Wednesday, February 1, 2023

Raymond records highest ever revenues in a quarter Reduces net debt by ₹ 354 Cr in the quarter to ₹ 932 Cr


· Five consecutive quarters of strong revenue and profitable performance

· Revenue up by 18% at ₹ 2,200 Cr vs. same quarter previous year

· EBITDA up by 16% at ₹ 351 Cr vs. same quarter previous year

Mumbai, 1st February, 2023: Raymond Limited today announced its consolidated financial results for the quarter ended 31st December, 2022


A snapshot of the consolidated financial results: (Post IND AS 116)

  

 Note: Raymond Ltd. has exercised the option of lower corporate tax rate which has resulted in one-time net impact of  ₹ 73.5 Cr in profit & loss account of Q3FY23 and period ending 31st December, 2022


Raymond continued to leverage positive sentiments and improved consumption in domestic markets through our wide-spread retail network and reported highest ever revenues in the quarter. The strong festive season witnessed a higher average transaction value by 24% in our ‘The Raymond Shop’ (TRS) network vs previous year. Focusing on profitable growth, the company also delivered the highest third quarter EBITDA of ₹ 351 Cr.


The consumer businesses sustained the growth momentum with buoyant sentiments and celebrations across the country leading to higher revenues. Garmenting export business continues with its strong order book from US & Europe markets and leverages the ‘China +1’ strategy. 

During the quarter, Raymond Realty set a new benchmark in real estate sector in India. The first three towers of the TenX Habitat project have been completed 24 months ahead of RERA timelines.


The Net Debt has reduced to ₹ 932 Cr as on 31st December,2022 as compared to ₹ 1,286 Cr as on 30th September, 2022 through free cash-flow generation driven by strong profitability and working capital optimisation. 




Commenting on the strong quarter performance, Mr. Gautam Hari Singhania, Chairman & Managing Director, Raymond Limited said, “Raymond continues to leverage the buoyancy in domestic markets as the festivities added to the fervor of good consumer demand leading to delivering highest ever revenues in a quarter. I am happy to share, that this is the fifth straight quarter where we have registered strong performance and overall generated free cash flows to further deleverage the balance sheet to below           ₹ 1,000 Cr of net debt levels. Realty has set an industry benchmark by delivering 3 towers, 24 months ahead of RERA timelines and have achieved this commendable feat in just three years of real estate business operations.”



Q3FY23 Segmental Performance: Post IND AS 116


Branded Textile segment reported sales of ₹ 902 Cr vs ₹ 899 Cr in Q3FY22. Festive season contributed to sales across primary channels and our pan-India retail network with consumers opting for our innovative offerings. The quarter also saw the product driven marketing campaigns such as TechnoStretch series.  The segment reported healthy EBITDA margin of 20.9% supported by operational efficiencies.


Branded Apparel segment reported topline growth of 15% with sales at ₹ 364 Cr in Q3 FY23 as compared to ₹ 316 Cr in same quarter last year. The growth was driven by new seasonal offerings across our branded apparel portfolio in the festive quarter.  The growth was witnessed across  trade channels and retail network. The segment reported strong EBITDA margin of 11.2% driven by operational efficiencies.


With incremental purchases made during festivities, we witnessed growth during the quarter in average transaction value (ATV) vs same period. In The Raymond Shop (TRS) network, we witnessed 24% increase in bill values.


Added 24 stores on a net basis in the quarter leading to our Retail store network of 1,400 stores (TRS and EBOs) as on 31st December, 2022.


Garmenting segment reported sales in a quarter at ₹ 282 Cr, a growth of 39% as compared to          ₹ 203 Cr in previous year, led by high demand in US & Europe markets from existing customers and new customer acquisitions. EBITDA margin for the quarter was 9.1%.


High Value Cotton Shirting segment sales grew by 32% to ₹ 195 Cr compared to ₹ 148 Cr in previous year, led by higher demand in festive season for our cotton & linen fabric offerings by our B2B customers in domestic market. The segment reported EBITDA margin of 10.7% for the quarter.


