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RL/SE/24-25/200

December 24, 2024

To The Department of Corporate Services - CRD National Stock Exchange of India Limited BSE Limited Exchange Plaza, 5[th] Floor P.J. Towers, Dalal Street Bandra Kurla Complex Mumbai - 400 001 Bandra (East), Mumbai - 400 051, Scrip Code: 500330 Symbol: RAYMOND

Dear Sir/Madam,

Sub: Notice convening the Meeting of the Equity Shareholders and Unsecured Creditors of Raymond Limited pursuant to the Order of the Hon’ble National Company Law Tribunal, Mumbai Bench (‘NCLT’) dated December 19, 2024

In continuation to the disclosure dated December 19, 2024, we are pleased to inform that the NCLT vide its order dated December 19, 2024, passed in the Company Scheme Application No. CA(CAA)/239/MB/2024 (‘Tribunal Order’), has directed the Company to call and convene the meetings of the Equity Shareholders and Unsecured Creditors of the Company to consider and, if thought fit, to approve, with or without modification(s), the Scheme of Arrangement of Raymond Limited (the “Demerged Company” or “RL”) and Raymond Realty Limited (the “Resulting Company” or “RRL”) and their respective shareholders (“Scheme”).

In pursuance of the Tribunal Order and as directed therein and in compliance with the applicable provisions of the Companies Act, 2013 (“the Act”) and the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”), notice is hereby given that meetings of the Equity Shareholders and Unsecured Creditors of the Company will be held through video conferencing (“VC”) / other audio-visual means (“OAVM”) as under:

Sr.No	Meeting of	Date and Time(IST) of Meetings
1.	EquityShareholders	January25, 2025 at 11:00 A.M.(IST)
2.	Unsecured Creditors	January25, 2025 at 12:00 noon(IST)

The details such as manner of (i) casting vote through e-voting and (ii) attending the meeting through VC / OAVM are set out in the Notice of the aforesaid meetings.

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An Equity Shareholder, whose name is recorded in the Register of Members or in the Register of Beneficial Owners maintained by the RTA/ Depositories as on the cut-off date, i.e., January 18, 2025, shall be entitled to cast their vote by electronic means. The voting rights of a shareholder shall be in proportion to his/her/its shareholding in the paid-up equity share capital of the Company as on the cut- off date.

An Unsecured Creditor, whose name appears in the list of Unsecured Creditors of the Company as on the cut-off date, i.e., September 30, 2024, only shall be entitled to exercise his / her / its voting rights on the resolution proposed in the Notice and attend the Meeting. The value and number of Unsecured Creditors shall be in accordance with the books / records maintained by the Company. Voting rights of an Unsecured Creditor shall be in proportion to the outstanding amount due by the Company as on the cut-off date.

Copy of the Notice and Statement under Sections 230 and 232 read with Section 102 and other applicable provisions of the Act read with Rule 6 of the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016, of the aforesaid meetings are attached.

This is for your information and dissemination on your website.

Thanking you.

Yours faithfully,

For Raymond Limited

Rakesh Digitally signed by Muljibhai Rakesh Muljibhai Darji Date: 2024.12.24 Darji 17:46:53 +05'30'

Rakesh Darji Company Secretary

Encl.: Notice for Unsecured Creditors Meeting

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NOTICE CONVENING MEETING OF UNSECURED CREDITORS OF

RAYMOND LIMITED PURSUANT TO ORDER DATED DECEMBER 19, 2024 OF THE HON’BLE NATIONAL COMPANY LAW TRIBUNAL, MUMBAI BENCH

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MEETING
Day ��
Date ��
Time ��
Mode of Meeting ��
��
��
�� (‘VC’) ��
(‘OAVM’)
Cut-off date for e-Voting ��
Remote e-Voting start date and time ��
Remote e-Voting end date and time ��
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Sr. No. Contents	Sr. No. Contents	Page no.
�� ��(‘Notice’) �� �� ��(‘CAA Rules’)		�
�� �� ��(‘Act’)�� ��CAA Rules,�� ��		��
�� Annexure I ��(‘Company’ or the ‘Demerged Company’)��(‘Resulting Company’)��(‘Scheme’)�� ��		��
��	Annexure II �� �� ��	��

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�� Annexure III ��
��
��
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�� Annexure IV ��
��
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�� Annexure V ��
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�� Annexure VI ��
��
��
�� (‘Valuation Report’)
�� Annexure VII ��
��
�� (‘Fairness
Opinion’)
�� Annexure VIII ��
��
��
��
��
��
��
��
�� Annexure IX ��
��
��
�� Annexure X ��
��
(‘BSE’)
�� Annexure XI ��
��
�� (‘NSE’)
�� Annexure XII ��
��
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�� Annexure XIII ��
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�� Annexure XIV ��
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�� Annexure XV ��
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�� Annexure XVI ��
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�� Annexure XVII ��
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��

