Raymond share price declines as Nawaz Modi Singhania resigns as director

The stock settled 0.3% lower at ₹1,412 apiece on the National Stock Exchange (NSE).

The resignation is effective March 19.

Remarking on the resignation, Gautam Singhania said, "We thank Ms Nawaz Modi Singhania for her services as a Board member over the years. As a company, we are committed to upholding the highest level of governance while continuing to navigate the evolving landscape of the industry."

In her resignation letter, Nawaz Modi Singhania said she resigned due to personal reasons and thanked the board for supporting her throughout the term.

"Due to personal reasons, I hereby tender my resignation as Director of Raymond Limited with immediate effect. I am thankful to the Board of Directors for the memorable association during my tenure and supporting me throughout my term," she said, adding, "Kindly acknowledge the receipt of this letter and arrange to submit the necessary forms with the office of the Registrar of Companies and Stock Exchange (s) to that effect."

Gautam Singhania separated from his wife Nawaz in 2023, after 32 years of relationship.

The company had reported a 40.59% increase in its consolidated revenue from operations to ₹953.90 crore in the third quarter of the financial year 2024-25, compared to ₹679.46 crore in the same period last fiscal.

The net profit surged 74.8% to ₹72.28 crore in Q3 FY25 as against ₹41.35 crore in the year-ago quarter.

The real estate business recorded a revenue of ₹488 crore, reflecting 11% year-on-year growth with a booking value of ₹505 crore in the latest December quarter. The engineering business posted a revenue of ₹433 crore.