Engineering business sales remained flat in the quarter of ₹ 208 Cr on aggregate basis. Sales performance mainly driven by growth in domestic markets in most categories while exports markets were impacted due to global inflationary environment and currency devaluation in certain markets. The business reported EBITDA margin of 15.8% for the quarter.


Real Estate business showcased a strong sales growth of 67% to ₹ 292 Cr from  ₹ 175 Cr in previous year. The segment reported EBITDA margin of 25.5% for the quarter. Offerings of value based differentiated product infused customer confidence coupled with a fast paced construction and committed delivery timelines that delivered topline growth. Overall, project ‘Ten X’ received 151 bookings in Q3FY23 with a booking value of ₹ 192 Cr. Total 2,337 units booked (~75% of total units) till December, 2022 with a booking value of ₹ 2,402 Cr.  ‘The Address by GS’ premium residential project received 62 bookings with a booking value of ₹ 188 Cr resulting in total 411 bookings (~75% of total units) with a booking value of ₹ 1,022 Cr.



About Raymond Limited


Raymond is India’s largest integrated worsted suiting manufacturer that offers end-to-end solutions for fabric and garmenting. Over the years, Raymond has been synonymous with quality, innovation and market leadership. It has some of the leading brands within its portfolio – ‘Raymond Ready to Wear’, ‘Park Avenue’, ‘ColorPlus’, ‘Parx’, ‘Raymond Made to Measure’ and Ethnix by Raymond amongst others. Raymond has one of the largest exclusive retail networks in the country with about 1,400 stores in more than 600 towns. The group has presence in engineering space engaged in precision engineered products with an expansive presence in national as well as international markets. 

Raymond forayed into realty sector through the launch of its maiden project TenX - an ‘aspirational district’ spread across 14 acres housing ~3,100 residential units and has recently launched a premium residential project – The Address by GS housing ~550 residential units.  

Raymond also has presence in FMCG sector through Raymond Consumer Care that offers wide range of products in men’s personal grooming category and personal hygiene. Having enjoyed the patronage of over a billion consumers, Raymond as a brand has been consistently delivering world class quality products to its consumers over the past nine decades.


To know more, visit us today at www.raymond.in



For further information, please contact:

Rohit Khanna

Corporate Communications

Raymond Limited

Tel: 022 6152 7624

Email: Rohit.khanna@raymond.in


Upgrade your kitchen this New Year with TTK Prestige’s highly-efficient new launches - ‘Stack-o-mix Mixer Grinder’ & ‘Multi-Cooker’

 


It is time to refresh your kitchen this New Year with brand new appliances and cookware from TTK Prestige. The brand has launched two new products that will make your meal prepping quick and easy. The Stack-O-Mix Mixer Grinder and Multi-Cooker are both smartly designed kitchen products with intelligent, modern features that will not only make cooking a breeze, but easy to store in the kitchen as well. To add to the splendor, TTK Prestige is offering special introductory offers on both new launches. 


Stack-O-Mix Mixer Grinder

The feature-rich, highly efficient and designed for convenience, Stack-o-mix Mixer Grinder comes packed with innovative features. It has a unique jar stacking feature making it easy to store and takes minimum space in the kitchen. The jars are also equipped with ergonomic handles that create a firm grip to make the jars more comfortable to use. The Stack-O-Mix Mixer Grinder has a powerful 750-watt motor that can easily handle even the most difficult loads. They come with five adaptable multi-purpose blades that can be used for a variety of tasks in the kitchen, from wet and dry grinding to chutney making, mincing, and whipping.

                                                                                      

Price:  INR 5445/-

Special offer:  An introductory offer of 30% discount on TTK Prestige’s Stack-O-Mix Mixer Grinder. 



