Raymond doubles Net Profit Vis-A-Vis FY22

MUMBAI:
Raymond Limited today announced its audited financial results for the year ended 31st March, 2023
One time deferred tax adjustment: In Q4FY22, ₹ 177 cr of Deferred Tax Asset (DTA) was created as compared to ₹ 65 cr in Q4FY23

In a landmark year FY23, Raymond delivered highest ever revenue and EBITDA of ₹ 8,337 cr and ₹ 1,322 cr respectively. Raymond clocked a healthy double-digit growth of 31% during the year led by a strong momentum and a robust performance. With Q4FY23, Raymond has demonstrated a strong revenue and profitable performance for six consecutive quarters.

The Company substantially reduced consolidated Net Debt by ₹ 399 Cr which stands at ₹ 689 Cr as on 31st March,2023 as compared to ₹ 1,088 Cr as on 31st March, 2022. The sustained net debt reduction year on year basis has been a result of free cash-flow generation driven by strong profitability and working capital optimisation.

Commenting on the Company’s performance, Gautam Hari Singhania, Chairman & Managing Director, Raymond Limited said, “FY23 has been a year of exponential growth, as we doubled our net profit compared to previous year with strong growth in revenues delivered across all businesses. As we have charted out a clear roadmap for sustained growth, the recent corporate action announcements will fuel the company’s future with a clear focus on B2C lifestyle business and real estate business. In our continued commitment to create shareholder value, I am delighted to state that these two new entities will be zero net debt and are poised to scale new heights.”

The recent corporate actions initiated by the Company of demerging the Lifestyle business will now result into two independent net debt free listed entities of pure play B2C focused Lifestyle and real estate businesses with significant liquidity surplus at the Group level to spur future growth.

During the year, Branded Textile and Branded Apparel segment recorded high revenue growth along with increased average transaction value (ATV) of 25% across our retail network in the country. Our focus on innovation and new offerings have ensured freshness in our stores. With ‘China + 1 strategy’ playing well for the company and garmenting business, the year closed with healthy growth rate.

The real estate business showed a stellar performance throughout the year and received a total booking value of ₹1,609 Cr for the launched inventory in all three projects. First time home buyers demonstrated tremendous confidence in the real estate offering as the company delivered the first three towers of the maiden project two years ahead of RERA timelines.