Indian firm Raymond's revenue ascends 11% to ₹2,450 cr in Q3 FY24

In its branded textile segment, Raymond managed to maintain sales at ₹909 crore in Q3 FY24, almost on par with ₹902 crore in Q3 FY23, despite facing muted customer demand and challenging market conditions. The segment's EBITDA margin was 21.6 per cent, attributed mainly to operational efficiency, the company said in a media release.

The branded apparel segment of Raymond experienced significant growth, reporting a 20 per cent increase in sales, reaching ₹437 crore in Q3 FY24 compared to ₹364 crore in the corresponding quarter of the previous year. The segment's EBITDA margin was 13.9 per cent, driven by revenue growth and operational efficiencies. Notably, the quarter saw the opening of the 100th 'Ethnix by Raymond' store, bringing the total retail store network to 1,512 stores as of December 31, 2023.

The garmenting segment of Raymond reported stable sales at ₹281 crore in Q3 FY24, nearly identical to the ₹282 crore in the same quarter of the previous year. This performance was underpinned by sustained demand in the US and European markets, both from existing customers and through new customer acquisitions across reputed brands. The segment's EBITDA margin for the quarter was 10.8 per cent, mainly due to operational efficiency.

Lastly, the high value cotton shirting segment reported a 10 per cent increase in sales, achieving ₹214 crore in Q3 FY24, up from ₹195 crore in the same quarter of the previous year. The segment's EBITDA margin for the quarter was 10.9 per cent.

“I am delighted to share that Q3 has been momentous quarter, as we have delivered 10th consecutive quarter of growth with highest ever revenue and profitability across businesses. Our retail expansion continued, and we have an aggressive plan to open over 500 stores during the next 3 years,” said Gautam Hari Singhania, chairman and managing director, Raymond.

Fibre2Fashion News Desk (DP)