Multi-Cooker

The need of an appliance that can cook a variety of delectable dishes in a single vessel led to the launch of the extremely versatile, Multi-Cooker.  Customers can use their imagination and make a variety of delights including boiled vegetables, tea and coffee, rice, soup, curry, pasta, noodles and much more. The smart appliance is also packed with intelligent features including a Wide Mouth for easy use and cleaning and Concealed Element for safety as it guards the heating element from damage. Its temperature control feature allows the consumer to alter the temperature basis the requirement of the dish being cooked. Furthermore, the stylish glass lid makes it possible for the user to see the food as it cooks. 


Price: INR 2895/-

Special offer: An introductory offer of 20% discount is available on TTK Prestige’s Multi-Cooker. 



Availability: Consumers can get their products at Prestige Xclusive locations, select dealer outlets, and the brand's exclusive online store https://shop.ttkprestige.com/


EEPC India Chairman Mr. Arun Kumar Garodia on Budget 2023

 Union Budget 2023-24 has provided a cushion to the economy by bolstering public spending on infrastructure. The 33% rise in capex at Rs 10 lakh crore would further boost economic growth and create more jobs. 


Considering that global headwinds are strong and uncertainties remain rife, the move would ensure the economy is not impacted much by the looming slowdown in advanced economies. 


The tax relief to the middle class would enhance spending power and spur consumptions thus providing support to the economy. The indirect tax proposals are aimed at aiding exports. All in all, the budget is set to lift sentiments and give impetus to growth.

Tuesday, January 31, 2023

Swiggy SteppinOut Announces ‘FKJ India Tour’ in February


~17th February in Bangalore & 18th February in Mumbai~

Mumbai and Bangalore|31 January 2023 – International fame, French musician and producer French Kiwi Juice also known as FKJ, has announced that he will be touring India in February. Titled, ‘FKJ India Tour’, is presented by Swiggy SteppinOut in association with Envision as part of SteppinOut Music Festival (SMF) Arena on 17th & 18th February in Bangalore and Mumbai respectively.


FKJ, whose real name is Vincent Fenton, is known for his unique blend of electronic, funk, and jazz music. He has released several albums and EPs and has collaborated with a number of other artists in the electronic and hip-hop genres. Bringing his unique blend of electronic, funk, and jazz to India, his live performances have been praised for their energy and spontaneity; resulting in a dedicated fan base in India as well as around the world.


International artist and producer FKJ (French Kiwi Juice), “The opportunity to tour in India is a huge honor for me. Me and my whole team put a lot into creating this new show and we are always improving it. I'm stoked that we are able to bring it to India this year.”


On the milestone upcoming event, Safdhar Adoor, Founder, Swiggy Steppinout says, “We are thrilled to be able to bring the incredible talent of FKJ to audiences in India. FKJ's unique music is sure to be a hit with music lovers in Mumbai and Bangalore, and we can't wait to see the energy and passion he brings to the stage. This tour is a true testament to our commitment to bringing the best in international music to India and we are honored to be a part of it.” 


Tickets can be purchased from: 

Mumbai | 18th February | Insider, BookMyShow & SkillBoxes 

Bangalore | 17th February | Insider, BookMyShow & SkillBoxes 


For more information about FKJ and his upcoming tour, visit his official website frenchkiwijuice.com/tour


About Swiggy SteppinOut

SteppinOut is one of the largest experiential event curators in the country. With more than 20 events hosted in a month, ranging from night markets, live music shows, concerts, comedy nights, and much more! In August 2020, SteppinOut was acquired by India’s largest dining-out platform - DineOut. The acquisition was a step forward in creating memorable experiences while expanding Dineout’s overall value proposition to consumers across India. This enabled in creating a first-of-its-kind experience for our users — with Dineout hosting thousands of restaurant partners, and SteppinOut hosting new and innovatively curated events. Rooted in diversity all while maintaining quality, all SteppinOut’s experiences are crafted with intimate attention, impressive detail, and an immense amount of love. As of 2022 SteppinOut partnered with delivery aggregator giant Swiggy to further expand their consumer base and curate dynamic experiences across the country for their consumer base. 


