Raymond sees revenue increase 44% in FY22 Q4, reports highest ever sales and profitability
Raymond Limited reported its highest ever revenue and profitability during the fourth quarter of the 2022 financial year with 44% year-on-year revenue growth to Rs 2,032 crore.
As textile giant Raymond announced its consolidated and audited financial results for the 2022 fiscal year, it announced that its past two quarters have included record achievements for the business. This included Raymond reporting its highest ever quarterly earnings before interest, tax, depreciation, and amortisation total of Rs 358 crore with a margin of 17.6% in the fourth quarter, the business announced in a press release.
Raymond also reported its highest annual EBITDA in the 2022 fiscal totalling Rs 881 crore, despite disruption in the first quarter by Covid-19. The business also reduced its debt significantly by Rs 165 crore which leaves it with a net debt of Rs 1,088 crore.
“I am happy to announce that the company delivered a very strong quarterly performance consecutively in two quarters,” said Raymond’s chairman and managing director Gautam Hari Singhania in a press release. “Capitalising on the strength of the brand along with our expansive network, we leveraged the growing demand both in domestic and international markets through wide range of product offerings. We have witnessed demand recovery across all our businesses to pre-covid levels and with our effective cost management, we have delivered highest profitability for the quarter and the year. With strong focus on deleveraging, through profitability and working capital management, we have generated free cashflows which has reduced the net debt by ~40% in last two years despite the pandemic.”
Raymond’s branded textiles segment reported 23% year-on-year growth to Rs 886 crore in the fourth quarter of the 2022 financial year due to strong store sales driven by wedding demand. The business’ branded apparel segment also benefitted from wedding demand as well as the opening up of offices. This led to sales growth of 59% to Rs 279 crore in the fourth quarter.
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