Thursday, February 1, 2024

Raymond reports highest ever Revenue and EBITDA for the Quarter

10th consecutive quarter of profitable growth

Net Profit almost doubles to ₹ 184 Cr compared to same quarter last year

Branded Apparel business grew by 20% compared to same quarter last year

Real Estate business showcased a revenue growth of 50% same quarter last year

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

Consolidated Results Snapshot

Particular (₹ in Cr.) Q3FY24 Q3FY23 Y-o-Y% 9MFY24 9MFY23 Y-o-Y%

Net Revenue 2,450 2,200 11% 6,597 6,145 7%

EBITDA 426 351 22% 1,060 943 12%

EBITDA % 17.4% 15.9% 145 bps 16.1% 15.3% 72 bps

Profit on sale of FMCG Business - - - 983 -

Reported PAT 184 95 93% 1,409 335 NA

Note: 9MFY24 Reported PAT includes ₹ 983 Crores (being 47.66%) of Raymond Ltd. share of profit in associate (Raymond Consume Care Ltd.) on sale of FMCG business.

Mumbai, 1st February 2024: Raymond achieved a record-breaking performance in both Revenue and EBITDA in Q3FY24, making it the 10th consecutive quarter with sustained performance. During this quarter, revenue increased by 11% YoY, reaching ₹2,450 Cr, with a EBITDA margin of 17.4%. The net profit almost doubled to ₹184 Cr in Q3FY24 compared to ₹95 Cr in Q3FY23

The improved operating and financial performance during the quarter was led by strong revenue growth of 50% in Real estate business and over 20% in Branded Apparel business.

Despite subdued consumer demand in the retail market post festivities, our focused approach on casualization, newer designs and distribution reach expansion helped Branded Apparel business to grow from ₹364 Cr in Q3FY23 to ₹437 Cr in Q3FY24 witnessing growth of 20%.

Raymond Realty business offers affordable luxury apartments ranging from 1 to 4 BHK that caters to multiple segments of society. Our proven ability to execute the project at a faster pace enabled the sales to increase from ₹ 292 in Q3FY23 to ₹439 Cr in Q3FY24. The company also signed JDA’s during the quarter of over ₹ 3,000 Cr. making total JDA projects under development worth over ₹5,000 Cr.

The Company is running projects worth ₹9,000 Cr. on its Thane land and has a further potential to generate ₹16,000 Cr. making a total potential revenue of ₹25,000 Cr from Thane landbank.

Based on the corporate action initiated, the proposed demerger of Lifestyle Business is on track and the company has received the SEBI approval for the same. The Extraordinary General Meeting (EGM) for shareholders and other relevant meeting is schedule on 26th Feb 2024.

Commenting on the performance, Gautam Hari Singhania, Chairman & Managing Director, Raymond Limited said; “I am delighted to share that Q3 has been momentous quarter, as we have delivered 10th consecutive quarter of growth with highest ever revenue and profitability across businesses. Our retail expansion continued, and we have an aggressive plan to open over 500 stores during the next 3 years. In the Real Estate business, we signed 2 JDA’s with over ₹ 3,000 crore during the quarter as well. Another big development in the third quarter of this fiscal, Raymond Group’s Engineering Business is now set to grow exponentially as we foray into sunrise sectors of Aerospace, Defence and EV components business post the acquisition of Maini Precision Products Limited.”

Q3FY24 Segmental Performance (Post IND AS 116)

Branded Textile segment sales maintained with the top line of ₹ 909 Cr in Q3FY24 vs ₹ 902 Cr in Q3FY23 despite muted customer demand and challenging market conditions. EBITDA margins stood at 21.6% as compared to the previous quarter mainly due to operational efficiency.

Branded Apparel segment reported topline growth of 20% with sales at ₹ 437 Cr in Q3FY24 as compared to ₹ 364 Cr in the same quarter last year. This growth was witnessed across all brands, reflecting a strategic emphasis on casualization and the introduction of newer designs. The segment reported an EBITDA margin of 13.9% led by revenue growth & operational efficiencies. The quarter witnessed the 100th milestone store of ‘Ethnix by Raymond’ taking the tally to 105 stores. The total retail store network now stands at 1,512 stores as of 31st December 2023.

Garmenting segment sales maintained at ₹ 281 Cr in Q3FY24 as compared to ₹ 282 Cr in same quarter previous year. The performance was driven by sustained demand in US & Europe markets from our existing customers and through new customer acquisitions across reputed brands. EBITDA margin for the quarter stood at 10.8% mainly due to operational efficiency.

High Value Cotton Shirting reported sales of ₹ 214 Cr in Q3FY24 higher by 10% as compared to ₹ 195Cr in same quarter previous year. The segment reported EBITDA margin of 10.9% for the quarter.

Engineering business reported sales of ₹ 217 Cr in Q3FY24 higher by 4% as compared to ₹ 208 Cr in same quarter previous year. In domestic markets growth driven by demand in auto components category especially in the PV, CV and industrial sectors driving growth in flex plates and bearings categories. While the domestic market witnessed growth however, sluggish export market condition impacted topline. The business reported an EBITDA margin of 13.9% for the quarter.

Real Estate business construction momentum was maintained in all five projects. The business showcased a strong sales performance with 50% growth to ₹ 439 Cr from ₹292 Cr in in same quarter previous year showing customer confidence and acceptance of our high-quality product coupled with a fast-paced construction momentum in the ongoing projects. During the quarter we have launched 3rd tower in TenX Era and 2nd tower of ‘The Address by GS 2.0’. Total booking value was ~₹ 428 Cr

the launched projects with ~88% of total units in Ten X Habitat, ~90% of total units in The Address by GS, ~38% of total units in TenX Era, ~39% of launched units in The Address by GS 2.0’ and ~32% of launched units in Invictus by GS project being sold.

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