Raymond, under Gautam Hari Singhania, declared a spectacular increase of 18 percent in its profit for the January-March quarter, mainly on the back of powerhouse performances on the real estate and apparel fronts.
The consolidated profit of the company sprang to Rs 229 crore during the quarter, reflecting a great spurt from Rs 194 crore recorded in the corresponding period the previous year. The revenue, too, surged 23 percent to Rs 409 crore for the quarter.
The real estate segment exhibited growth in bookings after it launched a high-end project in the company's most famous address in Mumbai's celebrated Bandra neighborhood. Chairman and Managing Director, Gautam Singhania, said that the lifestyle, real estate, and engineering divisions were the engines for future growth.
After all, the branded textile business retained its revenues at Rs 920 crore for the quarter, despite the tepid consumer sentiment and stern market conditions. The apparel business, on the other hand, showed growth in all brands and formats.
The company had added 200 stores across the fiscal year to its retail space, ending the year with 1,518 stores. The company had diversified its footprint into promising sectors like aerospace, defence, and electric vehicle components, where it had acquired Maini Precision Product in the fourth quarter of the last financial year.
The Board also approved a scheme of arrangement to form two subsidiaries. The first subsidiary will focus on aerospace and defence and the other will focus on auto components, electric vehicle, and engineering consumables, each trying to make its niche path of growth with primary focus on value creation.
In a revolutionary move, Gautam Singhania was re-appointed as the managing director for a term of five years, effective from July 1, 2024, and it is a sign of continuity and leadership stability within the organization.
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