Raymond delivers highest annual revenue of Rs 9,286 crore

In line with the strategic initiatives, the proposed demerger of Lifestyle Business is progressing as planned, having already received SEBI, shareholder, and creditor approval.

By  Storyboard18May 3, 2024 3:18 PM
Raymond delivers highest annual revenue of Rs 9,286 crore
Branded Apparel business, witnessed increase in revenue from Rs 332 Crore in Q4FY23 to Rs 409 Crore in Q4FY24.

Raymond delivered its highest-ever annual revenue of Rs 9,286 Cr and EBITDA of Rs 1,575 Crore with the EBITDA margin of 17.0 percent. Despite the Lifestyle business witnessing subdued consumer demand and challenging market conditions, Raymond's focused business approach across its operations led to robust growth in the Branded Apparel, Garmenting, and Real Estate segments, resulting in a double-digit revenue growth of 11 percent in FY24 as compared to previous year. The Real Estate segment secured a total booking value of Rs 2,249 Crore.

During this quarter, revenue increased by 23 percent YoY, reaching Rs 2,688 Crore, with highest-ever EBITDA of Rs 516 Crore and EBITDA margin of 19.2 percent.

Branded Apparel business, witnessing increase in revenue from Rs 332 Crore in Q4FY23 to Rs 409 Crore in Q4FY24, representing a growth of 23 percent. In Q4FY24, the company recorded a total booking value of Rs 840 Crore, primarily driven by the launch of 'The Address by GS, Bandra,'; 62 percent of the launched inventory sold within 40 days.

During the quarter Raymond completed the business acquisition of Maini Precision Product Ltd. With this Raymond Group forays into sunrise sectors of Aerospace, Defense and EV components business. Going ahead post consolidation, through a composite scheme of arrangements, two subsidiaries will be created. One will focus on aerospace & defense, while the other will cater to the auto components with EV and engineering consumables sector, each charting its unique path of growth with a primary objective of value creation.

In line with the strategic initiatives, the proposed demerger of Lifestyle Business is progressing as planned, having already received SEBI, shareholder, and creditor approval. Further, NCLT hearing is scheduled on 9th May 24 for the approval of Demerger.

Commenting on the performance, Gautam Hari Singhania, Chairman & Managing Director, Raymond Limited said; “I am satisfied with the performance across businesses, and they have demonstrated consistent growth throughout the year. Our Lifestyle business showed strong perseverance and recorded growth despite headwinds and muted consumer demand. For our Real Estate business, we have maintained strong booking momentum particularly with the launch of our first JDA project in Bandra, Mumbai. We remain committed to delivering value to stakeholders and are confident in our ability to capitalize on growth opportunities, ensuring sustained success in the future. We have our three verticals vis Lifestyle, Real Estate & Engineering business that are future growth engines which is in line with India’s vision of Viksit Bharat.

First Published on May 3, 2024 3:15 PM

More from Storyboard18

How it Works

86 percent consumers spend considerable time deciding what to watch next: Report

86 percent consumers spend considerable time deciding what to watch next: Report

How it Works

Blue Star Q4 results: Revenue jumps 26.8 percent to Rs 3,327.77 crore

Blue Star Q4 results: Revenue jumps 26.8 percent to Rs 3,327.77 crore

How it Works

Alphabet paid $20 billion to Apple to maintain its status as the default search engine

Alphabet paid $20 billion to Apple to maintain its status as the default search engine

How it Works

NCLT issues notice in insolvency plea filed by Oppo against Byju's

NCLT issues notice in insolvency plea filed by Oppo against Byju's

How it Works

LS Elections 2024: Rs 100 crore invested in AI integration in political campaigns

LS Elections 2024: Rs 100 crore invested in AI integration in political campaigns

How it Works

D2C Homeware brand ellementry secures funding from She Capital

D2C Homeware brand ellementry secures funding from She Capital

How it Works

Tata Motors registered total sales of 77,521 units in April 2024

Tata Motors registered total sales of 77,521 units in April 2024