Raymond Ltd. reports an 18% increase in consolidated profit after tax, reaching INR 229 crore in the last quarter of FY24, with a significant improvement from the previous year. Consolidated net revenue also rose by 23% to INR 2,688 crore. For the entire fiscal year, consolidated profit after tax surged to INR 1,638 crore, showcasing a growth of over 200%. Chairman Gautam Hari Singhania attributes this success to positive performance across all business segments, notably the real estate segment, which saw strong booking momentum. Raymond's diversification into high-growth sectors like aerospace, defence, and auto components further strengthens its position for future growth. Singhania's re-appointment as Managing Director reflects confidence in his leadership and vision for the company's future.
Gautam Hari Singhania, Chairman & Managing Director of Raymond Ltd., highlighted the positive performance across all the company's business segments. The lifestyle business, known for its Raymond brand suits and The Coton Club clothing lines, demonstrated perseverance and growth of INR 35 crore despite market challenges. However, the real estate segment emerged as a star performer, experiencing strong booking momentum, particularly after the launch of their first joint development project in the prestigious Bandra area of Mumbai. This segment's revenue more than doubled during the quarter, showcasing its growing importance within the Raymond conglomerate. The company's focus on diversification beyond apparel seems to be paying off, with real estate emerging as a significant contributor. In a regulatory filing, Raymond also announced plans to establish two new units focusing on high-growth sectors: aerospace and defence, and auto components with a special emphasis on electric vehicles and engineering consumables. This strategic move positions Raymond to tap into new markets and future-proof its business.
The Raymond Realty segment's strong booking momentum played a vital role in the company's overall success. The launch of their first joint development project in Bandra, Mumbai, significantly boosted sales and investor confidence. This segment's contribution to Raymond's total revenue mix has grown to 25%, highlighting its increasing importance. The conglomerate's earnings before interest, taxes, depreciation, and amortization (EBITDA) margin also expanded to 19.2%, up from 17.3% a year ago, indicating improved operational efficiency. Raymond's positive performance has resulted in the re-appointment of Gautam Hari Singhania as Managing Director for a five-year term, effective from July 1, 2024. The board's decision reflects their confidence in Singhania's leadership and his vision for the company's future growth.
Raymond Ltd.'s strong performance reflects not only the enduring appeal of its fashion brands but also its strategic expansion into the booming real estate market and high-growth technology sectors. With a diversified business model and a commitment to innovation, Raymond Ltd. is well-positioned for continued success in the years to come.
Advertisement
Facebook
Whatsapp
