Raymond Q2 Results: Net profit jumps 130% YoY to Rs 32 crore, revenue rises 24%

Revenue from operations rose 24.1% YoY to Rs 655 crore in Q2, compared with Rs 527.7 crore in the corresponding quarter last year.

The company’s operating performance also improved during the quarter, with earnings before interest, taxes, depreciation and amortization (EBITDA) rising 74.4% YoY to Rs 75 crore from Rs 43 crore a year earlier.

EBITDA margin expanded to 11.5% in the September quarter from 8.14% in the year-ago period, reflecting an improvement of around 336 basis points.

Raymond name change

Earlier, on October 24, Raymond said its board had approved a proposal to change the company’s name from Raymond Limited to Raymond Aerospace, Defence & Engineering Limited.

The proposed name change is subject to shareholder approval through a special resolution, approval from the Central Government and the Registrar of Companies or Central Processing Centre, as applicable, as well as clearances from the BSE and the National Stock Exchange of India under the relevant Securities and Exchange Board of India (SEBI) regulations.

The board has also approved consequential amendments to the company’s Memorandum of Association (MOA) and Articles of Association (AOA), subject to the requisite statutory and regulatory approvals.

Raymond share price

Raymond shares settled 2.45% higher at Rs 1,081.20 apiece on the NSE on Tuesday, compared with the previous close of Rs 1,055.30.

The stock has rallied 155.8% so far this year, more than doubling investors’ money during the period, according to NSE data.

At the closing price, Raymond’s market capitalisation stood at approximately Rs 7,198 crore.

Disclosure: This article has been written by Kumar Gaurav, who is not a Sebi-registered Research Analyst or an Investment Adviser. Gaurav and their ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective Sebi-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here