Diversified group Raymond Ltd announced on Tuesday that its net profit remained almost unchanged at Rs 161.16 crore in the second quarter ending September 2023. The leading textile and apparel maker reported a net profit of Rs 161.95 crore in the same period last year. According to the regulatory filing, the company’s revenue from operations rose by 3.92% to Rs 2,253.40 crore in the quarter under review, compared to Rs 2,168.24 crore in the year-ago period. Total expenses for the Singhania family-controlled firm increased by 7.12% to Rs 2,093.41 crore during the September quarter.
Raymond emphasized its growth momentum, stating that the second quarter of FY24 marked the ninth consecutive quarter of the company’s highest-ever performance in terms of both revenue and EBITDA. The company’s total income in the September quarter stood at Rs 2,320.66 crore, a rise of 5.92%. Despite a delay in the festive and wedding season, Raymond achieved a 6% increase in revenue during the quarter to Rs 2,321 crore, with a healthy EBITDA margin of 16.5%.
In terms of business segments, revenue from the textile segment was Rs 932.67 crore, while the shirting segment contributed Rs 210.82 crore. Opening 63 stores during the quarter, Raymond’s branded apparel segment grew by 18% compared to the same period last year. The company’s garmenting business also saw a robust order book, with an 18% growth rate. In the engineering business, tools and hardware revenue was Rs 92.59 crore and auto components revenue was Rs 108.15 crore. Meanwhile, the real estate sector showcased strong performance, recording a total booking value of over Rs 650 crore in Q2FY24.
Raymond Ltd shares settled 0.10% lower at Rs 1,865.35 apiece on the BSE.
