Gautam Singhania Re-appointed As Managing Director Of Raymond Amid Corporate Dynamics; Shares Fall Over 3% After Q4FY24 Earnings

Gautam Singhania Re-appointed As Managing Director Of Raymond Amid Corporate Dynamics; Shares Fall Over 3% After Q4FY24 Earnings

The re-appointment of Gautam Singhania comes at the expiration of his current term and will extend for a five year period, liable to retire by rotation.

Oliviya KunjumonUpdated: Friday, May 03, 2024, 05:00 PM IST
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Gautam Hari Singhania | File photo

Raymond Limited on Friday through an exchange filing announced that the Board of Directors of the company, based on the recommendations of the Nomination and Remuneration Committee, at the meeting held on May 3, 2024 have approved the re-appointment of Gautam Hari Singhania as the Managing Director of the company for a term of 5 years effective from July 1, 2024.

"The re-appointment of Gautam Hari Singhania as Managing Director is subject to approval of the Members of the Company and is in compliance with the requirements of Stock Exchange circulars NSE/CML/2018/24 and BSE/LIST/COMP/14/2018-19 both dated June 20, 2018," the company said through the regulatory filing.

The re-appointment of Gautam Singhania comes at the expiration of his current term and will extend for a five year period, liable to retire by rotation.

In the regulatory filing, it is added that Nawaz Singhania, spouse of Gautam Singhania, serves as a Non-Executive Director of the Company. However, Gautham Singhania is not related to any other Director or Key Managerial Personnel of the Company.

This comes in the midst of the ongoing battle between the Raymond group chairman and his estrange wife, following the announcement of their divorce as well as the recent removal of Nawaz Modi from the boards of three privately held Raymond group companies, JK Investors (Bombay), Raymond Consumer Care (RCCL) and Smart Advisory & Finserve where she served as Chairman of the Corporate Social Responsibility Committee and as a member of the Nomination and Remuneration Committee of Raymond.

Raymond Limited Earnings

Earnings Q4FY24/Representative Image

Earnings Q4FY24/Representative Image |

The company also announced their quarterly earnings of Q4FY24 today, through the exchange filings.

The company reported the highest ever annual revenues at Rs 9,286 crore. It reported an annual EBITDA of Rs 1,575 crore and EBITDA margins at 17.0 per cent with growth of 19 per cent compared to previous year.

It recorded a PAT of RS 655 Cr, excluding profit on sale of FMCG business, up by 24 per cent compared to the previous year.

Q4FY24 revenues grew by 23 per cent over previous year to highest ever at Rs 2,688 crore and quarterly EBITDA at Rs 516 crore with EBITDA margin of 19.2 per cent in Q4FY24.

The Board of Directors has recommended highest ever dividend of 100 per cent and reported highest ever EPS of Rs 98, excluding profit on sale of FMCG business.

Raymond Limited shares

The shares of the company on Friday at 3:30 pm IST closed at Rs 2,214.40, down by 3.49 per cent.

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