Raymond Q4 PAT jumps 18% to Rs. 229 crore

Raymond Ltd saw an 18% rise in Q4 profit after tax, hitting Rs 229 crore. Consolidated net revenue also increased by 23% to Rs 2,688 crore. For the fiscal year, profit after tax soared by over 200% to Rs 1,638 crore, while revenue grew by 11% to Rs 9,286 crore. Despite market challenges, the lifestyle segment performed well. The real estate business had strong bookings, especially with the launch of a project in Mumbai. Gautam Hari Singhania has been reappointed as Managing Director for five years from July 1, 2024.

Raymond Ltd on Friday reported an 18 per cent rise in consolidated profit after tax at Rs 229 crore in the fourth quarter ended March 2024.

The company had posted a consolidated profit after tax of Rs 194 crore in the same quarter previous fiscal, Raymond Ltd said in a statement.

Consolidated net revenue in the quarter under review was Rs 2,688 crore as against Rs 2,192 crore in the year-ago period, up 23 per cent, it added.

For the fiscal ended March 2024, consolidated profit after tax was Rs 1,638 crore compared to Rs 529 crore in the previous fiscal.

Consolidated net revenue in FY24 stood at Rs 9,286 crore over Rs 8,337 crore in FY23, the company said.

Raymond Ltd Chairman & Managing Director Gautam Hari Singhania said business across segments demonstrated consistent growth throughout the year.

''Our lifestyle business showed strong perseverance and recorded growth despite headwinds and muted consumer demand. For our real estate business, we have maintained strong booking momentum, particularly with the launch of our first JDA project in Bandra, Mumbai,'' he added.

The company's three verticals - lifestyle, real estate and engineering business - are future growth engines, he added.

In a regulatory filing, Raymond said its board has approved the re-appointment of Singhania as Managing Director for a term of five years effective from July 1, 2024.

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