IN THE HON’BLE NATIONAL COMPANY LAW TRIBUNAL, MUMBAI BENCH

CA (CAA) No. 239/MB/2024

FORM NO. CAA. 2

[Pursuant to Section 230(3) of the Act and Rule 6 and 7 of the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016]

��

Raymond Limited ��

��

NOTICE CONVENING MEETING OF UNSECURED CREDITORS

��

�� (‘Tribunal’) (‘Tribunal Order’) �� (‘Scheme’) �� January 25, 2025 �� 12:00 Noon.

�� (‘Meeting’) �� (‘VC’) �� (‘OAVM’) �� (‘Act’) �� (‘SEBI Listing Regulations’), �� (‘SEBI Master Circular’) �� (‘MCA Circular’) �� (‘SS-2’) ��

“RESOLVED THAT pursuant to the provisions of Sections 230 to 232 read with Section 66 of the Companies Act, 2013, the rules, circulars and notifications made thereunder (including any statutory modification(s) or re-enactment(s) thereof, for the time being in force), the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended, read with SEBI Master Circular No. SEBI/HO/CFD/POD-2/P/CIR/2023/93 dated June 20, 2023 and other applicable SEBI Circulars, the Observation Letter issued by the Stock Exchanges viz. BSE Limited and the National Stock Exchange of India Limited, in this regard (including any statutory modification(s) or re-enactment(s) and circulars issued thereof, for the time being in force) and subject to the provisions of the Memorandum and Articles of Association of the Company and subject to the approval of Hon’ble National Company Law Tribunal, Mumbai Bench and subject to such other approvals, permissions and sanctions of regulatory and other authorities, as may be necessary and subject to such conditions and modifications as may be deemed appropriate by the parties to the Scheme, at any time and for any reason whatsoever, or which may otherwise be considered necessary, desirable or as may be prescribed or imposed by the Tribunal or by any regulatory or other authorities, while granting such approvals, permissions and sanctions, which may be agreed to by the Board of Directors of the Company (hereinafter referred to as the ‘Board’ which term shall be deemed to mean and include one or more Committee(s) constituted/ to be constituted by the Board or any other person authorised by it to exercise its powers including the powers conferred by this Resolution), the arrangement embodied in the Scheme of Arrangement between Raymond Limited and Raymond Realty Limited and their respective shareholders (‘Scheme’), be and is hereby approved;

RESOLVED FURTHER THAT the Board be and is hereby authorized to do all such acts, deeds, matters and things, as it may, in its absolute discretion deem requisite, desirable, appropriate or necessary to give effect to this Resolution and effectively implement the arrangement embodied in the Scheme and to make any modifications or amendments to the Scheme at any time and for any reason whatsoever, and to accept such modifications, amendments, limitations and/or conditions, if any, which may be required and/or imposed by the Tribunal while sanctioning the arrangement embodied in the Scheme or by any authorities under law, or as may be required for the purpose of resolving any questions or doubts or difficulties that may arise including passing of such accounting entries and/or making such adjustments in the books of accounts as considered necessary in giving effect to the Scheme, as the Board may deem fit and proper, without being required to seek any further approval of the creditors and the creditors shall be deemed to have given their approval thereto expressly by authority under this Resolution.’

�� TAKE FURTHER NOTICE �� (‘remote e-Voting’) �� (‘e-Voting at the Meeting’) ��

REMOTE E-VOTING PERIOD	REMOTE E-VOTING PERIOD
��	��
��	��

��
�� (‘NSDL’) �� (‘BSE’) �� (‘NSE’) ��

��
��

�� Raymond Limited

Sd/-

Dr. Binod Kumar Sinha Chairperson appointed by the Tribunal for the Meeting

Mumbai, December 24, 2024

Registered Office:

��

��

Notes:

�� (‘Tribunal’) �� , �� (‘Tribunal Order’) �� (‘VC’) �� (‘OAVM’) ��
�� (‘Act’) ��
�� MCA �� ‘MCA Circulars’ �� (hereinafter referred to as ‘e-Voting’) �� (‘NSDL’) ��
�� September 30, 2024 ��

