Raymond Q4 PAT climbs 18% YoY to Rs 229 cr; declares dividend of Rs 10/ share

Raymond reported 18% jump in consolidated net profit to Rs 229 crore in Q4 FY24 as compared with Rs 194 crore posted in Q4 FY23.

Revenue from operations increased 21.32% to Rs 2,608.50 crore during the quarter as compared with Rs 2,150.18 crore in corresponding quarter last year.

During the quarter, EBITDA stood at Rs 516 crore, up 36% as compared with Rs 379 crore in Q4 FY23. EBITDA margin improved by 190 bps to 19.2% in Q4 FY24 as against 17.3% recorded in Q4 FY23.

The companys strategic emphasis on premiumisation, casualisation and expansion of distribution channels significantly contributed to the robust growth of the Branded Apparel business, witnessing increase in revenue from Rs 332 crore in Q4FY23 to Rs 409 crore in Q4FY24, representing a growth of 23%.

 

In Q4FY24, the company recorded a total booking value of Rs 840 crore, primarily driven by the successful launch of 'The Address by GS, Bandra,' which received overwhelming response with approximately 62% of the launched inventory sold within 40 days.

Branded Textile segment sales reported growth of 1.99% at Rs 920 crore in Q4 FY24 as compared with Rs 902 crore in Q4 FY23 despite muted customer demand and challenging market conditions.

Branded apparel segment reported topline growth of 23% with sales at Rs 409 crore in Q4FY24 as compared to Rs 332 crore in the same quarter last year, this growth was witnessed across all brands and formats. Its store network stood at 1,518 stores including 56 Ethnix by Raymond' stores as on 31 March 2024.

Garmenting segment sales de-grew by 8.19% to Rs 280 crore in Q4FY24 as compared to Rs 305 crore in previous year. The de-growth was driven by ongoing Red Sea crisis and geopolitical issues.

High Value Cotton Shirting segment reported sales in the quarter at Rs 213 crore, a growth of 14% as compared to Rs 187 crore in previous year, led by demand for our cotton offerings by our B2B customers. While engineering business sales improved by 7% to Rs 234 crore in the fourth quarter from Rs 219 crore in the same quarter last year. Sales performance was mainly driven by key categories in exports markets and domestic markets.

Under real estate business construction momentum was maintained in all six projects. The business showcased a strong sales performance with 134% growth toRs 677 crore from Rs 289 crore in the same quarter previous year showing customer confidence and acceptance of its high-quality product coupled with a fast-paced construction momentum in the ongoing projects.

On full year basis, the company recorded consolidated profit of Rs 1,643.07 crore in FY24 steeply higher than Rs 536.96 crore posted in FY23. Revenue from operations rose 9.78% YoY to Rs 9,018.51 crore in FY24.

Gautam Hari Singhania, chairman & managing director, Raymond, said, I am satisfied with the performance across businesses, and they have demonstrated consistent growth throughout the year. Our Lifestyle business showed strong perseverance and recorded growth despite headwinds and muted consumer demand. For our Real Estate business, we have maintained strong booking momentum particularly with the launch of our first JDA project in Bandra, Mumbai. We remain committed to delivering value to stakeholders and are confident in our ability to capitalize on growth opportunities, ensuring sustained success in the future. We have our three verticals vis Lifestyle, Real Estate & Engineering business that are future growth engines which is in line with Indias vision of Viksit Bharat.

Meanwhile, the companys board has approved the re-appoinment of Gautam Hari Singhania as managing director (MD) for a term of five years with effect from 1 July 2024.

Further, the company's board has declared a final dividend of Rs 10 per equity share for FY24, subject to approval of the shareholders. The dividend will be paid on or after 26 June 2024.

Furthermore, the board has also approved to acquire 50,000 equity shares of Rs 10 each of Ray Global Consumer Enterprise (RGCEL) from Ray Global Consumer Products (RGCPL), for an amount aggregating to Rs 5 lakh. In order to facilitate restructuring in the Aerospace business, the company has approved acquisition of RGCEL.

Raymond is a leading manufacturer of worsted suiting fabrics and garments in India. It also has a presence in precision engineering products and real estate.

The scrip declined 3.17% to Rs 2,227.45 on the BSE.

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