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Raymond Lifestyle has reported a 69.72 per cent decline in consolidated net profit to Rs 42.18 crore for the second quarter ended September 2024, on account of subdued demand and higher inflationary pressures. It had reported a net profit of Rs 139.33 crore for the July-September quarter a year ago, according to a late night regulatory filing from Raymond Lifestyle, a Raymond Group firm on Tuesday. Its revenue from operations was down 5.27 per cent to Rs 1,708.26 crore in the September quarter. It was at Rs 1,803.38 crore in the year-ago period. Total expenses of the Singhania family-promoted firm were down 1.38 per cent to Rs 1,622.95 crore in Q2 FY'25. Raymond Lifestyle's total income, which includes other income, was at Rs 1,735.21 crore, down 6.16 per cent. "Raymond Lifestyle Ltd had a stable quarterly performance amidst subdued demand, weaker consumer sentiment and higher inflationary pressures," Managing Director Sunil Kataria said. During the quarter, Raymond Lifestyle's revenue from the Textile segment, which consists of the branded fabric business of the company, was down 8.48 per cent to Rs 853.52 crore. The decline was "predominantly on account of muted customer demand and 'Shraadh' in the month of September. the company said in its earning statement. However, its revenue from 'Shirting' fabric, a B2B segment, was up 8.31 per cent to Rs 228.35 crore. The apparel segment was marginally up around 1 per cent to Rs 441.02 crore in the September quarter. This segment, which has a branded readymade garments business, was driven by new store additions despite subdued consumer demand and challenging market conditions, it added. Its revenue from 'Garmenting' was down 9.28 per cent to Rs 259.60 crore in the September quarter. The performance of the garment manufacturing business in Q2 FY25 was "impacted by certain delays in shipment dispatches due to logistic challenges," it said. During the quarter, Raymond Lifestyle continued its focus on retail expansion and operated 1,592 stores including 129 in Ethnix by Raymond. "Recent buoyancy has been witnessed at the start of a festive & wedding season. Going forward, we are strategically positioned to capture demand through our retail expansion plans, new product launches and marketing campaigns," said Kataria. This is the first quarter result of Raymond Lifestyle, which demerged from the parent company Raymond Ltd and listed on the stock exchanges on September 5 this year. It has a portfolio of brands such as Park Avenue, ColorPlus, Parx, Raymond Made to Measure, Raymond Ready to Wear, Sleepz by Raymond and Ethnix by Raymond amongst others. Shares of Raymond Lifestyle Ltd on Wednesday morning were trading at Rs 2,030 per scrip on BSE, down 7.67 per cent from the previous close.

Titan shares fell up to 3% to Rs 3.133 on Wednesday a day after the company reported that its consolidated profit for the quarter ended September 2024 fell 23.1% to Rs 704 crore year-on-year (YoY) mainly due to impact of customs duty reduction.During the quarter, Titan's total income rose 26% YoY to Rs 13,660 crore.The profit figure was lower than Street estimates of Rs 900 crore as reflected in a poll by ET Now while the revenue was higher than estimates of Rs 12,350 crore.Should you buy, sell, or hold Titan's stock? Here's what analysts say:InvestecInvestec has maintained a 'Hold' rating on Titan, cutting its target price to Rs 3,822 from Rs 4,100.The results were below expectations even after adjusting for the inventory impact due to the customs duty cut. Jewellery margins have been disappointing, impacted by increased competitive intensity and a weaker product mix. Investec believes there is a risk that this trend may extend into FY26E, which could lead to further earnings cuts.Goldman SachsGoldman Sachs maintained a 'Buy' rating but has revised its target price to Rs 3,650 from Rs 3,750.For Q2, there was a cut in margin guidance, although the growth outlook remains strong. The jewellery segment saw robust growth in Q2, and the festive season in Q3 has also been positive. While the studded mix dropped, studded growth remained healthy.Management noted that lab-grown diamonds have not had a material impact on their business. However, jewellery margins were below expectations, prompting the management to lower its margin guidance for FY25 by approximately 100 bps.JefferiesJefferies maintained a 'Hold' rating on Titan but has reduced the target price to Rs 3,400 from Rs 3,600, citing an expectedly weak outcome. While the cut in custom duties helped boost jewellery growth, it negatively impacted margins. The adjusted margin was also weaker due to an inferior product mix, with a lower proportion of studded jewellery.Overall, Q2 results, though in line with muted expectations, were still below consensus estimates. The company's reduced guidance for jewellery margins, partly due to weak demand for solitaires, is expected to be viewed negatively.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Food delivery giant Swiggy Ltd has raised Rs 5,085 crore from anchor investors ahead of its initial public offering (IPO), which opens on Wednesday.Marquee funds who participated in the anchor round include Kotak MF, ICICI Prudential MF, Fidelity, Nomura, Axis MF, HDFC Life, ICICI Pru Life, Invesco, HSBC, Citigroup, Bofa Securities, Bandhan Multi Cap, Tata Large Cap, Societe Generale, Avendus, Tata Large Cap, SBI MF among others.The issue comprises a fresh equity sale of Rs 4,499 crore with an offer for sale (OFS) for 17,50,87,963 equity shares.The company has fixed the price band at Rs 371-390 per share, where investors can bid for 38 shares in one lot and in multiples thereafter.Ahead of the issue opening, the company's shares were trading with a GMP of Rs 12 in the unlisted market. This indicates a marginal premium of 3% over the issue price.The food delivery company proposes to use the IPO proceeds for investment in its material subsidiary Scootsy, investment in technology and cloud infrastructure and also brand marketing and business promotion. This will be done over a four to five year period.Swiggy competes with Zomato in India's online restaurant and food deliveries sector, and both have made major bets on a boom in "quick-commerce," where groceries and other products are delivered in 10 minutes.The company has incurred net losses in each year since incorporation and has negative cash flows from operations.For the financial year ended March 2024, the loss stood at Rs 2,350 crore versus Rs 4,179 crore in FY23 and Rs 3,628 crore in FY22. Revenue from operations in the said period, however, doubled to Rs 11,247 crore in FY24 from Rs 5,704 crore in FY22.Kotak Mahindra Capital, Citigroup Global Markets, Jefferies India and Avendus Capital are the book running lead managers, while the registrar to the issue is Link Intime India.