��

��
��
��
��
��

��

��
��
��
��

Remote E-Voting; Meeting through VC / OAVM; E-Voting at the Meeting

��
�� 9:00 AM (IST) �� January 21, 2025 �� 5:00 PM (IST) �� January 24, 2025 ��

�� September 30, 2024 ��

��

Procedure for remote e-voting

��

Step 1: ��

Step 2: ��

Step 1: Access to NSDL e-voting system

��
��
��
��
��
��
��

��
��
��

Step 2: Cast your vote electronically on NSDL e-voting system

��
��
��
��
��
��
��
��

Procedure for e-voting at the Meeting

��

Procedure for attending the Meeting through VC / OAVM

��
��
��
��
��

��

General Guidelines

��
��

IN THE HON’BLE NATIONAL COMPANY LAW TRIBUNAL, MUMBAI BENCH

CA (CAA) No. 239/MB/2024

IN THE MATTER OF SECTIONS 230 TO 232 READ WITH SECTION 66 AND OTHER APPLICABLE PROVISIONS OF THE COMPANIES ACT, 2013

AND

IN THE MATTER OF SCHEME OF ARRANGEMENT BETWEEN RAYMOND LIMITED AND RAYMOND REALTY LIMITED AND THEIR RESPECTIVE SHAREHOLDERS

Raymond Limited ��

EXPLANATORY STATEMENT PURSUANT TO SECTIONS 230 TO 232 READ WITH SECTION 102 AND OTHER APPLICABLE PROVISIONS OF THE COMPANIES ACT, 2013 (‘ACT’) AND RULE 6 OF THE COMPANIES (COMPROMISES, ARRANGEMENTS AND AMALGAMATIONS) RULES, 2016 (‘CAA RULES’) TO THE NOTICE OF THE MEETING OF UNSECURED CREDITORS OF RAYMOND LIMITED CONVENED PURSUANT TO ORDER OF THE HON’BLE NATIONAL COMPANY LAW TRIBUNAL, MUMBAI BENCH (‘TRIBUNAL’) DATED DECEMBER 19, 2024 (‘TRIBUNAL ORDER’)

I. MEETING FOR THE SCHEME

�� (‘Company’) �� (‘Company’ or ‘RL’ or the ‘Demerged Company’) �� (‘RRL’ or the ‘Resulting Company’) �� (‘Scheme’) ��

��

�� ‘Annexure I’ ��

��

II. DATE, TIME AND MODE OF MEETING

�� January 25, 2025 �� 12:00 Noon ��

III. NEED FOR DEMERGER/ RATIONALE AND BENEFITS OF THE SCHEME/ SYNERGIES OF THE BUSINESS OF THE ENTITIES INVOLVED IN THE SCHEME/ IMPACT OF THE SCHEME ON THE SHAREHOLDERS/ COST BENEFIT ANALYSIS OF THE SCHEME

��

��

��
��
��
��
��

IV. BACKGROUND OF THE COMPANIES:

A. Particulars of the Demerged Company/ Company (Raymond Limited)

(i) ��

�� (‘BSE’) �� (‘NSE’)

(‘Stock Exchanges’) ��

(ii) ��
“The objects for which the Company is established are the following.
(1) To carry on all or any of the businesses following, namely wool merchants, wool combers, worsted spinners, woollen spinners, worsted stuff manufacturers, cotton spinners and doublers, flax, hemp and jute spinners, linen manufacturers, flax, hemp, and jute merchants, bleachers and dyers and makers of vitriol, bleaching and dyeing materials, and to purchase, comb, prepare, spin, dye, and deal in flax, hemp, jute, wool, cotton, silk and other fibrous substances, and to weave, or otherwise manufacture, buy and sell and deal in linen cloth and other goods, and fabrics whether textile, felted, netted or looped, and to supply power.
(2a) To acquire the Woolen Mills situated at Thana and known as the Wadia Woollen Mills.
(2b) To carry on the business of chemists and druggists, dry salters, tallow merchants, soap and candle makers, oil and colour merchants, importers and manufacturers of and dealers in dyes, paints, chemicals and explosives, pharmaceutical, medicinal, chemicals, industrial and other preparations and articles, compounds, cements, oils, paints, pigments and varnishes, drug, dyeware, paints, colour grinders, makers of and dealers in proprietary articles of all kinds of electrical, chemical, photographical, surgical and scientific apparatus and materials.
(2c) To carry on the business of Iron maker, Iron Founders, metal founders, steel makers, metal pressers, metal rollers, metal workers, metal convertors, steel plate makers, wire drawers, wire rope makers, makers of small tools, hand tools and other like products and to carry on business of Engineering Consultants and technicians, civil, mechanical and electrical engineers contractor and all or any of the businesses of founders of all metals, ferrous

and non ferrous, tool makers, boiler makers, mill wrights machinists, smiths, smelters, welders, woods workers, tube, pipe and tank makers, platers, electroplaters, fitters and to buy, sell, manufacture, export, import and deal in all or any of the above specified article and products and all articles and products made from metal, wires and metallic substances as also all types, of plant and machinery, equipment appliances apparatus and also parts and component parts and other ancillary equipment and tools, used or capable of being used in connection therewith and other parts of machinery and other articles and other article and things as may from time to time be necessary or required for the business and manufacturing activity of the Company.

