Raymond re-appoints Gautam Singhania as Managing Director for 5-year term

Gautam Singhania continues: Raymond has re-appointed Gautam Singhania's position as the managing director of the company for another five years, effective from July 1, 2024. The decision awaits approval from the company's members, according to an exchange filing.

."The group has made enormous progress under the stewardship of Singhania and his vision is to take the Raymond Brand from being amongst the most respected Indian brands to being amongst the best in the global markets," the company said.

"With a drive to create new brands, Singhania has taken an active interest in the launch of new products and is directing the Group towards sustained growth. Under the leadership of Singhania, the Group has made a foray into the real estate business," it added.

This announcement follows the removal of Nawaz Modi-Singhania from the boards of three privately held companies linked to the Raymond group. The move comes amidst a contentious settlement dispute between Nawaz Modi-Singhania and her estranged husband, Gautam Singhania, who is the chief of the Raymond group, following their divorce announcement in November 2023.

Raymond posts 18% jump in Q4 profit

The Mumbai-based diversified conglomerate posted a 18 per cent surge in its fourth-quarter profits, driven primarily by robust demand within its real estate sector. The company disclosed on Friday that its consolidated profit soared to Rs 229 crore for the quarter ending on March 31, marking a substantial increase from the Rs 194 crore reported in the corresponding period last year.

Revenue from operations also witnessed a notable upswing, climbing by 21 per cent during the quarter. This surge was particularly pronounced in the real estate segment, which experienced a surge in bookings following the launch of its inaugural joint development project in Bandra, Mumbai. Notably, this segment now contributes a quarter of the company's revenue mix, with its revenue more than doubling in the recent quarter.