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

For further information, please contact:

Rohit Khanna

Corporate Communications

Raymond Limited

Tel: 022 6152 7624


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