In fiscal 2023 (FY23), Raymond, an Indian textile and clothing juggernaut, posted its highest-ever sales of 8,337 crore, up 31% from FY22. Additionally, the business achieved its highest-ever annual EBITDA of 1,322 crore, a gain of 50% over the prior year, with EBITDA margins of 15.9%.
The fact that Raymond’s yearly profit after tax (PAT) increased by 103% from the prior year to 529 crore further supports its impressive success.
Raymond experienced tremendous growth in the fourth quarter (Q4) of FY23, with revenues rising by 8% over the prior year to an all-time high of 2,192 crore. Additionally, the business reported its highest-ever quarterly EBITDA of 379 crore. margins of 17.3% during Q4, the business reported in a press statement.
In comparison to Q4 FY22’s sales of $886 crore, the segment of branded textiles reported sales of 902 crore in Q4 FY23. Operational efficiency, fueled by marketing campaigns that highlighted cutting-edge items in suiting and shirting textiles like linen and casualization, boosted the segment’s EBITDA margin of 21.8%.
Sales in the area of branded clothing increased by 19% overall, from 279 crore in the same quarter of the previous year to 332 crore in the fourth fiscal quarter of this year. Increased customer conversions, particularly in the retail store network and multi-brand outlets, helped to boost the segment’s EBITDA margin of 15.8%, which was driven by operational efficiency.
The apparel industry reported positive results. Sales of 305 crores in Q4 FY23 increased by 44% from 213 crores in the prior year. High demand from both current and potential clients in the US and European markets was the driving force behind this.
The domestic market’s B2B customers’ demand for its cotton and linen fabric options drove the high value cotton shirting segment’s sales of 187 crore, up 7% from 175 crore the previous year. EBITDA margin for the segment was 10.4% for the quarter.
According to the press announcement, Raymond’s retail shop network acquired 58 locations throughout the quarter, bringing its total to 1,409 by March 31, 2023.
The year FY23 was one of exponential growth, as we produced substantial revenue growth across all businesses, doubling our net profit from the prior year. The latest corporate action announcements will support the company’s future with a clear focus on B2C lifestyle business as we have mapped out a clear roadmap for continuous growth. “I am pleased to announce that these two new entities will have zero net debt and are ready to reach new heights as part of our ongoing commitment to generating shareholder value,” said Gautam Hari Singhania, chairman and managing director.
