Raymond Ltd

Raymond Ltd

₹ 2,012 5.33%
19 Apr - close price
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 post demerger[1]
The company will be a Real Estate company along with investments in:
▪ Engineering
▪ Denim (JV Co)
They will retain their flagship brand Raymond.

  • Market Cap 13,394 Cr.
  • Current Price 2,012
  • High / Low 2,240 / 1,487
  • Stock P/E 7.80
  • Book Value 630
  • Dividend Yield 0.15 %
  • ROCE 21.4 %
  • ROE 22.9 %
  • Face Value 10.0

Pros

  • Company has delivered good profit growth of 37.4% CAGR over last 5 years
  • Debtor days have improved from 62.0 to 33.1 days.
  • Company's working capital requirements have reduced from 71.5 days to 55.3 days

Cons

  • Stock is trading at 3.19 times its book value
  • The company has delivered a poor sales growth of 6.82% over past five years.
  • Company has a low return on equity of 9.61% over last 3 years.
  • Earnings include an other income of Rs.1,115 Cr.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Textiles Industry: Textiles - Products

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
1,243 1,366 826 1,551 1,843 1,958 1,728 2,168 2,168 2,150 1,771 2,253 2,386
1,130 1,211 862 1,372 1,568 1,674 1,520 1,833 1,854 1,813 1,575 1,939 2,028
Operating Profit 114 155 -36 180 275 284 208 335 314 337 197 315 358
OPM % 9% 11% -4% 12% 15% 15% 12% 15% 14% 16% 11% 14% 15%
54 54 -7 24 26 -35 28 19 27 -38 1,036 52 64
Interest 68 61 55 58 57 57 59 63 70 64 79 89 104
Depreciation 76 71 61 60 60 59 58 58 58 62 60 65 70
Profit before tax 23 78 -159 86 184 133 118 233 213 173 1,093 212 248
Tax % 5% 25% 1% 34% 45% -100% 31% 30% 55% -13% 2% 24% 25%
22 58 -157 56 101 265 82 162 97 196 1,067 161 185
EPS in Rs 3.26 8.48 -23.51 8.00 15.06 39.55 12.15 23.86 14.25 29.19 160.01 24.00 27.56
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
3,642 4,069 4,548 5,333 5,177 5,353 5,906 6,582 6,482 3,446 6,179 8,215 8,561
3,189 3,696 4,118 4,905 4,790 5,048 5,481 6,013 5,966 3,507 5,474 7,015 7,355
Operating Profit 454 373 430 427 387 305 426 569 516 -60 705 1,199 1,206
OPM % 12% 9% 9% 8% 7% 6% 7% 9% 8% -2% 11% 15% 14%
82 43 87 95 93 82 137 120 285 186 6 31 1,115
Interest 165 191 197 200 190 178 184 233 303 276 228 257 337
Depreciation 166 189 196 162 159 157 170 196 340 314 240 235 257
Profit before tax 204 37 125 160 132 52 208 260 159 -465 243 737 1,727
Tax % 30% 68% 24% 27% 35% 42% 32% 33% -27% 35% -9% 27%
157 27 110 120 86 30 142 175 202 -304 265 537 1,610
EPS in Rs 25.38 4.68 17.53 18.38 13.82 4.16 21.93 27.37 30.30 -44.62 39.11 79.45 240.76
Dividend Payout % 10% 21% 11% 16% 22% 30% 14% 11% 0% 0% 8% 4%
Compounded Sales Growth
10 Years: 7%
5 Years: 7%
3 Years: 8%
TTM: 7%
Compounded Profit Growth
10 Years: 36%
5 Years: 37%
3 Years: 53%
TTM: 140%
Stock Price CAGR
10 Years: 20%
5 Years: 22%
3 Years: 85%
1 Year: 35%
Return on Equity
10 Years: 8%
5 Years: 9%
3 Years: 10%
Last Year: 23%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 61 61 61 61 61 61 61 61 65 67 67 67 67
Reserves 1,301 1,318 1,405 1,480 1,611 1,612 1,751 1,892 2,311 2,031 2,293 2,832 4,127
1,747 1,753 1,901 1,881 2,063 2,140 2,353 2,468 2,556 2,413 2,353 2,529 3,436
875 1,032 1,056 1,227 1,170 1,425 1,925 2,219 2,790 2,220 2,654 2,758 2,879
Total Liabilities 3,984 4,164 4,422 4,650 4,905 5,238 6,090 6,640 7,722 6,730 7,366 8,186 10,510
1,348 1,307 1,256 1,274 1,174 1,169 1,741 1,935 2,441 2,044 1,878 1,934 2,064
CWIP 126 174 174 196 240 412 271 114 40 21 25 36 52
Investments 508 524 515 427 609 640 636 540 598 500 1,100 1,639 2,990
2,001 2,159 2,477 2,753 2,881 3,016 3,443 4,051 4,644 4,164 4,363 4,577 5,404
Total Assets 3,984 4,164 4,422 4,650 4,905 5,238 6,090 6,640 7,722 6,730 7,366 8,186 10,510

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
232 326 192 380 317 348 395 251 390 704 677 804
-196 -163 -56 -140 -211 -223 -415 -127 -148 64 -425 -476
-32 -161 -119 -250 -118 -122 30 -149 -130 -668 -323 -319
Net Cash Flow 4 2 17 -10 -12 3 9 -25 113 100 -71 10

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 64 66 68 63 74 72 67 70 65 101 52 33
Inventory Days 251 219 222 181 195 200 235 247 287 363 328 304
Days Payable 114 121 120 110 98 120 164 176 183 258 279 206
Cash Conversion Cycle 200 164 170 134 171 151 138 141 169 206 100 131
Working Capital Days 72 51 81 65 70 57 42 67 78 98 61 55
ROCE % 12% 7% 9% 10% 10% 6% 9% 11% 9% -4% 13% 21%

Shareholding Pattern

Numbers in percentages

Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
49.12% 49.12% 49.04% 49.16% 49.16% 49.15% 49.15% 49.15% 49.11% 49.11% 49.11% 49.11%
8.63% 7.25% 9.58% 10.21% 14.18% 14.97% 16.28% 16.72% 17.76% 17.71% 14.39% 14.50%
4.18% 4.15% 4.66% 4.69% 4.90% 5.12% 4.97% 5.10% 5.50% 6.00% 7.88% 8.78%
38.07% 39.48% 36.72% 35.94% 31.76% 30.77% 29.58% 29.03% 27.62% 27.14% 28.59% 27.59%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.03% 0.03% 0.03%
No. of Shareholders 1,69,7691,74,2461,64,2641,59,5621,57,1331,50,9221,52,1401,52,6021,45,4541,58,4031,84,4401,74,919

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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