(2d) To carry on all or any of the business of manufactures, producers, dealers, fabricators, assemblers, importers, exporters, hirers, repairers, cleaners, storers, warehousers, lessors, transporters of aero planes, air taxis, airlines, hovercrafts, helicopters and machines of all kinds capable of being flown in the Air, cartagers and haulage contractors, proprietors, owners and charterers of road vehicles, aircrafts and ships, tugs, barges and boats of every description lightermen and carriers of goods and passengers by road, rail, water or air, carmen, cartage contractors and agents, forwarding, transport and. commission agents, customs agents, stevedores, wharfingers, cargo superintendents, packers, haulers, warehousemen, storekeepers, engineers, electricians and job masters.

(2e) To carry on the business and to own, buy, sell, possess, develop, re-develop, construct demolish, rebuild, renovate, repair, maintain, let out, hire, rent, lease, pledge, mortgagee or otherwise deal in all kinds of land structures and building and/or purchase for investments; or resell and to deal in all kinds of land and house and all kinds of immovable properties of any tenure and any interest therein and to create an interest, sell and deal in all kinds of land and to rent, lease, sublease all types of properties, dwelling units, office premises, industrial, galas, sheds, residential premises, shopping malls, multiplexes, construct residential houses, apartments, villas, condominiums, row houses, duplex houses, group houses, chawl houses, commercial complexes, parks, industrial parks, information technology parks, highways, bridges, expressways, Special Economic Zones, complex and other commercial, software parks, call centers, recreation centre, bowling alleys, hotels, restaurant, recreation clubs, castles, inns, motels, taverns, resorts, holiday

homes, amusement park, townships, colonies, housing layouts, pleasure grounds, parks and the like of all kinds and description, holiday resorts, affordable housing projects, shopping malls, swimming pools, entertainment, complexes, nursing homes, godowns and any other housing and commercial projects under various provisions of law, development control regulations, town planning regulations and various schemes….”

(iii) ��
(iv) ��
(v) ��

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Particulars Amount in INR
Authorized Capital
��
��
Total 1,00,00,00,000
Issued Subscribed and Paid-up Capital
��
Total 66,57,37,310
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(vi) �� ‘Annexure II’ ��
(vii) ��

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Promoter / promoter group details
Name Category Address
��
��
��
��
��
��
��
��
��
��
��
��
��
��
��
��
��
��
��
��
��
��
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��
��
��
��
��
��
��
��
��
��
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Details of Director
Name Category Address
��
��
��
��
��
��
��
��
��
��
��
��
��
��
��
��
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B. Particulars of the Resulting Company (Raymond Realty Limited)

(i) ��
(ii) ��

(iii) ��

1. To carry on the business of builders, developers, masonry, erector, general maintenance, construction, contractors and haulers and to own, buy, sell, possess, develop, re-develop, construct, demolish, rebuild, renovate, repair, maintain, operate, run, obtain, let out, hire, rent, lease, sub-lease, license, arrangement for/of tenancy/tenancy rights, pledge, mortgage or otherwise deal in all kinds of land, structures and buildings including departmental stores, offices, residential apartments, bungalows, townships, godowns, factory, flats, warehouses, pent houses, resorts, entertainment complex, malls, multiplex concert halls, hotels, golf, tennis court, restaurants, studios, stores, shopping centres, special economic zone, airports, highways, satellite townships, industrial / IT parks, IT campuses, hospitals, seminar halls, meditation centres, marketing arcade, farm houses, theatres, residential schools, playgrounds & gardens, golf course, health club, water sports, bowling alleys, recreation centres, docks, harbours, wharves, water courses, reservoirs, embankments, irrigations, reclamations, sewage, drainage and other sanitary works, gas pipeline works, houses, buildings and every other kind of erections, infrastructure, construction works to promote, establish, acquire, purchase, sale, construct, develop new townships and to develop, provide, supply, maintain various infrastructure facilities and to undertake development of infrastructure projects in all areas of infrastructure including but not limited to basic infrastructure such as power, roads, water, water management, waste management system, sewerages, industrial infrastructure, urban infrastructure, tourism infrastructure, either directly or under joint development agreement or through joint venture in any form, and to carry on business as proprietor of flats and buildings and to let on lease any houses, apartments wherein and to provide for conveniences commonly provided in flats, suites residential and business quarters;

