Indian firm Raymond posts record-high revenue & EBITDA in FY23

The annual profit after tax (PAT) of Raymond was ₹529 crore, up by 103 per cent compared to the previous year, further confirms Raymond's strong performance.

In the fourth quarter (Q4) of FY23, Raymond witnessed significant growth with revenues increasing by 8 per cent over the previous year, reaching an all-time high of ₹2,192 crore. The company also recorded its highest-ever quarterly EBITDA of ₹379 crore with EBITDA margins of 17.3 per cent during Q4, the company said in a media release.

The branded textile segment reported sales of ₹902 crore in Q4 FY23 compared to ₹886 crore in Q4 FY22. The segment's EBITDA margin of 21.8 per cent was supported by operational efficiencies, driven by marketing initiatives that focused on innovative products in suiting and shirting fabrics including linen and casualisation.

The branded apparel segment reported topline growth of 19 per cent with sales at ₹332 crore in Q4 FY23 compared to ₹279 crore in the same quarter last year. The segment's EBITDA margin of 15.8 per cent was driven by operational efficiencies, supported by increased customer conversions, especially in the retail store network and multi-brand outlets.

The garmenting segment reported strong sales of ₹305 crore in Q4 FY23, a growth of 44 per cent compared to ₹213 crore in the previous year. This was driven by high demand in US and Europe markets from existing customers and new customer acquisitions.

The high value cotton shirting segment reported sales of ₹187 crore, a growth of 7 per cent compared to ₹175 crore in the previous year, led by demand for its cotton and linen fabric offerings by B2B customers in the domestic market. The segment's EBITDA margin for the quarter was 10.4 per cent.

During the quarter, Raymond's retail store network added 58 stores, leading to a total of 1,409 stores as on March 31, 2023, the release added.

“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. 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,” said Gautam Hari Singhania, chairman and managing director.

Fibre2Fashion News Desk (DP)