Raymond Ltd reported a 4.42 percent drop in its December quarter net profit to ₹96.60 crore on Wednesday, owing mostly to a one-time tax blow.
Raymond stated in a regulatory filing that the business had a net profit of ₹101.07 crore during the previous fiscal’s October-December quarter.
Its revenue from operations increased 17.61 percent to ₹2,168.16 crore in the current quarter, up from ₹1,843.39 crore the previous year.
According to Raymond, it has recorded the “highest-ever revenues in a quarter”.
Total costs were ₹1,977.28 crore, up 17.34% from ₹1,685.03 crore the previous year.
Raymond chose a lower corporate tax rate, resulting in a one-time net effect of ₹73.5 crore in the profit and loss account, according to the company’s earnings statement.
In the third quarter of FY23, its EBITDA (pre-tax profit) was ₹351 crore.
The company’s Chairman and Managing Director Gautam Hari Singhania said, “Raymond continues to leverage the buoyancy in domestic markets as the festivities added to the fervour of good consumer demand leading to delivering highest-ever revenues in a quarter.”
This was Raymond’s fifth consecutive quarter of good profitability and overall generated free cash flows to further deleverage the balance sheet to below ₹1,000 crore of net debt levels, he noted.
“The Net Debt has reduced to ₹932 crore as on December 31, 2022 as compared to ₹1,286 crore as on September 30, 2022, through free-cash-flow generation driven by strong profitability and working capital optimisation,” the filing said.
Raymond Ltd shares closed at ₹1,376.70 on the BSE on Wednesday, down 10.11 percent from the previous close.