2. To create an interest, purchase, invest, acquire, transfer, exchange, sell rent, lease, sublease, whether for investments or sale or working in the same, and to deal in all kinds of land and house and all kinds of immovable properties of any tenure and any interest therein including dwelling units, office premises, industrial galas, sheds, residential premises, shopping malls, multiplexes, construct residential houses, apartments, villas, condominiums, row houses, duplex houses, group houses, chawl houses, commercial complexes, parks, industrial parks, information technology parks, highways, bridges, expressways, special economic zones, complex and other commercial, software parks, call centres, recreation centre,

bowling alleys, hotels, restaurant, recreation clubs, castles, inns, motels, taverns, resorts, holiday homes, amusement park, townships, colonies, housing layouts, pleasure grounds, parks and the like of all kinds and description, holiday resorts, affordable housing projects including housing projects for economically weaker section with or without aid or sponsorship by any of the government authorities, shopping malls, swimming pools, entertainment complexes, nursing homes, godowns and any other housing and commercial projects under various provisions of law, development control regulations, town planning regulations and various schemes; commercial, software parks, call centres, recreation centre, bowling alleys, hotels, restaurant, recreation clubs, castles, inns, motels, taverns, resorts, holiday homes, amusement park, townships, colonies, housing layouts, pleasure grounds, parks and the like of all kinds and description, holiday resorts, affordable housing projects including housing projects for economically weaker section with or without aid or sponsorship by any of the government authorities, shopping malls, swimming pools, entertainment complexes, nursing homes, godowns and any other housing and commercial projects under various provisions of law, development control regulations, town planning regulations and various schemes;

3. To engage, undertake and execute any contracts for works construction or projects involving civil, mechanical and electrical engineering and to purchase, develop, take in exchange or on lease hire or otherwise acquire, whether for investment and/ or sale or working the same, any real or personal estate or property including land, mine business building, factory, mill, houses, cottages, shops, mineral, right concession, privilege, licences, lease whatsoever for the purpose of the Company in consideration for a gross sum or rent or partly in or one and partly in other or for sum other consideration; and

4. To carry on business of dealers in and manufacture of pre-fabricated and pre-cast houses, buildings or erection and material, tools, implements, machines and metal ware in connection therewith or incidental thereto, fabrication or erection of steel or tubular structures.

5. To carry on the business of lease & resale administration for residential, commercial, retail, industrial premises on behalf of clients and to act as commission agent, broker for any kind of services provided by the Company.

(iv) ��
��
(v) ��
��

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Particulars Amount in INR
Authorised Capital
��
Total 1,75,00,000
Issued Subscribed and Paid-up Capital
��
Total 1,65,00,000
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(vi) �� ‘Annexure III’ ��
(vii) ��

Promoters/ promoter group details	Promoters/ promoter group details	Promoters/ promoter group details
Name	Category	Address
��	�� �� �� ��	�� �� �� �� �� �� ��

	Details of Directors
Name	Category	Address
��	��	�� ��
��	��	�� �� ��
�� �� �� ��	��	�� �� �� ��

V. SALIENT FEATURES OF THE SCHEME

�� inter-alia ��

��
(i) ��
(ii) ��
��
��
��
��

“One (1 only) equity share of Raymond Realty Limited of INR 10/- each fully paid up for every One (1 only) equity share of Raymond Limited of INR 10/- each fully paid up”

��

VI. RELATIONSHIP SUBSISTING BETWEEN PARTIES TO THE SCHEME

��

VII. BOARD APPROVALS

��

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Name of Director Voted in favor/against/did not participate or
vote
��
��
��
��
��
��
��
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��

��

Name of Director	Vote in favour/ against/ did not participate or vote
��	��
��	��
�� ��	��

VIII. INTEREST OF DIRECTORS, KEY MANAGERIAL PERSONNEL (KMPs) AND THEIR RELATIVES

��
��

IX. EFFECT OF THE SCHEME ON STAKEHOLDERS

��

�� ‘Annexure IV and Annexure V’ ��

��

(i) ��
(ii) ��

��

X. NO INVESTIGATION PROCEEDINGS

��

XI. AMOUNTS DUE TO UNSECURED CREDITORS

��

Sr. No.	Particulars	Amount in INR (in lakhs)
��	��	��
��	��	��

XII. DETAILS OF SHARE CAPITAL/ DEBT RESTRUCTURING, IF ANY

��
��

��

��

XIII. VALUATION REPORT AND FAIRNESS OPINION

Background

��
��
�� ‘Annexure VI’ �
�� ‘Annexure VII’ �

XIV. INFORMATION PERTAINING TO UNLISTED COMPANIES INVOLVED IN THE SCHEME IN THE FORMAT SPECIFIED FOR ABRIDGED PROSPECTUS

��

�� ‘Annexure VIII” �

XV. SHAREHOLDING PATTERN

A. The pre/ post-scheme shareholding pattern of the parties to the Scheme:

(i) Company

��

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Shareholding
pattern – Equity Pre Post
Shares
No. of % of % of
Category No. of Shares
Shares holding holding
��
��
��
TOTAL 6,65,73,731 100.00 6,65,73,731 100.00
----- End of picture text -----*

