Profit before exceptional items increased 9.35% to Rs 266.42 crore in Q4 FY23 as compared with Rs 243.63 crore in Q4 FY22. The exceptional loss stood at Rs 93.03 crore in Q4 FY23.

EBITDA rose 6% to Rs 379 crore in Q4 FY23 as compared with Rs 358 crore recorded in corresponding quarter last year. EBITDA margin stood at 17.3% as on 31 March 2023 as against 17.6% as on 31 March 2022.

During the quarter, the branded textile segment reported sales of Rs 902 crore versus Rs 886 crore in Q4FY22. The marketing initiatives during the quarter were primarily on innovative products in suiting and shirting fabrics including linen and casualisation.

Branded Apparel segment reported topline growth of 19% with sales at Rs 332 crore in Q4FY23 as compared to Rs 279 crore in same quarter last year. The growth was driven by increased customer conversions specially in our retail store network and multi brand outlets.

The retail store network added 58 stores on net basis during the year leading to 1,409 stores (TRS and EBOs) as on 31 March 2023.

Garmenting segment reported strong sales in a quarter at Rs 305 crore, a growth of 44% as compared to Rs 213 crore in previous year. The growth was driven by continued high demand in US & Europe markets from existing customers and new customer acquisitions.

High Value Cotton Shirting segment reported sales in the quarter at Rs 187 crore,a growth of 7% as compared to Rs 175 crore in same quarter previous year, led by demand for our cotton & linen fabric offerings by our B2B customers in domestic market.

Engineering business sales grew by 7% in the quarter to Rs 219 crore as compared to Rs 205 crore in same quarter previous year, on aggregate basis, mainly driven by growth in key categories in exports markets in a global inflationary environment and was well supported by growth in domestic markets.

Real estate segment, the business delivered a strong sales performance of Rs 289 crore along with the EBITDA margin of 24.3% for the quarter.

On full year basis, the company's consolidated net profit soared 103.16% to Rs 528.94 crore in FY23 as compared with Rs 260.35 crore in FY22. Net revenue from operations jumped 32.96% year on year to Rs 8,214.72 crore in FY2. The increase in revenue was led by a strong momentum and a robust performance.

The company substantially reduced consolidated net debt by Rs 399 crore which stands at Rs 689 crore as on 31 March 2023 as compared to Rs 1,088 crore as on 31 March 2022. The sustained net debt reduction year on year basis has been a result of free cash-flow generation driven by strong profitability and working capital optimisation.

Gautam Hari Singhania, chairman & managing director, Raymond, said, “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.”

Meanwhile, the board has recommended a dividend of Rs 3 per equity share for FY23, subject to approval of shareholders. The dividend, if approved by the shareholders will be paid on or after Tuesday, 11 July 2023.

Further, the board has approved the issuance of non-convertible debentures for an amount up to Rs 2,200 crore in two or more tranches on private placement basis to associate company, Raymond Consumer Care for repayment of external debt.

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.