May 2024 \ Business & Investment \ Business News
Rs 228 crore Q4 profit for Raymond

Mumbai: Gautam Hari Singhania-led Raymond in May reported an 18 per cent rise in its January-March quarter profit on the back of a strong performance in its real-estate and apparel segments. The company said its consolidated profit rose to Rs 229 crore in the quarter, up from Rs 194 crore in the same period last year.

Its revenue rose 23 per cent to Rs 409 crore during the quarter. The company’s real estate segment attracted strong booking during the quarter after the launch of a premium project in Mumbai’s posh Bandra locality. The three verticals of the company -- lifestyle, real estate and engineering -- would be its future growth engines, Chairman and Managing Director Gautam Singhania said.

Branded textile segment sales maintained its topline of Rs 920 crore in the quarter despite muted customer demand and challenging market conditions. In the apparel segment, it saw growth across all brands and formats.

The company opened 200 stores during the year, taking the total to 1,518 at the end of the fiscal year. In Q4, Raymond completed the acquisition of Maini Precision Product, marking its foray into the sunrise sectors of aerospace, defence and EV components. The board also approved a scheme of arrangement for the creation of two subsidiaries.

One will focus on aerospace & defence, while the other will cater to the auto components with electric vehicles and engineering consumables sector, “each charting its unique path of growth with a primary objective of value creation”. The company also re-appointed Gautam Singhania as managing director for a term of five years effective from July 1, 2024.

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