Consolidated EBITDA margin of 13.4% higher than pre-covid levels of 12.4% in Q2FY20. A continued focused approach on optimizing operating expenses resulted in controlling costs during the quarter, the company said.
The increase in open from Rs304cr in Q2FY21 to Rs424cr in Q2FY22 is primarily due to the doubling of revenues. Focused control on opex cost as well as working capital management led to free cash flow generation in Q2FY22 resulting in net debt reduction by Rs53cr from Rs1,617cr as on June 30, 2021 to Rs1,564cr as on September 30, 2021. Liquidity maintained at ~Rs650cr (cash & cash equivalents) as on September 30, 2021.
“All our businesses have performed well in the second quarter. The consumer facing businesses are witnessing strong resurgence of demand and we witnessed an uptick on a week on week basis during the quarter. With the onset of festive and wedding season, the consumer sentiment is upbeat primarily due to large scale vaccination drive across the country.
With the opening up of global economy, there is an impetus on our Garmenting export business that continues to perform well with a healthy order book. Engineering businesses comprising of Tools & Hardware and Auto Components have achieved the significant milestone in terms of highest sales ever in a quarter with strong growth in exports market and well supported by sustained growth in domestic market,” Gautam Hari Singhania, Chairman & Managing Director, Raymond Limited, said.
“Our Real Estate business is on fast track with rapid construction and new bookings momentum with upcoming offerings both in residential and commercial space. With festive and wedding season buoyancy in H2 of this financial year, we are optimistic that the industry is on track for a strong revival,” Singhania added.
At arounbd 10.44 am, Raymond Ltd was trading at Rs461.10 per piece up by Rs3 or 0.65% from its previous closing of Rs458.10 per piece on the BSE.