October 28, 2021 Q2 FY22 Result Update

RAYMOND LIMITED | Diversified

With gradual opening up of the economy, increased vaccination and upcoming festive demand &
Rating Buy
wedding season, Raymond witnessed a strong recovery in demand for its B2C business. Revenue
Current Market Price (₹) 454
almost doubled both sequentially and on YOY basis to reach ₹1,551 crores (c.87% qoq and
12 M Price Target (₹) 641
130% yoy growth). Despite rising cost inflation, the company was able to earn higher EBITDA
Potential upside (%) 41
margins at 11.7% i.e. 67 bps higher than pre-covid Q2FY20. Margin expansion was witnessed
across segments on the back of higher productivity and operating efficiencies. Traction from the
export markets was also higher with opening up of major economies such as Europe, ‘China Stock Data
+ 1’ adoption by some global brands driving customer acquisitions and depletion of existing FV (₹) : 10
inventory led to increasing demand from consumers. Raymond has placed itself strongly over Market Cap Full (₹ bn) : 30
the last few quarters with key initiatives such as cost & store rationalization along with some Market Cap Free Float (₹ bn) : 15
operational changes. For the full year FY22, Raymond expects cost saving to the tune of ₹300 52-Week High / Low (₹) : 268 / 487
crores which should improve margins and cash flows. We maintain our Buy on Raymond with a 2-Year High / Low (₹) : 210 / 829
target price of ₹641. 1 Year Avg. Dly Traded Volume (in lakh) : 11
Q2 witnessed a strong all round performance BSE Code / NSE Symbol : 500330 / RAYMOND
• Branded Textile business witnessed strong recovery in both primary as well as secondary sales Bloomberg : RW IN
led by gradual pickup from August onwards catering to upcoming festive & wedding season
and also improvement in consumer sentiments post gradual unlocking, leading to increased
Shareholding Pattern (%)
footfalls in retail outlets. The segment grew by almost 214% to ₹722 crs. on yoy basis i.e revenue
reached 83% of the Q2FY20 pre-covid period. Margins were higher than the pre-covid level by Sep-21 Jun-21 Mar-21 Dec-20

198 bps at 14.5% on back of operational efficiencies along with multiple price hikes in range Promoter 49.12 49.12 48.84 48.27
of 5-7% between summer and winter season to offset cost inflation. Margins are expected to FPIs 7.25 8.63 6.43 6.39
hover around current levels going forward with a much better second half. MFs 2.41 2.44 2.44 2.66

• Branded Apparels business was slow on the recovery path as around 30% of the stores Insurance 1.26 1.26 1.38 1.41

located in the malls had entry restricted to only double vaccinated consumers. However, with Others 39.96 38.55 40.91 41.27
the increased pace of vaccination and launch of new collections, the business is expected to Source: BSE

significantly improve both in terms of revenue and margins. In this quarter, the business grew
by almost 200% both sequentially and on YOY basis to generate around ₹221 crores in revenue
Price Performance (%)
with an EBIDTA margin at 3.4% due to lower discounting and continued operational efficiencies
(%) 1M 3M 6M 1YR
• Garmenting business generated revenue of ₹212 crs during the quarter higher by c.13% on
Raymond -0.8% -2.6% 38.5% 63.3%
yoy basis. The performance was on the back of strong sales recovery driven by bulk business
Nifty 50 0.6% 13.7% 20.1% 52.2%
from US & UK retail markets along with gradual opening up of Europe market. EBIDTA margins
* To date / current date : October 28, 2021
improved to 10.3% led by better product mix.

Key Financials 2018 2019 2020 2021 2022E 2023E 2024E

Raymond vs Nifty 50
Total sales (₹ Crs) 5,906 6,582 6,482 3,446 5,111 5,939 6,462
180 Raymond NIFTY 50
EBITDA margins (%) 7.2% 8.8% 8.0% -1.9% 11.6% 12.5% 12.9%
160
PAT margins (%) 2.4% 2.7% 3.1% -8.8% 2.7% 4.4% 5.4%
140
EPS (₹) 21.9 27.4 30.3 (44.6) 20.1 38.5 50.9 120
100
P/E (x) 40.9 29.7 7.4 - 22.6 11.8 8.9
80
P/BV (x) 3.0 2.5 0.6 1.1 1.4 1.2 1.1 60
EV/EBITDA (x) 18.2 12.7 6.9 - 4.5 4.9 4.9 40
20
ROE (%) 7.8% 8.9% 8.5% -14.5% 6.2% 10.7% 12.5%
0
ROCE (%) 9.7% 11.7% 8.1% -4.2% 9.0% 11.8% 13.5% Oct-19 Feb-20 Jun-20 Oct-20 Feb-21 Jun-21 Oct-21

