Revenue from operations increase by 4% to Rs 1,826 crore during the quarter as compared with Rs 1,754 crore in corresponding quarter last year.

During the quarter, EBITDA stood at Rs 252 crore, up 7% as compared with Rs 235 crore in Q1 FY23. EBITDA margin improved by 40 bps to 13.8% in Q1 FY24 as against 13.4% recorded in Q1 FY23.

The company said that its continued focus on casualization and premiumization in the Branded Apparel segment enabled a topline growth of 16% along with a steady growth showcased by our branded textile business in comparison to the same quarter last year.

The real estate business continues to witness a strong demand for its offerings with a recent launch in July-23 of premium residential project at Thane with RERA carpet area of about 1 million square feet with a revenue potential of over Rs 2,000 crore. The consumer demand for our real estate project at Thane continues to be encouraging.

Branded Textile segment sales reported growth of 6% at Rs 688 crore in Q1FY24 vs Rs 648 crore in Q1FY23. We witnessed increasing consumer demand for our latest season offerings including innovative products, and gifting solutions for summer wedding season.

Branded Apparel segment reported topline growth of 16% with sales at Rs 305 crore in Q1FY24 as compared to Rs 262 crore in same quarter last year. Continued demand for office wear and new offerings in casual wear contributed to the growth.

Its store network stood at 1,407 stores including 75 ‘Ethnix by Raymond' stores as on 30 June, 2023.

Garmenting segment sales grew by 7% to Rs 265 crore in Q1FY24 as compared to Rs 247 crore in previous year. The growth was driven by sustained demand in US & Europe markets from our existing customers and also through new customer acquisitions across reputed brands

High Value Cotton Shirting segment reported sales in the quarter at Rs 192 crore, a growth of 13% as compared to Rs 170 crore in previous year, led by demand for our cotton offerings by our B2B customers.

Engineering business sales remained flat in the quarter at Rs 209 crore on an aggregate basis. Sales performance was mainly driven by key categories in exports markets in a global inflationary environment and well supported in domestic markets.

Real estate business delivered a sales performance of Rs 234 crore Gautam Hari Singhania, chairman & managing director, Raymond, said, “The quarter witnessed a lesser number of wedding days compared to the corresponding quarter last year that was a dampener for consumer demand. However, going forward we are optimistic as festive and wedding season will set in during the second half of the year giving an impetus to the consumer demand across the country.

The silver lining for the quarter was our recent value unlocking initiative of Lifestyle business demerger which is under progress. Post demerger, we will have two independent consumer facing net debt free listed entities for Lifestyle and Real Estate businesses and there is significant liquidity surplus of over ₹ 1,500 Cr. at the Group level to drive future growth.”

Raymond is a leading manufacturer of worsted suiting fabrics and garments in India. It also has a presence in precision engineering products and real estate.

The scrip declined 0.22% to Rs 1,968 on the BSE.