Raymond Q4FY23 Results: Net profit slumps 26% to ₹194 crores; board approves dividend
2 min read 09 May 2023, 04:40 PM ISTRaymond Q4FY23 Results: The company's consolidated net profit fell by 26% year-on-year to ₹194 crores from ₹263.3 crores in Q4FY22.
PremiumRaymond Ltd for the quarter ended March, reported a consolidated net profit of ₹194.35 crore, an year-on-year decline of 26% from ₹263.31 crore in Q4FY22. On Tuesday, Raymond share price ended at ₹1,599.55, up by ₹12.85 or 0.81% on BSE.
The company's consolidated revenue from operations for the quarter ended March, rose 9.8% on year to ₹2,150.18 crore from ₹1,958.10 crore in the same period last year.
Further, the company in an exchange filing said that the board has recommended payment of dividend of 30% on the equity share capital i.e. ₹3 per equity share of the face value of ₹10.
“The dividend, if approved by the shareholders will be paid on or after Tuesday, July 11, 2023," added the company.
The company achieved its highest-ever sales and EBITDA in the historic year FY23, reaching ₹8,337 crore and ₹1,322 crore, respectively, according to the company's exchange report. Throughout the year, Raymond recorded a healthy double-digit increase of 31%, driven by strong momentum and a solid performance.
“FY23 has been an year of exponential growth, as we doubled our net profit compared to previous year with strong growth in revenues delivered across all businesses. As we have charted out a clear roadmap for sustained growth, the recent corporate action announcements will fuel the company’s future with a clear focus on B2C lifestyle business and real estate business. In our continued commitment to create shareholder value, I am delighted to state that these two new entities will be zero net debt and are poised to scale new heights," said Gautam Hari Singhania, Chairman & Managing Director of the company in a press release.
Following the recent corporate measures taken by the Company to demerge the Lifestyle company, two independent, net debt-free listed entities with pure play B2C Lifestyle and real estate businesses will now exist, each with a sizable cash surplus at the Group level to support future growth.
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