rs 350 crore infusion from net proceeds of land sale. Exceptional items for the quarter stood at Rs 160 crore which includes Raymond share in associate company pursuant to profit from 20 acre sale of land.
Commenting on the Q3 results, Gautam Hari Singhania, the chairman & managing director of Raymond, said that, "Domestic consumption continued to be sluggish coupled with liquidity crunch in the trade channels impacting profitable growth during the quarter. However, the company continued to consolidate its market share with topline growth. The quarter also witnessed the deleveraging of balance sheet with over Rs. 400 crores primarily driven by the net proceeds of land sale. With a focus on value creation, during the quarter we also announced the demerger of Lifestyle Business as a separate business entity. This move will enable us to have a focused strategy and specialization for sustained growth across our businesses."
Raymond is an Indian lifestyle, textile and branded apparel company. The firm is engaged in wool and wool blended fabric, and shirting fabric.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
