Raymond Ltd

About

Raymond Limited incorporated in 1925 is a diversified group with interests in Textile & Apparel sectors as well as presence across diverse segments such as Real Estate, FMCG, Engineering in national and international markets 55+ Countries including the USA, Europe, Japan & Middle East. The Company has a retail network of 1,638 stores, including 1,589 stores in about 600 towns and cities in India and 49 overseas stores in nine countries. It is one of the largest vertically and horizontally integrated manufacturers of worsted suiting fabric in the world. [1] [2]

Key Points

Business Segments
The company operates in two major segments: lifestyle and engineering. Lifestyle includes suiting, garments, apparel, denim, and shirting. Engineering includes tools and hardware and automotive components. India contributes 84% of the Revenue while the Rest of the world contributes 16%. [1]

See full details
  • Market Cap 2,932 Cr.
  • Current Price 440
  • High / Low 474 / 255
  • Stock P/E
  • Book Value 251
  • Dividend Yield 0.00 %
  • ROCE 0.11 %
  • ROE -6.30 %
  • Face Value 10.0

Pros

  • Company is expected to give good quarter

Cons

  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of -8.89% over past five years.
  • Company has a low return on equity of 1.06% for last 3 years.
  • Earnings include an other income of Rs.229.99 Cr.
  • Debtor days have increased from 86.31 to 122.04 days.

Peer comparison

Sector: Textiles Industry: Textiles - Products

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
909 880 879 685 922 933 646 24 254 682 793 419
828 799 806 675 838 820 599 160 312 622 658 446
Operating Profit 81 82 73 11 84 113 47 -136 -58 60 135 -27
OPM % 9% 9% 8% 2% 9% 12% 7% -567% -23% 9% 17% -6%
Other Income 39 38 18 43 37 29 56 44 37 31 27 135
Interest 45 55 34 50 52 49 43 44 46 42 38 36
Depreciation 26 27 29 37 40 42 38 38 38 36 33 29
Profit before tax 48 38 28 -33 29 51 22 -175 -105 12 90 44
Tax % 31% 29% 1% 32% -116% 35% 8% 32% 36% 36% 34% -3%
Net Profit 33 27 27 -22 63 33 21 -119 -67 8 59 45
EPS in Rs 5.44 4.33 4.42 -3.62 10.24 5.11 3.18 -17.85 -10.06 1.19 8.91 6.78

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
1,325 1,489 1,872 2,032 2,186 2,645 2,792 2,822 3,012 3,276 3,186 1,752 2,147
1,255 1,268 1,648 1,860 2,047 2,418 2,564 2,662 2,801 3,039 2,930 1,743 2,038
Operating Profit 70 221 224 172 139 227 228 160 210 238 257 9 109
OPM % 5% 15% 12% 8% 6% 9% 8% 6% 7% 7% 8% 1% 5%
Other Income 157 -169 98 59 217 124 131 122 174 140 163 129 230
Interest 98 102 135 156 153 148 155 144 147 175 194 170 162
Depreciation 111 104 110 116 114 93 92 90 96 109 155 145 135
Profit before tax 18 -154 77 -41 88 110 112 47 141 94 70 -176 42
Tax % -41% 35% 27% -18% 0% 9% 34% 28% 31% 22% -35% 33%
Net Profit 25 -100 56 -48 88 100 74 34 98 74 94 -118 45
EPS in Rs 4.08 -16.32 9.18 -7.79 14.36 16.29 12.02 5.51 15.98 12.03 14.57 -17.80 6.82
Dividend Payout % 0% -6% 27% -13% 14% 18% 25% 23% 19% 25% 0% 0%
Compounded Sales Growth
10 Years:2%
5 Years:-9%
3 Years:-17%
TTM:-15%
Compounded Profit Growth
10 Years:%
5 Years:%
3 Years:%
TTM:-37%
Stock Price CAGR
10 Years:3%
5 Years:-5%
3 Years:-15%
1 Year:67%
Return on Equity
10 Years:3%
5 Years:2%
3 Years:1%
Last Year:-6%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
61 61 61 61 61 61 61 61 61 61 65 67
Reserves 1,112 1,004 1,043 970 1,039 1,106 1,158 1,163 1,256 1,307 1,718 1,602
Borrowings 1,253 1,257 1,296 1,347 1,415 1,346 1,587 1,605 1,637 1,735 1,497 1,319
378 487 551 643 526 670 682 777 1,040 1,153 1,398 1,435
Total Liabilities 2,804 2,810 2,951 3,021 3,041 3,183 3,489 3,606 3,994 4,257 4,678 4,423
940 858 867 834 674 611 600 574 1,112 1,071 1,221 1,089
CWIP 42 77 117 145 158 167 197 285 10 47 30 13
Investments 892 740 777 745 770 709 761 836 804 705 648 553
930 1,134 1,190 1,297 1,440 1,696 1,931 1,910 2,068 2,434 2,779 2,767
Total Assets 2,804 2,810 2,951 3,021 3,041 3,183 3,489 3,606 3,994 4,257 4,678 4,423

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
75 -29 170 140 13 150 181 229 253 93 315 397
24 115 -80 -30 45 78 -98 -65 -118 -1 -52 19
-119 -99 -93 -104 -55 -234 -88 -166 -116 -112 -153 -364
Net Cash Flow -20 -12 -2 5 3 -6 -5 -2 20 -20 111 53

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 82 79 77 75 80 79 95 92 75 75 62 122
Inventory Days 242 376 268 253 253 185 203 206 277 273 370 444
Days Payable 165 180 119 136 108 105 100 118 160 159 193 284
Cash Conversion Cycle 159 275 225 192 225 158 198 180 192 190 239 282
Working Capital Days 150 100 105 83 115 101 109 95 84 104 114 169
ROCE % 4% 8% 9% 5% 7% 10% 10% 6% 8% 10% 7% 0%

Shareholding Pattern

Numbers in percentages

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
43.92 44.08 44.28 43.99 43.99 46.78 46.78 48.27 48.27 48.27 48.84 49.12
8.64 10.09 10.70 11.56 13.61 10.98 10.85 7.74 6.37 6.39 6.43 8.63
17.13 15.65 12.96 12.76 10.71 10.90 10.54 7.64 4.38 4.37 4.29 4.18
30.31 30.18 32.07 31.69 31.69 31.34 31.83 36.35 40.99 40.98 40.44 38.07

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