��

(ii) Resulting Company

��

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Shareholding pattern
Pre Post
– Equity Shares
No. of % of No. of % of
Category
Shares holding Shares holding
��
��
��
TOTAL 16,50,000 100 6,65,73,731 100.00
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B. Pre/ post Scheme capital structure of the parties to the Scheme

(i) Company

��

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----- Start of picture text -----

Particulars Amount in INR
Authorised Capital
��
��
Total 1,00,00,00,000
Issued Subscribed and Paid-up Capital
��
Total 66,57,37,310
----- End of picture text -----

(ii) Resulting Company

��

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----- Start of picture text -----

Particulars Amount in INR
Authorised Capital
��
Total 70,00,00,000
Issued Subscribed and Paid-up Capital
��
Total 66,57,37,310
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XVI. AUDITORS CERTIFICATE ON CONFORMITY OF ACCOUNTING TREATMENT IN THE SCHEME WITH ACCOUNTING STANDARDS

��

XVII. DETAILS OF ASSETS AND LIABILITIES OF DEMERGED UNDERTAKING TRANSFERRED TO THE RESULTING COMPANY

��

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As on September 30, 2024
Particulars
(INR in Crores)
I- Assets
��
��
��
��
��
��
��
Total Assets 2,225.10
II-Liabilities
��
��
��
Total Liabilities 1,154.02
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XVIII. DETAILS OF ASSETS AND LIABILITIES OF THE COMPANY PRE AND POST ARRANGEMENT

��

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Pre Post
Particulars
Arrangement Arrangement
(INR in Crores) (INR in Crores)
I- Assets
��
��
��
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Pre Post
Particulars
Arrangement Arrangement
(INR in Crores) (INR in Crores)
��
��
��
��
��
Total Assets 4,422.39 2,197.29
II-Liabilities
��
��
��
Total Liabilities 1,213.10 59.07
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XIX. DETAILS OF ASSETS AND LIABILITIES OF THE RESULTING COMPANY PRE AND POST ARRANGEMENT

��

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Pre Post
Particulars
Arrangement Arrangement
(INR in Crores) (INR in Crores)
I- Assets
��
��
��
��
��
��
��
��
Total Assets 0.32 2,225.42
II-Liabilities
��
��
��
Total Liabilities 0.01 1,154.03
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XX. IMPACT OF ARRANGEMENT ON REVENUE GENERATING CAPACITY OF THE COMPANY/FUTURE PROSPECTS OF THE COMPANY

��

XXI. SHARE CAPITAL BUILD-UP OF RESULTING COMPANY

��

	Authorised (Shares of	Share Capital Rs. 10 each)	Share Capital Rs. 10 each)		Paid-up Share capital (Shares of Rs. 10 each)	Paid-up Share capital (Shares of Rs. 10 each)	Paid-up Share capital (Shares of Rs. 10 each)
Date of Increase	No. of shares	Amount of share capital	Details of e-form filed	Date of Allotme nt	No. of shares	Amount of share capital	Details of e- form filed
�� �� ��	��	��	�� �� �� �� �� �� �� ��	�� �� �� �� �� ��	��	��	�� �� �� �� �� �� ��
�� ��	��	��	�� �� �� �� �� �� �� ��	�� ��	��	��	�� �� �� �� ��

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Authorised Share Capital Paid-up Share capital
(Shares of Rs. 10 each) (Shares of Rs. 10 each)
Date of No. of Amount Details of Date of No. of Amount of Details of e-
Increase shares of share e-form Allotme shares share form filed
capital filed nt capital
��
��
��
��
��
��
��
��
Total 17,50,000 1,75,00,000 - - 16,50,000 1,65,00,000 -
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�� ‘Annexure IX’.