Meet Jain | meet_jain@lkpsec.com

+91 22 6635 1220
LKP Research
 RAYMOND LIMITED | Q2 FY22 Result Update

• The HVCS business continued its strong momentum led by higher fabric sales in domestic markets
and yarn sales. Revenue grew by 348% yoy to reach ₹148 crores with margins at 17.5% higher than
the pre-covid quarter at 16.7% due to higher contribution from better margin yarn business.

• Engineering Business recorded their highest quarterly revenue in the company’s history. Both the
Tools & Hardware business and Auto Component business performed robustly over the last few
quarters with demand from both the domestic as well as the export markets. The segment also
expanded its margins despite increase in steel prices which was partly offset by improvement in
product and geography mix as well as operating efficiencies. T&H business recorded revenue of
₹138 crores growing by c.38% yoy earning an EBIDTA margin at 13.4% led by strong growth in
LATAM markets in files category and growth in domestic sales led by cutting tools category. Similarly,
the Auto component business recorded revenue of ₹81.4 crores growing by c.68% yoy earning an
EBIDTA margin at 19% led by strong growth in exports mainly in US region and in domestic markets
in ring gears category driven by significant increase in demand for automobiles.

• Real Estate has scaled up significantly since the launch both in terms of percentage completion
and bookings. In this quarter, the business garnered around 107 bookings taking the total count to
1,555 booking i.e. around 74% of the total units launched. The business attracted consumers owing
to their continued fast paced construction activity in all ten towers of the project and sustained
lower home loan interest rates. The management has recently announced to foray its real estate
projects outside the Thane region to cater to affordable project across the Mumbai Metropolitan
Region. The company is looking to develop projects via JV agreement or through re-development
with a lower cost. For this the company will be shifting the business into a new separate subsidiary
where it will transfer 40 acres of land parcel for this business.

Withdrawing the Demerger plan and Reorganizing the entire business

Raymond has recently withdrawn the demerger plans after waiting long for the NCLT approvals and
announced a restructuring plan for creating better shareholder value by improving the synergy within
all the businesses and deleveraging the Raymond Group. Following scheme has been announced:
1. Consolidation of Tools & Hardware and Auto Components in JK Files Ltd. being the Engineering
business.
2. Subsidiarisation of the Real Estate business.
3. Consolidation of B2C business by transfer of Apparel Business into Raymond Ltd.

Through this scheme Raymond is putting similar products in the same basket to improve its synergy
and to attract different pools of capital for its growth. Further, the company also has plans to
monetize the Engineering Business and the balance land bank with Raymond Ltd for the purpose of
deleveraging.

Outlook & Valuation

Raymond has come out stronger and more efficient than the pre-covid times with multiple initiatives
across the company. This quarter witnessed a strong growth across business verticals both in terms
of topline and margins. The company generated a positive free cash flow to the tune of ₹53 crs in this
quarter which was utilized to reduce the debt. We maintain our Buy recommendation on Raymond
with a target price of ₹641

LKP Research 2
 RAYMOND LIMITED | Q2 FY22 Result Update

SOTP Valuation (in Crs) EBIDTA EV Multiple EV

Branded Textiles 305.5 10 3,055.2

High Value Cotton Shirtings 63.4 4 253.7
Branded Apparels 18.5 6 110.9
Garmenting 37.6 5 187.8
Tools & Hardware 69.2 8 554.0
Auto Components 53.5 8 428.2
Real Estate and Development of property 510
Total 547.8 9.3 5,099.3
Eliminations -51.1 6.0 -306.7
Segment EV 4,792.6
Less Debt 2,074.2
Add: Cash and Investment 659.9
Add: FMCG Value 890.6
Equity Value 4,268.9
Shares outstanding (in crs) 6.66
SOTP Fair value per share 641