Web Werks - Iron Mountain JV launches its First Greenfield Data Center in Mumbai


Mumbai, January 31, 2023: The Web Werks – Iron Mountain Data Centers (IMDC) Joint Venture, today announced the inauguration of its first greenfield data center in Navi Mumbai, MUM-2.  Iron Mountain entered into a joint venture agreement with Web Werks in 2021.  


William L. Meaney, President and Chief Executive Officer of Iron Mountain, presided over the inauguration ceremony that was held in Rabale, Navi Mumbai, in the presence of Web Werks and Iron Mountain global leadership teams, partners, and dignitaries from government authorities. 

 

Situated in a 120,000 square feet campus, the data center was built within 18 months of being announced, despite challenges caused by global supply disruptions and covid-19. The MUM-2 is a Tier 3-designated data center that can support 10MVA of gross power.  It is adjacent to the Web Werks Mumbai-1 DC in Navi Mumbai allowing customers to take advantage of the existing rich interconnection ecosystem. The data center enables access to Tier-1 carriers, 200+ ISPs, three of India’s largest peering exchanges, along with cloud on-ramp with major hyperscale cloud providers. 


Nikhil Rathi, CEO of Web Werks said, "We are pleased to announce the second data center facility in Navi Mumbai. Our existing data center in Mumbai is almost fully leased, and we see increased demand for our services from various customer segments. This demand will further be bolstered by the growing digitization, the rollout of the 5G network in India, and rising cloud adoption. With this new data center and our team of industry veterans, we will be able to support demand and offer a connectivity-rich ecosystem.’’

“The opening of Iron Mountain and Web Werks’ first greenfield data center marks an important step in advancing our Joint Venture’s position as one of India’s leading data center providers,” said William L. Meaney, President and Chief Executive Officer, Iron Mountain. “The investment in this new facility reflects our commitment to investing in new highly connected, secure and compliant data centers in the APAC region that will serve our hyperscale, network, content and enterprise customers.”

The Web Werks - Iron Mountain Data Centers JV previously announced they have signed MoUs with the Karnataka and Tamil Nadu government to set up data centers in Bangalore and Hyderabad. The construction of the standalone data centers is nearing completion and the first data halls will be made available in the first half of 2023.  In 2022, Web Werks as part of the joint venture participated in the 3rd ground-breaking ceremony at the Global Investors Summit in Uttar Pradesh, and announced plans to invest in a new hyperscale data center in Noida. The Web Werks - Iron Mountain Data Centers JV will continue to expand in existing markets of Mumbai, Pune and Noida, and also invest in new markets such as Chennai. 

 

About Web Werks

Web Werks has put together an extensive range of colocation and hosting services, designed to deliver wholesale, retail and hyper-scale hosting facilities via strategically planned Tier 3 data center facilities in Mumbai, Delhi NCR and Pune, with a focus on strengthening the carrier, cloud and content-neutral interconnection ecosystem for businesses across India. Web Werks has undertaken work on data centers in Bangalore, Hyderabad and Chennai. 


Web Werks joint venture engagement with Iron Mountain Data Centers in April 2021 has opened up the ecosystem, access to over 21 data centers across three continents – US, Europe and the Asia Pacific regions, offering a globally interconnected ecosystem. Web Werks supports a broad base of well-known brands from Enterprise, BFSI, SMEs and OTTs who require the ability to efficiently and effectively scale their online businesses. For more information, visit https://www.webwerks.in/

 

About Iron Mountain 

Iron Mountain Incorporated (NYSE: IRM) is a global leader in innovative storage, data center infrastructure, asset lifecycle management and information management services. Founded in 1951 and trusted by more than 225,000 customers worldwide, Iron Mountain helps customers CLIMB HIGHER™ to transform their businesses. Through a range of offerings including digital transformation, data centers, secure records storage, information management, asset lifecycle management, secure destruction, and art storage and logistics, Iron Mountain helps businesses bring light to their dark data, enabling customers to unlock value and intelligence from their stored digital and physical assets at speed and with security, while helping them meet their environmental goals.To learn more about Iron Mountain, please visit: www.IronMountain.com and follow @IronMountain on Twitter and LinkedIn.

