Raymond rose 3.52% to Rs 310.60 at 9:59 IST on BSE after consolidated net profit surged 343% to Rs 57 crore on 15% rise in net sales to Rs 1207 crore in Q3 December 2013 over Q3 December 2012.
The company announced results after market hours on Wednesday, 22 January 2014.
Meanwhile, the BSE Sensex was down 3.71 points, or 0.02%, to 21,333.96.
On BSE, so far 1.60 lakh shares were traded in the counter, compared with an average volume of 82,267 shares in the past one quarter.
The stock hit a high of Rs 315.80 and a low of Rs 308.75 so far during the day. The stock hit a 52-week high of Rs 408.50 on 23 January 2013. The stock hit a 52-week low of Rs 176.40 on 28 August 2013.
The stock had outperformed the market over the past one month till 22 January 2014, rising 4.84% compared with the Sensex's 1.22% rise. The scrip had outperformed the market in past one quarter, gaining 9.23% as against Sensex's 2.27% rise.
The small-cap company has an equity capital of Rs 61.38 crore. Face value per share is Rs 10.
Raymond's consolidated earnings before interest taxes depreciation and amortization (EBITDA) rose 35% to Rs 164 crore in Q3 December 2013 over Q3 December 2012. EBITDA margins expanded by 202 basis points (bps) to 13.6% in Q3 December 2013 over Q3 December 2012.
Announcing the results, Gautam Hari Singhania, Chairman & Managing Director, Raymond said, "We have ended the third quarter on a positive note, despite subdued discretionary spend witnessed in the month of December 2013. Our focus on profitability through margin expansion across key business segments of the group has led to a strong bottom line growth in the current quarter as well as for the period till date. Going forward, while factors like inflation and interest rates will continue to play a role in the consumer discretionary space, we are confident that our long term sustainable initiatives in brands, retail, supply chain management and operational efficiency will enable Raymond to surge ahead."
Raymond's textile segment's consolidated sales for the quarter ended 31 December 2013 witnessed an increase of 8% at Rs 543 crore on the back of higher realization in domestic as well as in the export segment. EBITDA margins for the quarter improved by 234 bps to 21%.
The apparel segment's net sales stood at Rs 250 crore, an increase of 15% on year-on-year (Y-o-Y) basis. EBITDA margins doubled to 8%.
The retail stores count as at 31 December 2013 stood at 955 across all formats, including 41 stores in the Middle East and SAARC region covering over 1.8 million square feet of retail space. During the quarter ended 31 December 2013, like-to-like sales growth blended across all formats were flat. Secondary sales through the retail channel grew by 5% Y-o-Y.
The garmenting segment's net sales grew by 45% to Rs 104 crore during the quarter. EBITDA rose by 54% to Rs 15 crore.
The cotton shirting fabric business grew by 7% to Rs 86 crore during the quarter. However, EBITDA for the quarter was impacted due to higher input costs and lower exports.
The denim business witnessed 8% sales growth during the quarter and stood at Rs 235 crore backed by higher realisation in the domestic as well as in the export segments. EBITDA was impacted due to higher input cost.
Sales in the tools & hardware segment grew by 15% to Rs 110 crore led by both domestic as well as export markets. EBITDA grew by 90% to Rs 11 crore.
Sales in the auto component segment grew by 13% to Rs 56 crore led by both domestic as well as export markets. EBITDA improved by 65% to Rs 7 crore.
Raymond offers end-to-end solutions for fabrics and garmenting. It has some of the leading brands in its portfolio including Raymond, Park Avenue, Raymond Premium Apparel, Parx, ColorPlus, Makers amongst others. Raymond has one of the largest exclusive retail networks in the textile and fashion space in India. As a part of the diversified group, we also have business interests in men's accessories, personal grooming & toiletries, prophylactics, energy drinks, files & tools and auto components.
Powered by Capital Market - Live News
