Raymond falls 3% after firm despite 18% rise in Q4 PAT, Gautam Hari Singhania reappointed MD for five years
Upstox
2 min read • Updated: May 3, 2024, 4:29 PM
Summary
Raymond reported a 23% rise in its fourth quarter consolidated net revenue at ₹2,688 crore. Earnings before interest, tax, depreciation, and amortisation (EBITDA) rose 36% on a year-on-year (YoY) basis to ₹516 crore. EBITDA margin improved by 190 basis points to ₹516 crore during the quarter. Net profit grew 18% YoY to ₹229 crore.
Shares of Raymond were trading over 3% lower on Friday after the company announced its fourth quarter and fiscal year 2024 results. The board of directors has approved the reappointment of Gautam Hari Singhania as the managing director of the firm for five years.
Raymond reported a 23% rise in its fourth quarter consolidated net revenue at ₹2,688 crore. Earnings before interest, tax, depreciation, and amortisation (EBITDA) rose 36% on a year-on-year (YoY) basis to ₹516 crore.
EBITDA margin improved by 190 basis points to ₹516 crore during the quarter. Net profit grew 18% YoY to ₹229 crore.
For the fiscal year 2024, Raymond reported 11% YoY growth in its consolidated net revenue at ₹9,286 crore. This is the company’s highest-ever annual revenue.
EBITDA grew 19% to ₹1,575 crore while EBITDA margin for the year improved by 110 bps to 17%. Net profit jumped 210% to ₹1,638 crore during the year. The company pointed out that the FY24 net profit includes ₹ 983 crore of Raymond’s share of profit in its associate on sale of the fast-moving consumer goods (FMCG) business.
Gautam Hari Singhania, chairman and managing director at Raymond said the company’s 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,” he said.
During the quarter, Raymond completed the acquisition of Maini Precision Product. With this, the group has forayed into sunrise sectors of aerospace, defence, and electric vehicles (EV) components business. The firm said going ahead, post consolidation, two subsidiaries will be created through a composite scheme of arrangements. One will focus on aerospace and defense, while the other will cater to the auto components with EV and engineering consumables sector.
The board of directors has recommended a dividend of ₹10 per share.
Shares of the company have gained over 28% since the beginning of the year. The stock has risen over 40% in the last one year.