Back in Profit: This clothing company turns profitable and announces dividend of 30 per cent! Do you hold it?

The board of directors has recommended payment of dividend of 30 per cent on the Equity share capital i.e., Rs 3 per share of the face value of Rs 10 each

Good quality midcap and Smallcap companies witnessed strong buying interest on D-street amid corporate earnings season on Tuesday. Meanwhile, one company that has turned around its fortune is Raymond, which has reported good Q4 numbers.   

In its latest quarterly result, the midcap apparels company Raymond Ltd posted stellar Q4 earnings as it reported net profits of Rs 153.59 crore as compared to the one-time loss of Rs 432 crore in the same period last year. The net sales grew 4.69 per cent YoY to Rs 156.26 crore from Rs 149 crore in March 2022. The revenue was primarily driven by the growth in Apparels and Textile, while Real estate and development in property saw negative growth. The company witnessed robust demand in retail clothing post the pandemic and this is expected to continue in upcoming quarters as well.   

Interestingly, the board of directors has recommended payment of dividend of 30 per cent on the Equity share capital i.e., Rs 3 per share of the face value of Rs 10 each for the financial year ended March 31, 2023, subject to the approval of shareholders.   

RAYMOND shares have rallied in recent times, having soared over 45 per cent in the past 2 months. On Tuesday, the RAYMOND shares have closed 0.90 per cent higher at 1599.40 level on NSE.  

Raymond Limited is a Rs 10,000 crore market cap company, engaged in the business of Indian lifestyle, textile and branded apparel company. It also works in wool and wool blended fabric, and shirting fabric segments.