Quarterly Financial Snapshot

All fig in ₹ crores Q2FY22 Q1FY22 % qoq Q2FY21 % yoy

Revenue from Operations 1,551.3 825.7 87.9% 674.2 130.1%

Cost of Goods Sold 680.4 192.0 254.5% 386.6 76.0%
Employee Cost 212.4 193.7 9.6% 154.5 37.5%
Other Expenses 477.6 469.5 1.7% 243.1 96.5%
EBIDTA 180.9 (29.5) 714.0% (109.9) 264.5%
EBIDTA Margin % 11.7% -3.6% 1523 Bps -16.3% 2797 Bps
Depreciation 60.1 60.9 -1.3% 83.0 -27.6%
Other Income 31.9 36.4 -12.2% 58.1 -45.1%
Share of loss of joint ventures (net of tax) (1.2) (6.8) -83.1% (6.7) -82.9%
EBIT 151.6 (60.8) 349.5% (141.6) 207.1%
EBIT Margin % 9.8% -7.4% 1713 Bps -21.0% 3077 Bps
Interest 58.1 55.0 5.6% 75.2 -22.7%
Exceptional Items & Extraordinary Items (8.0) (43.1) -81.5% - 0.0%
EBT 85.5 (158.8) 153.8% (216.8) 139.4%
Tax 29.4 (1.7) -1786.8% (80.2) -136.6%
PAT 56.1 (157.1) 135.7% (136.6) 141.1%
PAT Margin % 3.6% -19.0% 2265 Bps -20.3% 2388 Bps
EPS 8.00 (23.51) 134.0% (19.97) 140.1%
Source: Company, LKP Research

LKP Research 3
 RAYMOND LIMITED | Q2 FY22 Result Update

Quarterly Segmental Snapshot

All fig in ₹ crores Q2FY22 Q1FY22 % qoq Q2FY21 % yoy

Branded Textile
Revenue 722.1 282.7 155.4% 229.9 214.1%
EBIT 104.7 (41.3) 353.6% (33.8) 410.0%
EBIT Margin % 14.5% -14.6% 2911 Bps -14.7% 2920 Bps

High Value Cotton Shirting

Revenue 148.3 101.2 46.5% 33.1 348.1%
EBIT 16.0 (3.5) 552.8% (20.8) 177.1%
EBIT Margin % 10.8% -3.5% 1431 Bps -62.9% 7367 Bps

Branded Apparel
Revenue 221.1 74.8 195.4% 70.8 212.0%
EBIT (1.0) (44.9) 97.9% (107.0) 99.1%
EBIT Margin % -0.4% -60.0% 5957 Bps -151.1% 15064 Bps

Garmenting
Revenue 211.9 97.8 116.6% 187.2 13.2%
EBIT 16.6 (4.6) 459.3% 13.0 28.0%
EBIT Margin % 7.8% -4.7% 1256 Bps 6.9% 90 Bps

Tools and hardware

Revenue 137.6 110.1 25.0% 100.0 37.7%
EBIT 16.4 9.8 68.1% 12.6 -30.6%
EBIT Margin % 11.9% 8.9% 305 Bps 12.6% -64 Bps

Auto Components
Revenue 81.4 69.6 16.9% 48.5 67.7%
EBIT 12.8 8.4 52.3% 7.4 74.0%
EBIT Margin % 15.7% 12.1% 366 Bps 15.2% 57 Bps

Real Estate
Revenue 81.1 130.0 -37.6% 19.0 326.7%
EBIT 15.9 36.9 -57.0% 2.4 -570.0%
EBIT Margin % 19.6% 28.4% -883 Bps 12.5% 711 Bps

Others
Revenue 2.2 2.6 -14.8% 1.8 22.5%
EBIT (3.2) (4.3) -24.6% (2.2) 49.8%
EBIT Margin % -147.7% -166.8% -120.8%
Source: Company, LKP Research

LKP Research 4
 RAYMOND LIMITED | Q2 FY22 Result Update

Income Statement
Particulars (₹ in Cr) 2018 2019 2020 2021 2022E 2023E 2024E

Total Revenue From Operations (Net) 5,906.4 6,582.3 6,482.4 3,446.5 5,110.6 5,938.8 6,462.1

Revenue Growth % 11.4% -1.5% -46.8% 48.3% 16.2% 8.8%

Expenses

Cost of Material Consumed (incl. changes in inventory) 922.9 977.3 985.0 1,197.0 792.1 890.8 969.3

Purchases of stock–in-trade 1,582.8 1,829.0 1,815.2 446.4 1,431.0 1,663.0 1,809.5

