Gautam Singhania Returns as MD of Raymond: Q4 Profit Soars 18% to ₹229 Crore

Garments and apparel company Remand announced its Q4FY24 results today, which corresponds to the fourth quarter of the financial year 2024. In the January-March quarter, the company’s consolidated net profit increased by 18% to ₹229.2 crore.

In the same quarter last year (Q4FY23), the company had a net profit of ₹194 crore. During that time, in the March quarter, the company’s revenue increased by 21% to ₹2,609 crore, compared to ₹2,150 crore in the same period a year ago.

Gautam Singhania Appointed as Managing Director Again

The company has announced alongside its results that the board has approved the reappointment of Gautam Singhania as Managing Director for the next five years. Singhania’s new term will commence from July 1, 2024.

The company stated, “Under Gautam Singhania’s leadership, the group has made significant progress. His aim is to make the Remand brand one of the most esteemed Indian brands globally and to achieve global recognition for it.”

Approval to Establish a Separate Unit for Engineering Business

The board of Remand, across its various businesses, has granted approval to establish the engineering business as a separate entity. Alongside this, Remand has announced in its stock exchange filing that the company will also create a separate entity for its aerospace and defense businesses. This diversification approval has recently enabled Money Precision Products Limited (MMPL) to enter into various sectors.

Announcement of Dividend of ₹10 per Share

Alongside the results, Remand’s Board of Directors has approved to give a dividend of ₹10 per share to its shareholders. Dividends are a portion of profits that companies distribute to their shareholders, and this dividend approval signifies the allocation of a portion of the company’s profits to its shareholders.

Remand’s Shares Surge by 40.50% in One Year

Following the results, Green Remand’s share dropped by 3.49% today to close at ₹2,214. Alongside this, the company’s market cap has also increased to ₹14.84 trillion.

In the last month alone, the company’s shares have seen a surge of 15.27%, while in the past three months, there has been an increase of 17.31% in its shares. Over the past year, Remand has provided shareholders with a remarkable increase of 40.50%.