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Raymonds: Other income rescues

May 6, 2004

Textile major, Raymonds, have declared good results for the year ended FY04. The topline of the company grew by around 10% YoY and assisted by higher other income, the bottomline of the company grew at a faster rate (44%). However, the operating margins of the company were on the lower side (down by 290 basis points).

(Rs m) 4QFY03 4QFY04 Change FY03 FY04 Change
Net sales 2578.90 2949.2 14.4% 9,333 10,239 9.7%
Other income 217 437 101.8% 405 1,025 153.4%
Expenditure 2,309 2,736 18.5% 7,932 9,004 13.5%
Operating profit (EBDITA) 270 213 -21.2% 1,401 1,235 -11.8%
Operating profit margin (%) 9.2% 8.3%   15.0% 12.1%  
Interest (97) (80) -17.2% (76) (190) 151.3%
Depreciation 155 173 11.6% 581 634 9.1%
Profit before tax 429 558 30.0% 1,300 1,817 39.7%
Extraordinary items 20 35 77.4% 20 35 77.4%
Tax 124 198 59.5% 417 548 31.3%
Profit after tax/(loss) 324 394 21.5% 903 1,304 44.4%
Net profit margin (%) 11.0% 15.3%   9.7% 12.7%  
No. of shares (m) 61.4 61.4   61.4 61.4  
Diluted earnings per share (Rs)* 21.1 25.7   14.7 21.2  
P/E ratio (x)         9.4  
(* annualised)            

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