 

 


Monday, January 30, 2023

Rights Issue of Family Care Hospitals Limited to close on February, 07 2023


Strap 1: The company is looking to raise Rs. 48.92 crore by issuing equity shares at Rs. 12 per share.

Mumbai : The rights issue of Family Care Hospitals Limited, which operates a 100-bed tertiary care hospital at Mira Road, Thane and a nine Cone-Beam Computed Tomography (CBCT) imaging centres around the Mumbai region under the brand name 'Scandent', is now open and will close on February 07, 2023.


The Rights Issue opened on January 23. Family Care Hospitals Limited is looking to raise Rs. 48.92 crore by issuing upto 4.07 crore fully paid-up equity shares of face value of Rs. 10 at an issue price of Rs. 12 per share (includes a premium of Rs. 2 per share). In the case of a full subscription, the number of its outstanding equity shares will go up from 3.21 crore to 7.28 crore, when fully subscribed. The company has fixed the rights entitlement ratio at 127 Equity Shares for every 100 fully paid-up equity shares held as on January 3, 2023.


The deemed date of allotment is February 15, while the shares will be credited to the shareholders demat accounts on February 17. 


The shares will be listed on February 21.


The promoters and members of the promoter group of Family Care Hospitals will subscribe to the full extent of their Rights Entitlement.


Family Care Hospitals Limited will utilise the net proceeds from the rights issue for business development, sales, branding, and marketing expenses, to meet working capital requirements and general corporate purposes.


Family Care Hospitals Limited is an emerging multi-speciality hospital in the locality and has well-diversified service offerings with customer-centric services. The 21,000 sq ft hospital employs 135 professionals and 60 consultants of diverse expertise. The hospital is equipped with emergency care, child and women care, cath lab and neurology support, critical care units, modular operation theatres, pharmacy, pathology, radiology and many more services. 


The strategic tie-ups with leading insurance companies for cashless services, government healthcare programs like MJPJAY, and select NGOs. 


Its nine imaging centres provide scanning solutions in 2D and 3D formats using Conical Beam Computed Tomography (CBCT) for the Craniofacial area to dental and ENT doctors. Scandent is the largest independent Imaging chain for such services in Mumbai Region.


In addition to the hospital, pharmacy and pathology service business verticals, Family Care Hospitals provides a wide range of health and wellness packages tailored to customers’ needs, including house calls, phone and video consultations, e-pharmacy, e-pathology, home care (nursing support and doctor visits), and surgical care services.


It also organises health camps and various awareness events as a part of its commitment to giving back to society.

A 38 years old gentleman weighing 262 Kg sheds 41 Kg in 4 weeks



Mumbai: A team headed by Dr Aparna Govil Bhasker, consultant bariatric and laparoscopic surgeon at Namaha Hospital in Kandivali west in Mumbai successfully conducted a bariatric weight loss surgery on a 38 years old man weighing 262 kgs. The patient also suffered from type 2 diabetes, high blood pressure, severe obstructive sleep apnoea OSA), cellulitis of abdomen and both legs, breathlessness, gout and varicose veins. The patient underwent a laparoscopic sleeve gastrectomy in December 2022 at Namaha Hospital in Kandivali West. He has already lost 41 kg in 4 weeks after the surgery and currently weighs 221 kgs.  

  

Mr. Kalpesh Limbachiya, a resident of Kandivali suffered from morbid obesity. He kept trying multiple diets and exercise regimes. Every time he would lose weight it would come roaring back within a short span of time. During Covid pandemic due to all the restrictions, he could not continue with the rigorous exercise regime and regained weight very fast. He started struggling to perform his routine activities. In December 2022, he reached his highest weight of 262 Kgs.  Along with weight gain he developed multiple other diseases as mentioned above. He could barely walk and was dependent on his family members for everything.  Due to his declining health, he had to leave his job as well.