XXII. APPROVALS AND INTIMATIONS IN RELATION TO THE SCHEME

�� Annexure X and XI’ �� ‘Annexure XII and Annexure XIII ��
��
�� ‘Annexure XIV’ �
�� ‘Annexure XV’.
�� ‘Annexure XVI’.
�� Annexure XVII’

��
��
��

XXIII. INSPECTION OF DOCUMENTS

��

��
��
��
��
��
��
��
��
��
��

��

��
��
��
��
��

��

�� Raymond Limited

Sd/-

Dr. Binod Kumar Sinha Chairperson appointed by the Tribunal for the Meeting

Mumbai, December 24, 2024

Registered Office:

��

��

��

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75
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��

��

��

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At the Cusp of a New Beginning Lifestyle | Real Estate | Engineering

Annual Report 2023-24

At the Cusp of a New Beginning

Lifestyle | Real Estate | Engineering

�� C �� Cusp of a New B ��

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Caution regarding forward-looking statements

Index

02-31

About Raymond & Year in Review

Raymond at a Glance	02
Our Businesses	04
Chairman and Managing Director’s message	08
Our Strengths	10
Portfolio of Marquee Brands	12
Geographic Footprint	14
��	18
Robust Financials	20
Strategic Initiatives Undertaken	23
��	26
��	28
Leadership Team	30

32-63

Business Review

32-63 Business Review	e
Branded Textile	34
Branded Apparel	38
Branded Personalities	40
Retail	42
Adopting Digitalisation	44
Garmenting	46
High Value Cotton Shirting	48
Engineering	50
Real Estate	52
Denim (Business through JV)	54
Sustainability Highlights	56
Our people	60
Going Beyond	62

Read the Report Online: ��

64-158

Directors’ Report and others

Directors’ Report	65
Management Discussion and Analysis	78
Corporate Governance Report	128

159-251

Standalone financial statements

Auditor’s Report	160
Balance Sheet	172
��	173
Standalone Statement of Cash Flow	174
Standalone Statement of Changes in Equity	176
Notes	177

252-358

Consolidated financial statements

252-358 Consolidated financial statements	8
Auditor’s Report	253
Balance Sheet	264
��	265
Consolidated Cash Flow Statement	266
Consolidated Statement of Changes in Equity	268
Notes	269
Ten Year Highlights	358

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Scan the QR Code to visit our ESG Microsite

��
��
��
��
��

About Raymond & Year in Review

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Raymond at a
Glance
Raymond Limited (Raymond) is an
esteemed Indian conglomerate
with a diversified presence
��
celebrated for its prominence in the
��
a robust foundation in Engineering
and a rapidly expanding footprint
��
��
��
H ��
Consolidated Revenue
H ��
EBITDA
��
EBITDA Margin
��
Exclusive Retail Stores
��
Touchpoints in Branded Textile
��
Cities and Towns
02 Annual Report 2023-24
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Our Values

Trust

�� trust bestowed on Raymond by its stakeholders has ��

Quality

�� Raymond has always been recognised for its high�� testimony to Raymond’s success is its loyal consumer ��

Excellence

�� implementing industry best-practices or delivering a ��

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At the Cusp of a New Beginning
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Raymond Limited 80 03
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At the Cusp of a New Beginning

About Raymond & Year in Review

Our Businesses

Consumer Business

Branded Apparel

Branded Textile

Suiting �� Shirting Park Avenue

ColorPlus

Made to Measure (MTM) Home Textile (Bed & Bath)

Parx

Ethnix by Raymond

Sales

Sales

��

Touchpoints across 600+ cities and towns in India

��

Countries Exported to

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��

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04 Annual Report 2023-24
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Retail

Retail space

��

Raymond Rewards members

��

Global stores in 7 countries

Exclusive Stores

��

Stores in 600+ cities and towns in India

��

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Business to Business (B2B)

Garmenting

High-end suits

Jackets

Trousers Shirts

Sales

��

Countries Exported to

��

Caters mainly to the USA, Europe and Japan

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High Value Cotton Shirting
Cotton
Linen
Sales
��
��
Caters to major
domestic brands
Raymond Limited 81 05
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About Raymond & Year in Review
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At the Cusp of a New Beginning
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Our Businesses

Engineering Business

Tools & Hardware

Steel Files

Cutting Tools

Real Estate

Land parcel at a prime location in Thane, Maharashtra

~120 acres

Joint Venture

Denim

Fabric

Garments

Hand Tools

Sales

Power Tools Accessories

Auto Components

Ring Gears

Flex Plates Bearings

Currently being developed

~40 acres

RERA approved carpet area

��

Countries Exported to

��

Sales

��

Countries Exported to

��

Forays into sunrise sectors of Aerospace, Defense and EV Components Business

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06 Annual Report 2023-24
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Sales

��

Units sold till Mar-24

��

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Strong market presence across the USA, Asia, Europe and domestic markets

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Raymond Limited 82 07
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At the Cusp of a New Beginning

