Raymond Q2 results: Net profit at Rs 161 crore, revenue up 4 % to Rs 2,253 crore

Diversified group Raymond Ltd on Tuesday said its net profit was almost flat at Rs 161.16 crore in the second quarter ended September 2023.

It had reported a net profit of Rs 161.95 crore in the July-September quarter a year ago, according to a regulatory filing from the leading textile and apparel maker.

Its revenue from operations rose 3.92 per cent to Rs 2,253.40 crore during the quarter under review as against Rs 2,168.24 crore in the year-ago period. Total expenses of the Singhania family-controlled firm in the September quarter were at Rs 2,093.41 crore, up 7.12 per cent.

"Raymond continues to attest its growth momentum with strong quarter-on-quarter performance and Q2FY24 was the 9th consecutive quarter that reported highest ever performance both in terms of revenue and EBITDA," the company said in an earnings statement.

Raymond's total income in the September quarter was at Rs 2,320.66 crore, up 5.92 per cent.

"The revenue grew by 6 per cent in the quarter to Rs 2,321 cr with a healthy EBITDA margin of 16.5 per cent, despite postponement in consumer spending cycle on account of delay in festive and wedding season," it said.

During the September quarter, Raymond's revenue from the textile segment stood at Rs 932.67 crore and it was Rs 210.82 crore from the shirting segment.

"During the quarter, the branded apparel segment grew by 18 per cent compared to the same quarter last year as we were able to extend our product offerings in the casual range and additionally we opened 63 stores during the quarter. Our branded textile business demonstrated a steady performance compared to the same quarter last year," it said.

The apparel segment reported a revenue of Rs 463.63 crore while garmenting section recorded a revenue of Rs 312.44 crore.

"Raymond's garmenting business continues to have a robust order book driven by new customer acquisitions and increased order volumes from existing customers, with the business closing the quarter with an 18 per cent strong growth rate as compared to the same quarter last year," it said.

In the engineering business, Raymond's tools & hardware business revenue stood at Rs 92.59 crore and it was Rs 108.15 crore from auto components. Its revenue from real estate and development of property in the September quarter was at Rs 242.59 crore.

"The real estate business has showcased a stellar performance during the quarter and recorded a total booking value of over Rs 650 crore in Q2FY24 primarily through our recently launched premium residential projects," it said. Shares of Raymond Ltd on Wednesday settled 0.10 per cent lower at Rs 1,865.35 apiece on the BSE.

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