The family then started looking for solutions and were referred to Dr Aparna Govil Bhasker, a bariatric surgeon at Namaha Hospital in Kandivali West. Along with her team, she guided him about bariatric surgery which is currently the only proven method for effective weight loss in such patients and can help to improve the quality of life. 

  

Dr Aparna Govil Bhasker said, “When we first consulted Mr. Limbachiya, he could barely walk. He was extremely breathless and had cellulitis on his legs and lower abdomen. He had multiple co-morbidities and was extremely nervous. Due to excessive abdominal fat and fragile metabolic condition, he was at the tipping point. Bariatric surgery was the only option for him.”


To prepare him for surgery, he was kept on a high protein liquid diet for 4 weeks prior to the surgery under the supervision of bariatric dietician Ms. Mariam Lakdawala. “Patients with severe obesity need to be optimized nutritionally before they are taken up for surgery” said Ms. Lakdawala. 


Dr. Tejas Mehta, physician at Namaha hospital, treated Mr. Kalpesh Limbachiya for all the other co-morbidities like type 2 diabetes and obstructive sleep apnoea (OSA) etc. “Sleep apnoea is one of the most commonly associated medical condition with severe obesity and it is usually undiagnosed”, said Dr. Mehta. “These associated conditions need to be controlled before the surgery to aid recovery post-surgery.”


The patient underwent a bariatric surgery in the form of Laparoscopic Sleeve Gastrectomy on December 20, 2022. Dr Aparna Bhasker added, “The surgical procedure was technically very difficult due to excess fat in the abdomen and large size of the liver. The surgery lasted for 3 hours, after which the patient was kept in the ICU for a day so that he could be monitored closely. The anaesthesia team of Dr. Yogen Bhat and Dr. Kalpesh Shah successfully managed this case. “Carbon dioxide retention can be a major challenge in such cases during anaesthesia and it has to be managed properly", said Dr. Bhat.


After surgery, the patient was made to walk at the earliest to increase blood circulation in his legs so that any kind of clot formation could be prevented. After 24 hours he was started on a liquid diet orally. 


Dr. Munjal Kapadia, the owner of Namaha Hospital said, “This was a very challenging case and one of the heaviest patients in western suburbs. We had to be mindful about the weight bearing capacity of all beds and tables. Most hospital beds have a weight-bearing capacity from 130 kg to 200 kg. Special extensions had to be arranged for the operation theatre table so that he could fit on it. Namaha hospital is one of the major bariatric surgery centres in the western suburbs and I am happy that we could manage this challenging case successfully.”


The patient was discharged on the fourth day after surgery. He has lost 41 kgs in the last 1 month. He is already feeling much lighter, the cellulitis has resolved and he is able to walk for longer distance. He is hoping to lose more weight in the upcoming months.

  

Obesity can be a debilitating disease. “Though obesity is rising across the world, it is rare to see patients with such high weight. They constitute less than 5% of all patients with obesity. The objective of the surgery is to help to lose weight and improve quality of life so that he can get back to work and lead a normal life. The surgery will also help to improve type 2 diabetes, high blood pressure, obstructive sleep apnoea, breathlessness, gout, varicose veins, etc. 


Contrary to common belief, obesity is not just due to excessive diet and lack of exercise. 70% of obesity can be attributed to genetics. It is essentially a disease caused by neuro-hormonal dysregulation and the disease severity varies from person to person. Even in this case, patient had continuously made efforts to lose weight. Beyond a point it is unfair to expect them to indulge only in rigorous exercise and deny proper treatment. Bariatric surgery is the only effective weight loss option for such patients and works as a tool to help them to get to a target. A healthy lifestyle is important after surgery to maintain weight loss,” said Dr Aparna Bhasker. 

  

“I am thankful to Dr Aparna Bhasker and her team for saving my life. I have already lost significant amount of weight and will continue to follow a healthy lifestyle. My comorbidities are getting controlled and I feel much lighter now. I am happy that I can move freely again,” concluded the patient Mr. Kalpesh Limbachiya.