Raymond delivers highest ever annual & quarterly revenue and profitability

Raymond has announced that it delivered its highest-ever annual revenue of ₹ 9,286 Cr and EBITDA of ₹ 1,575 Cr with the EBITDA margin of 17.0% while sharing its audited financial results for the year ended 31st March 2024

The company says that despite the Lifestyle business witnessing subdued consumer demand and challenging market conditions, Raymond's focused business approach across its operations led to robust growth in the branded Apparel, Garmenting, and Real Estate segments, resulting in an impressive double-digit revenue growth of 11% in FY24 as compared to previous year.

“In Ǫ4FY24, Raymond delivered a record-breaking performance both in terms of revenue and profitability, making it the 11th consecutive quarter of sustained growth. During this quarter, revenue increased by 23% YoY, reaching ₹ 2,688 Cr, with highest-ever EBITDA of ₹ 516 Cr and EBITDA margin of 19.2%. Our strategic emphasis on premiumisation, casualisation and expansion of distribution channels significantly contributed to the robust growth of the Branded Apparel business, witnessing an increase in revenue from ₹332 Cr in Ǫ4FY23 to ₹409 Cr in Ǫ4FY24, representing a growth of 23%,” said the company statement.

The company’s Branded Apparel segment reported topline growth of 23% with sales at ₹ 409 Cr in Ǫ4FY24 compared to ₹ 332 Cr in the same quarter last year. This growth was witnessed across all brands and formats, reflecting a strategic emphasis on casualisation and the introduction of new designs. The segment reported an EBITDA margin of 13.4%, lower as compared to PY due to increased investments in branding and category creation (Ethnix) through additional spending on advertising and marketing initiatives. The company adds that during the year it opened more than 200 stores including 56 ‘Ethnix by Raymond’ stores. The total retail store network now stands at 1,518 stores as of 31st March 2024

Garmenting segment sales reported sales at ₹ 280 Cr in Ǫ4FY24 as compared to ₹ 305 Cr in same quarter of the previous year. The top line decline in Ǫ4FY24 was due to the ongoing Red Sea crisis and Geopolitical issues. EBITDAmargin for the quarter was 11.3% as compared to 6.6% in the previous year mainly due to better product mix andoperational efficiency, says the company.

Commenting on the performance, Gautam Hari Singhania, Chairman & Managing Director, Raymond Limited said; “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 have our three verticals vis Lifestyle, Real Estate & Engineering business that are future growth engines which is in line with India’s vision of Viksit Bharat.”

The company says it opened more than 200 stores during the year including 56 ‘Ethnix by Raymond’ stores. Thetotal retail store network stands at 1,518 stores as of 31st March 2024.