Employee Benefit Expenses 835.3 934.8 996.3 673.6 715.5 831.4 904.7

Other Expenses 2,137.5 2,264.4 2,170.1 1,195.7 1,578.9 1,812.2 1,943.1

Total Expenses 5,478.5 6,005.5 5,966.6 3,512.7 4,517.5 5,197.4 5,626.6

EBITDA 427.9 576.8 515.8 -66.2 593.0 741.4 835.5

EBITDA Margin % 7.2% 8.8% 8.0% -1.9% 11.6% 12.5% 12.9%

Other Income 118.5 125.4 95.9 201.4 95.5 112.3 106.0

Share of loss of joint ventures (net of tax) -5.0 -8.0 151.6 -9.5 34.8 38.9 42.5

Depreciation and Amortization Expenses 170.3 196.5 339.8 314.2 304.1 316.6 329.8

EBIT 371.0 497.7 423.5 -188.5 419.2 576.1 654.2

EBIT Margin % 6.3% 7.6% 6.5% -5.5% 8.2% 9.7% 10.1%

Finance Cost 183.8 232.6 302.7 276.0 233.2 224.4 189.8

Profit / (Loss) before exceptional items and tax 187.2 265.1 120.8 -464.6 186.0 351.7 464.4

Exceptional Items 21.0 -4.7 38.1 - - - -

PBT 208.2 260.4 158.9 -464.6 186.0 351.7 464.4

PBT Margin % 3.5% 4.0% 2.5% -13.5% 3.6% 5.9% 7.2%

Tax Expense 66.6 85.6 -42.8 -160.9 46.8 88.5 116.9

Profit / (Loss) for the year 141.5 174.8 201.8 -303.7 139.2 263.2 347.5

Pat Margins % 2.4% 2.7% 3.1% -8.8% 2.7% 4.4% 5.4%

Non Controlling Interest 6.9 6.8 5.6 -6.6 5.6 7.0 8.7

Profit/ (Loss) attributed to Owners 134.6 168.0 196.1 -297.0 133.6 256.2 338.8
Source: Company, LKP Research

LKP Research 5
 RAYMOND LIMITED | Q2 FY22 Result Update

Financial Ratios
YE Mar 2018 2019 2020 2021 2022E 2023E 2024E

Per Share Data (₹)

EPS 21.9 27.4 30.3 (44.6) 20.1 38.5 50.9
Cash EPS 50.8 60.5 83.7 1.6 66.6 87.1 101.7
BV/Share 295.2 318.3 367.1 315.0 335.1 370.0 417.3
DPS 1.3 3.0 3.0 - 3.0 3.0 3.0
Payout (%) 6% 11% 10% 0% 15% 8% 6%
Growth Indicators (%)
Sales Growth (%) 9.6% 11.4% -1.5% -46.8% 48.3% 16.2% 8.8%
EBIDTA Growth (%) 40.4% 34.8% -10.6% -112.8% 995.6% 25.0% 12.7%
EBIT Growth (%) 54.6% 34.1% -14.9% -144.5% 322.4% 37.4% 13.6%
EBT Growth (%) 301.4% 25.1% -39.0% -392.3% 140.0% 89.1% 32.1%
PAT Growth (%) 371.5% 23.5% 15.4% -250.5% 145.8% 89.1% 32.1%
Valuation Ratios (x)
P/E 40.9 29.7 7.4 -8.1 22.6 11.8 8.9
Cash P/E 17.7 13.4 2.7 228.6 6.8 5.2 4.5
EV/Sales 1.3 1.1 0.5 1.1 0.5 0.6 0.6
EV/EBITDA 18.2 12.7 6.9 -59.3 4.5 4.9 4.9
P/B 3.0 2.5 0.6 1.1 1.4 1.2 1.1
Mcap/Sales 0.9 0.8 0.2 0.7 0.6 0.5 0.5
Working Capital Ratios (x)
Fixed Asset Turnover Ratio 3.0 3.2 2.6 1.7 2.7 3.5 4.2
Asset Turnover Ratio 1.0 1.0 0.8 0.5 0.7 0.7 0.8
Inventory Days 99.6 105.4 123.9 173.0 148.5 148.5 148.5
Trade Receivables Days 67.1 69.8 65.3 101.5 83.4 83.4 83.4
Trade Payables Days 69.6 75.0 79.1 123.3 101.2 101.2 101.2
Profitabilty Ratios (%)
EBITDA Margin 7.2% 8.8% 8.0% -1.9% 11.6% 12.5% 12.9%
EBIT Margin 6.3% 7.6% 6.5% -5.5% 8.2% 9.7% 10.1%
EBT Margin 3.5% 4.0% 2.5% -13.5% 3.6% 5.9% 7.2%
PAT Margin 2.4% 2.7% 3.1% -8.8% 2.7% 4.4% 5.4%
Return Ratios (%)
ROE 7.8% 8.9% 8.5% -14.5% 6.2% 10.7% 12.5%
ROCE 9.7% 11.7% 8.1% -4.2% 9.0% 11.8% 13.5%
Liquidity & Leverage Ratios (x)
Current Ratio 1.0 1.0 1.0 1.3 1.3 1.3 1.4
Interest Coverage Ratio 2.0 2.1 1.4 -0.7 1.8 2.6 3.4
Net Debt/Equity Ratio 1.0 1.1 0.8 0.7 0.5 0.4 0.2
Net Debt/EBIDTA Ratio 4.4 3.6 3.7 -21.4 2.0 1.3 0.7
Financial Leverage 3.4 3.4 3.3 3.2 3.4 3.3 3.1
Source: Company, LKP Research

