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Indian firm Raymond's revenue reaches record high of $1.1 bn in FY24

03 May '24

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Indian firm Raymond's revenue reaches record high of $1.1 bn in FY24

Pic: Raymond

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Raymond has posted its highest-ever annual revenue of ₹92.86 billion (approximately $1.1 billion) and EBITDA of ₹15.75 billion in FY24.
The company's strategic focus on branded apparel and garmenting segments led to an impressive 11 per cent revenue growth.
In Q4 FY24, Raymond witnessed significant expansion, with a 23 per cent increase in revenue.

Raymond, a leading player in the Indian textile industry, has reported its highest-ever annual revenue of ₹92.86 billion (approximately $1.1 billion) and EBITDA of ₹15.75 billion in fiscal 2024 (FY24), boasting an impressive EBITDA margin of 17 per cent. Despite challenges in the lifestyle business due to subdued consumer demand and market conditions, Raymond's focused business approach yielded robust growth in the branded apparel and garmenting segments, resulting in an impressive double-digit revenue growth of 11 per cent compared to the previous year.

In Q4 FY24, Raymond delivered significant growth in both revenue and profitability, marking the 11th consecutive quarter of sustained growth. During this quarter, revenue surged by 23 per cent year-on-year (YoY), reaching ₹26.88 billion, accompanied by the highest-ever EBITDA of ₹5.1 billion and an EBITDA margin of 19.2 per cent, the company said in a media release.

In terms of segmental performance in Q4 FY24, the branded textile segment maintained its top line at ₹9.2 billion, despite muted customer demand and challenging market conditions, with EBITDA margins remaining steady at 21.9 per cent due to operational efficiency.

The branded apparel segment reported a remarkable topline growth of 23 per cent, with sales reaching ₹4.09 billion, compared to ₹3.32 billion in the same quarter last year.

The garmenting segment witnessed sales of ₹2.8 billion, down from ₹3.05 billion in the previous year, with an improved EBITDA margin of 11.3 per cent.

High value cotton shirting reported sales of ₹2.13 billion, up by 14 per cent from the same quarter last year, driven by higher demand for linen fabric offerings from B2B customers in the domestic market, with an EBITDA margin of 11.5 per cent.

“I am satisfied with the performance across businesses, and they have demonstrated consistent growth throughout the year. Our Lifestyle business showed strong perseverance and recorded growth despite headwinds and muted consumer demand. We remain committed to delivering value to stakeholders and are confident in our ability to capitalise on growth opportunities, ensuring sustained success in the future,” said Gautam Hari Singhania, chairman and managing director.

Fibre2Fashion News Desk (DP)

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