India's Raymond posts record high revenues in Q3 FY23

The company’s net profit in Q3 FY23 was ₹95 crore, down 5 per cent compared to Q3 FY22, Raymond said in a press release.

Raymond continued to leverage improved consumption in domestic markets through its wide-spread retail network. The strong festive season witnessed a higher average transaction value by 24 per cent in the company’s ‘The Raymond Shop’ (TRS) network vs previous year.

The company’s net Debt reduced to ₹932 crore as on December 31, 2022, as compared to ₹1,286 crore as on September 30, 2022, through free cash-flow generation driven by strong profitability and working capital optimisation.

Branded textile segment reported sales of ₹902 crore in Q3 FY23 vs ₹899 crore in Q3 FY22. Festive season contributed to sales across primary channels. The quarter also saw the product driven marketing campaigns such as TechnoStretch series.  The segment reported healthy EBITDA margin of 20.9 per cent supported by operational efficiencies.

Raymond’s branded apparel segment reported topline growth of 15 per cent with sales at ₹364 crore in Q3 FY23 as compared to ₹316 crore in the same quarter last year. The growth was driven by new seasonal offerings across the branded apparel portfolio in the festive quarter. The growth was witnessed across trade channels and retail network. The segment reported strong EBITDA margin of 11.2 per cent driven by operational efficiencies.

The company added 24 stores on a net basis in the quarter leading to its retail store network of 1,400 stores (TRS and EBOs) as on December 31, 2022.

Garmenting segment reported sales in a quarter at ₹282 crore, a growth of 39 per cent as compared to ₹203 crore in the previous year, led by high demand in US and Europe markets from existing customers and new customer acquisitions. EBITDA margin for the quarter was 9.1 per cent.

High value cotton shirting segment sales grew by 32 per cent to ₹195 crore in Q3 FY23 compared to ₹148 crore in the same quarter of previous year, led by higher demand in festive season for cotton and linen fabric offerings by the company’s B2B customers in domestic market. The segment reported EBITDA margin of 10.7 per cent for the quarter.

Fibre2Fashion News Desk (DP)