Raymond Ltd. reports PAT at Rs38cr for Q3FY20

Raymond Ltd. reports PAT at Rs38cr for Q3FY20
Raymond Ltd. announced its December quarter results for FY20 late Wednesday.

The company's consolidated revenue for the quarter rose 12% yoy to Rs1,903cr. Consolidated EBITDA for quarter was down by 2% yoy to Rs182cr. EBDITA margin came in at 9.6%.

The reported net profit stood at Rs196cr, a jump of 421% yoy. The rise was due to an exceptional item of Rs160cr, which is related to the sale of land.  However, the underlying net profit stood at Rs36cr, slightly lower than Rs38cr yoy. 
Raymond achieved debt reduction during the quarter by Rs415cr, led by Rs350cr infusion from net proceeds of land sale. 
Commenting on the results, Mr. Gautam Hari Singhania, Chairman & Managing Director, Raymond Limited said, "Domestic consumption continued to be sluggish coupled with liquidity crunch in the trade channels impacting profitable growth during the quarter. However, the company continued to consolidate its market share with topline growth. The quarter also witnessed the deleveraging of balance sheet with over Rs. 400 crores primarily driven by the net proceeds of land sale. With a focus on value creation, during the quarter we also announced the demerger of Lifestyle Business as a separate business entity. This move will enable us to have a focused strategy and specialization for sustained growth across our businesses."
Stock view:

Raymond Ltd ended at Rs673.10 down by Rs6.6 or 0.97% from its previous closing of Rs679.70 on the BSE.

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