Raymond’s stock rose 12% to a 52-week high in high volumes

Raymond’s shares hit a 52-week high at Rs 840.95, after rising 12 percent on the Bahrain Stock Exchange in Wednesday’s trading on the back of heavy trading volumes.

The textile company’s stock has surpassed its previous high of Rs 818.25 touched on January 27, 2022. Some of the leading brands within its portfolio are – Raymond Ready-to-Wear, Park Avenue, Color Plus, Parks, Raymond Made to Measure” and Ethnix by Raymond, among others.

In the past three months, the stock outperformed the market with a 39 per cent rise after the company reported strong earnings with a consolidated net profit of Rs 100 crore for the December quarter (Q3 FY22). It reported a profit of Rs 22 crore in the last quarter (Q3FY21). In comparison, the S&P BSE Sensex is up 4 percent over the same period.

The company’s net revenue for the quarter increased by 45% YoY to Rs.1,871 crore from Rs.1,286 crore in Q3 FY22. EBITDA improved 400 basis points at 16.2 in percent from 12.2 percent in the previous year’s quarter.

In domestic markets, improved consumer sentiment, strong holiday and wedding season demand across our B2C businesses, and strong export order momentum that was maintained in the Apparel and Engineering businesses helped drive revenue growth during the quarter. While continued focus on cost optimization lowered total operating cost in Q3 FY22. Management said the company has generated free cash flow to reduce debt and is progressing towards becoming a debt-free company.

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