Raymond: Realisations move north
(Aug 7, 2010)
Raymond declared its 1QFY11 results. The company has reported 3% YoY growth in net sales while it has declared losses at the net level. Here is our analysis of the results.

Raymond: Forex gains redeem losses
(May 18, 2010)
Raymond declared its FY10 results. The company has reported 3% YoY drop in net sales while it has declared profits at the net level as against losses last year. Here is our analysis of the results.

Raymond: Worsted fabrics make a comeback
(Jan 25, 2010)
Standalone sales fall by 2% YoY during 9mFY10, up 5% YoY in 3QFY10. Standalone EBIDTA margins more than double to 10.4% in 9mFY10 due to lower input costs. While denim business enjoys higher margins, branded apparel business suffers from lower volume growth. Bottomline improves due to relatively lower interest costs and losses on foreign currency borrowing. Extraordinary expenses include the VRS writeoffs; which also took a toll this quarter.

Raymond: Disappointing episode continues
(Oct 23, 2009)
Standalone sales fall by 5% YoY during 1HFY10, down 8% YoY in 2QFY10. Standalone EBIDTA margins improve marginally to 8.9% in 1HFY10 due to lower input costs. Branded apparel business witness sales and margin growth of 3% YoY and 11% YoY respectively. Bottomline hammered by higher depreciation and interest costs, despite relatively lower losses on foreign currency borrowing. Extraordinary expenses include the VRS writeoffs; which also took a toll this quarter.

Raymond: Performance in tatters
(Aug 3, 2009)
Standalone sales remain stagnant while standalone EBIDTA margin drops further by 1.7%. Consolidated sales drop by 8.5% YoY; EBIDTA margin improves from 2.9% to 5.3% due to discontinuance of loss making operations. Higher interest costs and lower other income drain bottomline. Lower realisation in the worsted fabric business due to adverse product mix. Promoters decline option to convert warrants into equity shares.

Raymond: Somber end to painful year
(Apr 25, 2009)
Consolidated sales grows by a marginal 4% YoY during FY09, down 18% YoY in 4QFY09. Consolidated EBIDTA margin improved from 7% in FY08 to 9% in FY09. Higher interest costs and loss on foreign currency borrowing drain bottomline. Higher realisations in the worsted fabric business aid margins. Extraordinary items include provisions on diminution in exposure to JVs and value of investment in subsidiaries. The company has not declared any dividend for FY09.

Raymond: Brand strength boost margins
(Feb 3, 2009)
Consolidated sales falls by 1% YoY during 3QFY09, standalone sales up 7% YoY. Standalone EBIDTA margin (adjusted for forex losses, mark-to-market (MTM) losses on investments) improved from 7% in 3QFY08 to 13% in 3QFY09. Loss on foreign currency borrowing of Rs 330 m, loss on MTM investments of Rs 7 m in 3QFY09. 55,000 square feet of retail space (24 new stores) added during 3QFY09. Higher realisations in the worsted fabric business aid margins. To shut down denim facility in US and Europe during the current quarter (4QFY09), investment diminution of Rs 4.2 m provided for in 3QFY09.

Raymond: Forex losses dent margins
(Nov 3, 2008)
Consolidated topline grows by 27% YoY; standalone sales up 26% YoY in 2QFY09. Standalone EBIDTA margin (adjusted for forex losses, mark-to-market losses on investments) improved from 11% in 2QFY08 to 13% in 2QFY09. Loss on foreign currency borrowing of Rs 120 m, loss on MTM investments of Rs 5 m. 46,000 square feet of retail space (21 new stores) added during 2QFY09. Better capacity utilisation and higher realisations in the domestic business aid margins.

Raymond: Domestic business gathers steam
(Aug 4, 2008)
Consolidated topline grows by 13% YoY in 1QFY09, standalone sales up 13% YoY. Proportion of branded apparel in sales increases from 53% in 1QFY08 to 59% in 1QFY09; garments’ share reduce from 12% to 10%. Standalone EBIDTA margin (adjusted for forex losses, mark-to-market losses on derivatives and investment in retail and new initiatives) improved from 12% in 1QFY08 to 13% in 1QFY09. Higher wool and retailing costs take a toll on margins. Better capacity utilisation and higher realisations in the domestic business aid margins.

Raymond: Still off the track
(Apr 30, 2008)
Consolidated topline grows by 17% YoY in FY08; on a standalone basis growth is 3% YoY. Proportion of branded apparel and textile retail sales have increased from 30% in FY07 to 33% in FY08. Consolidated EBIDTA and net profit margins fall from 13.3% and 6.9% in FY07 to 7.1% and 0.9% respectively in FY08. Higher wool and cotton prices take a toll on margins. The company’s increasing reliance on exports has impacted this quarter’s performance due to the appreciation of the rupee against the US dollar.