Raymond Q2 net profit rises marginally to ₹159.8 crore

livemint.com:

Raymond Ltd on Wednesday reported a marginal rise in its net profit to ₹159.78 crore for the September quarter from ₹158.86 crore in the previous year. While the profit growth was modest, it came amid a delayed festive and wedding season, which typically contributes significantly to the company's sales. “With the onset of festivities and wedding season, we at Raymond are optimistic that there will be an uptick in the consumer demand and overall sentiments should remain positive," said Gautam Hari Singhania, chairman & MD, Raymond Ltd.

Revenue from operations grew by 4% year-on-year to ₹2,253.4 crore from ₹2,168.2 crore in the same period previous quarter. “The revenue grew by 6% in the quarter to ₹ 2,321 Cr with a healthy EBITDA margin of 16.5%, despite postponement in consumer spending cycle on account of delay in festive and wedding season, “ the company said. The company's EBITDA (earnings before interest, taxes, depreciation, and amortization) stood at ₹382 crore, up 7% from ₹358 crore in the previous year.

“Raymond continues to attest its growth momentum with strong quarter on quarter performance and Q2FY24 was the 9th consecutive quarter that reported highest ever performance both in terms of revenue and EBITDA," the company said. The branded textile segment saw a stable top-line performance during the September quarter, with sales of ₹933 crore, compared to ₹912 crore last year. The quarter saw a reduced offtake due to postponed festivals and wedding dates, further impacted by the presence of an additional month (adhik maas) in the Hindu calendar this year.