In a startling revelation, Raymond Lifestyle has experienced a staggering plunge in consolidated net profit—an eye-watering 69.72% drop, landing at a mere ₹42.18 crore for the second quarter ending September 2024. This sharp decline is attributed to a concoction of tepid demand and relentless inflationary pressures that have gripped the market, compelling the company to navigate choppy waters.
Just a year prior, the company had basked in the glow of a more robust net profit, posting ₹139.33 crore for the same quarter. This latest data, unveiled in a late-night regulatory filing, paints a stark picture of challenges ahead for the Raymond Group firm, renowned in its sector.
Revenue from operations didn’t fare much better, contracting by 5.27%, a slip to ₹1,708.26 crore compared to ₹1,803.38 crore during the corresponding period last year. A slight glimmer of relief emerges in the form of total expenses, which saw a marginal decrease of 1.38%, now pegged at ₹1,622.95 crore for Q2 FY’25.
As the Singhania family-led firm grapples with these turbulent financial tides, the road ahead remains fraught with uncertainty, highlighting the precarious balance that companies must maintain in today’s volatile economic climate.
