Indian firm Raymond's revenue climbs 4% to ₹1,826 cr in Q1 FY24

The consolidated EBITDA for Q1 FY24 stood at ₹252 crore, up by 7 per cent YoY, while the reported PAT soared to ₹1,065 crore from ₹81 crore, the company said in a press release.

In the branded textile segment, sales witnessed growth of 6 per cent at ₹688 crore in Q1 FY24 compared to ₹648 crore in Q1 FY23. The segment’s EBITDA margin was 17 per cent.

The branded apparel segment reported a topline growth of 16 per cent, with sales at ₹305 crore in Q1 FY24 compared to ₹262 crore in the same quarter last year. The growth was seen across all trade channels and retail networks, attributed to continued demand for office wear and new casual wear offerings. The segment's EBITDA margin stood at 6.4 per cent.

Raymond opened 37 new stores during the quarter, including 15 'Ethnix by Raymond' stores, expanding its network to 1,407 stores as of June 30, 2023. Despite a challenging consumer demand scenario, an 8 per cent growth in average transaction value (ATV) was observed during the quarter in The Raymond Shop (TRS) network.

The garmenting segment reported a growth of 7 per cent to ₹265 crore in Q1 FY24, driven by sustained demand in the US and Europe, and new customer acquisitions. The EBITDA margin for the quarter was 9.2 per cent, with capacity expansion underway to meet increasing demand.

High value cotton shirting segment reported a growth of 13 per cent in sales at ₹192 crore, led by demand from B2B customers, with an EBITDA margin of 10 per cent.Top of Form

“This was a momentous quarter for us as the Raymond group became net debt free post the sale of our FMCG business. During the seasonally weak first quarter and subdued consumer demand, the company has recorded a strong and steady performance across businesses. The quarter witnessed a lesser number of wedding days compared to the corresponding quarter last year that was a dampener for consumer demand. However, going forward we are optimistic as festive and wedding season will set in during the second half of the year giving an impetus to the consumer demand across the country,” said Gautam Hari Singhania, chairman and managing director, Raymond Limited.

Fibre2Fashion News Desk (DP)