Raymond Ltd's board on May 3 re-appointed Gautam Singhania as Managing Director of the company effective July 1, 2024.
"The re-appointment of Gautam Hari Singhania as Managing Director is subject to approval of the Members of the Company," said the company in a stock exchange filing.
"Gautam Hari Singhania is a commerce graduate from the University of Mumbai. Singhania took over the reins of Raymond Limited as Chairman & Managing Director in September 2000. He has been responsible for the strategic decision of restructuring the Raymond Group, initiating the divestment of its noncore businesses of Steel, Cement and Synthetics. The group has made enormous progress under the stewardship of Singhania and his vision is to take the Raymond Brand from being amongst the most respected Indian brands to being amongst the best in the global markets.
"With a drive for creating new Brands, Singhania has taken active interest in the launch of new products. Under the leadership of Singhania, the Group has made a remarkable foray into Real Estate business," said Raymond in a stock exchange filing.
Currently, Singhania is in the middle of a bitter settlement dispute with his estranged wife Nawaz Modi Singhania after announcing their divorce in November 2023.
On May 3, Raymond said Nawaz is Non-Executive Director of the company.
The company's consolidated net profit rose 18 percent in the March quarter at Rs 229 crore as against Rs 194 crore in the year-ago period, buoyed by strong demand for its real-estate segment.
The firm's consolidated revenue from operations rose 21 percent to Rs 2,609 crore as compared to Rs 2,150 crore in Q4FY23.
The company said its board recommended dividend of Rs 10 per equity share of Rs 10 face value for FY24.
The dividend, if approved by the shareholders, will be paid on or after June 26, 2024.
Commenting on the performance, Gautam Singhania, Chairman & Managing Director, Raymond Limited said; “I am satisfied with the performance across businesses, and they have demonstrated consistent growth throughout the year. Our Lifestyle business showed strong perseverance and recorded growth despite headwinds and muted consumer demand. For our Real Estate business, we have maintained strong booking momentum particularly with the launch of our first JDA project in Bandra, Mumbai.
"We remain committed to delivering value to stakeholders and are confident in our ability to capitalise on growth opportunities, ensuring sustained success in the future. We have our three verticals vis Lifestyle, Real Estate & Engineering business that are future growth engines, which is in line with India’s vision of Viksit Bharat.”
At 1400 hours on May 3, Raymond's shares were trading 3.3 percent lower at Rs 2,223.85.
Its real estate segment saw strong booking momentum during the quarter, particularly post the launch of its first joint development project in Bandra, Mumbai.
The segment accounts for 25 percent of the revenue mix and its revenue more than doubled during the quarter.
Its textile segment, biggest in terms of revenue contribution, saw a moderated 2 percent growth in revenue amid muted customer demand and challenging market conditions.
The conglomerate's earnings before interest, taxes, depreciation and amortization (EBITDA) margin expanded to 19.2 percent from 17.3 percent an year ago.
During the quarter, Raymond completed the acquisition of Maini Precision Product to foray into aerospace, defense and electrical vehicle components business.
Post consolidation, Raymond aims to set up two units, one of which will focus on aerospace and defense, while the other will cater to the auto components with EV and engineering consumables sector.
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