LKP Research 6
 RAYMOND LIMITED | Q2 FY22 Result Update

Balance Sheet
Particulars (₹ in Cr) 2018 2019 2020 2021 2022E 2023E 2024E
Equities And Liabilities
Shareholders’ funds
Share capital 61.4 61.4 64.7 66.6 66.6 66.6 66.6
Reserves and surplus 1,750.7 1,892.4 2,311.2 2,030.8 2,164.4 2,396.5 2,711.3
1,812.0 1,953.8 2,375.9 2,097.4 2,231.0 2,463.1 2,777.9
Non-Controlling Interest 76.2 83.0 88.5 81.9 87.5 94.5 103.2
1,888.3 2,036.8 2,464.4 2,179.3 2,318.5 2,557.6 2,881.1
Non-current liabilities
Long term Borrowings 664.0 411.3 386.9 1,175.5 1,025.5 875.5 725.5
Other Financial Liabilities 45.4 2.9 547.0 363.9 539.6 627.1 682.3
Deffered Tax Liabilities (Net) 18.7 24.2 24.8 10.4 10.4 10.4 10.4
Other Longterm Liabilities 48.2 55.7 49.2 42.0 62.3 72.4 78.7
776.3 494.0 1,008.0 1,591.9 1,637.9 1,585.4 1,497.0
Current liabilities
Short-term borrowings 1,150.1 1,731.7 1,785.6 718.6 718.6 718.6 468.6
Trade payables 1,125.9 1,352.0 1,405.6 1,163.9 1,417.0 1,646.6 1,791.7
Other Financial Liabilities 960.8 827.5 768.0 673.8 882.2 1,000.9 1,075.9
Short term Provisions 59.5 68.9 71.2 71.7 106.3 123.5 134.4
Current Tax Laibilities (Net) - 0.8 2.2 1.0 1.0 1.0 1.0
Other current liabilities 148.2 152.7 242.3 340.2 504.4 586.2 637.8
3,444.4 4,133.7 4,274.8 2,969.1 3,629.5 4,076.8 4,109.4
Total 6,109.0 6,664.5 7,747.1 6,740.3 7,585.8 8,219.8 8,487.5
ASSETS
Non-current assets
Fixed assets
Tangible assets 1,677.2 1,920.8 2,420.8 2,036.5 1,864.7 1,700.5 1,522.9
Capital work-in-progress 270.2 113.3 35.3 16.2 16.2 16.2 16.2
Goodwill 11.5 11.5 11.5 1.0 1.0 1.0 1.0
Other Intangible assets 52.0 2.6 8.8 6.6 4.4 2.2 0.1
Intangible assets under development 1.1 1.1 4.8 4.8 4.8 4.8 4.8
Investments accounted for using equity method 125.2 128.5 352.8 344.7 379.5 418.4 460.9
Financial Assets:
Non-current investments 137.5 135.2 31.9 47.9 47.9 47.9 47.9
Long-term loans and advances 75.7 - 7.5 15.0 15.0 15.0 15.0
Other fiancical assets 73.2 83.5 133.1 77.2 114.5 133.1 144.8
Deffered Tax Assets (Net) 72.4 67.7 180.2 331.0 331.0 331.0 331.0
Non-current tax assets (net) 74.1 70.9 74.6 41.1 41.1 41.1 41.1
Other non-current assets 106.9 111.4 79.0 81.9 121.4 141.0 153.5
2,676.9 2,646.5 3,340.3 3,003.9 2,941.5 2,852.2 2,739.2
Current assets
Inventories 1,611.3 1,901.5 2,201.1 1,633.8 2,079.0 2,416.0 2,628.9
Investment 372.9 276.1 212.9 107.7 107.7 107.7 107.7
Financial Assets:
Trade receivables 1,085.9 1,259.5 1,159.5 958.0 1,167.4 1,356.6 1,476.1
Cash and Bank balances 45.5 21.2 133.2 233.6 259.4 342.7 319.1
Other Balances with Banks 41.3 104.9 194.5 318.6 318.6 318.6 318.6
Short-term loans and advances 4.8 84.8 10.7 10.0 10.0 10.0 10.0
Other financial assets 28.5 41.1 28.3 50.4 74.7 86.8 94.5
Other current assets 241.9 327.8 465.6 423.2 627.5 729.2 793.4
3,432.0 4,016.9 4,405.7 3,735.3 4,644.3 5,367.5 5,748.3
Asset classified as held for sale 0.1 1.1 1.1 1.1 - - -
Total 6,109.0 6,664.5 7,747.1 6,740.3 7,585.8 8,219.8 8,487.5
Source: Company, LKP Research

