Raymond Ltd.'s profit falls 90% to Rs 7.1 crore in the third quarter of this financial year. However, profit from continuing operations nearly doubles to Rs 7.1 crore, according to its stock exchange notification on Tuesday.
Revenue advanced by 19.5% year-on-year for the three months ended December, reaching Rs 557 crore. Operating income, or earnings before interest, taxes, depreciation, and amortization rose 32% year-on-year to Rs 59.9 crore. The Ebitda margin expanded to 10.8%.
According to the company, the performance this quarter continues to be anchored by the Aerospace & Defense and Precision Technology and Auto Components divisions.
Raymond Q3 Highlights (Consolidated, YoY)
- Net Profit down 90.2% at Rs 7.1 crore versus Rs 72.3 crore
- Revenue up 19.5% at Rs 557 crore versus Rs 466 crore
- Ebitda up 32% at Rs 59.9 crore versus Rs 45.4 crore
- Ebitda margin at 10.8% versus 9.7%
The Aerospace and Defence business segment generated Rs 105 crore in revenue with a 48.9% increase over Rs 70 crore posted in the same quarter last year. Ebitda also rose 39.4% to Rs 19 crore, while Ebitda margin compressed to 18.6% on account of accelerated rollout of new product line.
The growth was anchored by two factors like increased production requirements from an aerospace OEN and Tier-1 and product portfolio expansion.
The Precision Technology and auto component segment posted a 14.9% rise in revenue to Rs 363 crore in the third quarter. While Ebitda rose 50.6% to Rs 57 crore, margin expanded to 13.7% in the quarter under review.
In addition, the company said that it continues to remain net-debt free with net cash surplus of Rs 214 crore.
Raymond Share Price Today
The scrip rose as much as 13.90% to Rs 420 apiece on Friday, highest level since Jan. 8. It pared gains to trade 8.75% higher at Rs 401 apiece, as of 1:30 p.m. This compares to a 0.26% advance in the NSE Nifty 50 Index.
It has fallen 73.72% in the last 12 months and fallen 9.26% year-to-date. Total traded volume so far in the day stood at 6.74 times its 30-day average. The relative strength index was at 17.30.
All three analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target stands at Rs 1,519 indicating an upside of 62.4%.
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