Raymond’s share price was slumping on Friday as the company posted its results for the quarter ended March 2024.
What Happened: Fabric and fashion retailer Raymond posted an 18% increase in net profit at ₹229.21 crore, up 18% from the ₹194 crore posted in the same quarter last year. The company’s revenue from operations for the quarter came in at ₹2,608.50 crore, up 21% from the ₹2,150 crore posted in the same quarter last year.
The company achieved its highest-ever quarterly EBITDA at ₹516 crore with an EBITDA margin of 19.2% in the March quarter. The company also declared a ₹10/share dividend.
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The company in a press release about the results said that despite the ‘lifestyle’ business witnessing subdued consumer demand and challenging market conditions, its focused business approach across its operations led to strong growth in the ‘Branded Apparel’, ‘Garmenting’, and ‘Real Estate’ segments, resulting in an impressive double-digit revenue growth of 11% in FY24 as compared to the previous year.
In the January-March period, ‘Branded Textile’ segment sales were at ₹920 crore, while the Branded Apparel segment reported topline growth of 23% with sales at ₹409 crore.
Price Action: Raymond’s share price was down 3.55% to trade at ₹2,213.10 in the afternoon hours of trading on Friday.
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