LKP Research 7
 RAYMOND LIMITED | Q2 FY22 Result Update

Cash Flows
Particulars (₹ in Cr) 2018 2019 2020 2021 2022E 2023E 2024E

CASH FLOW FROM OPERATING ACTIVITIES

Profit / (Loss) before Tax 187.23 265.05 120.82 (464.56) 185.98 351.67 464.42

Adjustments For

Depreciation and Amortization 170.34 196.50 339.80 314.18 304.07 316.59 329.77

Finance Income (67.75) (80.48) (60.99) (49.47) (30.47) (32.31) (33.47)

Finance Costs 183.80 232.60 302.73 276.04 233.22 224.39 189.78

Share of (Profit)/Loss of JV 5.03 8.00 (151.61) 9.48 (34.76) (38.94) (42.47)

Other operating activities (25.46) (60.57) 34.99 (76.30)

Working capital changes 9.41 (235.04) (172.94) 669.25 (73.59) (133.33) (84.24)

Exceptional Items (Net) (29.07) (4.66) (0.14) - - - -

Less: Income tax paid (38.87) (70.69) (39.71) 23.21 (46.81) (88.52) (116.89)

NET CASH GENERATED BY OPERATING ACTIVITIES (A) 394.65 250.71 372.94 701.83 537.65 599.56 706.90

CASH FLOWS FROM INVESTING ACTIVITIES

Capital Expenditure (496.18) (241.05) (192.51) (1.63) (129.06) (150.12) (150.12)

Changes in Investment 20.41 38.73 13.00 18.56 - - -

Other investing activities 67.27 79.74 60.12 47.49 30.47 32.31 33.47

NET CASH GENERATED / (USED) IN INVESTING ACTIVITIES (B) (408.49) (122.58) (119.39) 64.42 (98.60) (117.82) (116.66)

CASH FLOW FROM FINANCING ACTIVITIES

Proceed from issue of equity shares and 0.01% Compulsorily
- - 350.00 - - - -
Convertible Preference Shares
Changes in Borrowing 227.55 114.35 (38.22) (337.45) (180.00) (150.00) (400.00)

Interest paid (188.83) (241.17) (259.72) (243.82) (233.22) (224.39) (189.78)

Dividend paid (including DDT) (9.10) (21.96) (22.17) (0.09) - (24.04) (24.04)

Other financial activities - - (159.75) (86.97) - - -

NET CASH GENERATED / (USED) IN FINANCING ACTIVITIES (C) 29.62 (148.78) (129.85) (668.33) (413.22) (398.43) (613.82)

Net Change in Cash (A+B+C) 15.78 (20.65) 123.69 97.92 25.83 83.31 (23.57)

Cash & cash equivalents at the beginning of the year 35.21 44.61 19.84 132.47 233.57 259.40 342.71

Cash & cash equivalents at the end of the year 44.61 19.84 132.47 232.31 259.40 342.71 319.14
Source: Company, LKP Research

LKP Research 8
 RAYMOND LIMITED | Q2 FY22 Result Update

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