About Raymond & Year in Review

Chairman and Managing Director’s message

At the Cusp of a New Beginning

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�� exhibited the positive actions in form of selling the �� shaping the scalable Real Estate Business and consolidating and expanding the Engineering ��

Dear Shareholders,

It has always been a pleasure writing this annual message and �� for Raymond Group when the Company demonstrated robust performance through the year and carved out a clear way ��

�� shifts as Minilateralism is taking the precedence over Multilaterism and the case in point is when recently India and �� continued proliferation is a sign of its growing importance in ��

�� show resilience against the backdrop of a challenging global ��

�� delighted to share that Raymond is expanding its garmenting �� the capacity once fully commissioned will make Raymond the ��

�� projections indicate that India is poised to surpass Japan �� acknowledged to be the fastest-growing large economy by ��

We achieved the milestone of having

100 exclusive branded outlets of Ethnix by Raymond and the total store count stands at 114 doors. Going forward we will open more doors for this category and will be celebrating with Bharat by adding 100+ of new stores of ��

Unlocking Value

�� terms of stellar business performance and our value unlocking �� debt free post the sale of our FMCG business two years ahead �� there will be two listed companies Raymond Lifestyle Limited ��

Venturing into Sunrise Sectors

FY24 witnessed a major acquisition by Raymond Group after a �� Maini Precision Products Limited (MPPL) by acquiring a majority �� Engineering business as it opens the new landscapes for �� the Auto Components with EV and Engineering Consumables ��

Celebrating with Bharat

The brand Raymond has always been household name and �� had introduced Ethnix by Raymond couple of years ago as a �� are getting glitzier and people are celebrating the various �� achieved the milestone of having 100 exclusive branded outlets of Ethnix by Raymond and the total store count stands at 114 ��

Building trust in Realty

��

�� beyond Thane with three Joint Development Agreements ��

Raymond Group is pegging the future evolution on three vectors of growth viz Lifestyle, Real Estate and Engineering that will create shareholder value and today we stand at the Cusp of a New Beginning.

Expanding the Pedagogy

In line with my stated mission to educate 1 lac children a �� are providing quality education to over one lac students across ��

Financial Year 2023-24 has been a remarkable year for the organisation as we were able to achieve the highest revenue �� has exhibited the positive actions in form of selling the �� the scalable Real Estate Business and consolidating and expanding the Engineering business resulting in ��

Raymond Group is pegging the future evolution on three vectors �� create shareholder value and today we stand at the Cusp ��

Gautam Hari Singhania

��

08 Annual Report 2023-24

09 83

Raymond Limited

At the Cusp of a New Beginning

About Raymond & Year in Review

Our Strengths

��

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Raymond is committed to delighting customers with high-quality offerings �� the trust and respect of millions of �� brands and diverse portfolio reflect �� keeping us at the forefront of fashion ��

Manufacturing Capacity

Manufacturing Excellence

Raymond’s state-of-the-art manufacturing facilities are strategically positioned across �� synergistic ecosystem enables us to deliver world-class products that meet the highest ��

Fabric capacity in S �� Shirting and Denim*

�� T �� V �� Shirts and Denim

~120 mn ��

~13 mn ��

Pan-India Network

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��
Our expertise in catering to global design houses has enabled us to ��
��

Among the largest retail networks in India

Cities and Towns Retail Stores �� Ethnix Stores EBO Network 114 409

Deeper Engagement with Channel Partners

��
��
��

Manufacturing World’s Finest Fabric

250s - worsted suiting fabric 340s - cotton fabric 150 lea pure linen fabric

Strong Market Position

Leader in worsted suiting fabrics in India and among the largest globally
�� and trousers from India
One of the leading players in the Branded Apparel men’s wear segment
Largest installed manufacturing capacities of ��

Ring G �� Flexplates and � ater Pump Bearings

~16 mn ��

Files and drills

~100 mn ��

*Denim manufacturing is in a JV company

Primed for Future Growth

Through our digital transformation evolving consumer preferences and �� the increasing demand for premium more scalable engineering business omni-channel presence across and bridge-to-luxury products �� • Raymond Realty is expanding its presence �� • The integration of Maini Precision in the Mumbai Metropolitan Region (MMR) ��
integration ensures seamless retail �� Engineering business has enhanced �� Agreement (JDA) project in Bandra and
• To stay relevant among younger 25 countries with 11 manufacturing secured two more JDAs in Mahim and Sion demographics and facilitate expansion in our ready-to-wear �� in the MMR have a combined revenue �� our portfolio and improved our pivoted towards casualisation within ��

Raymond Limited 84 11

10 Annual Report 2023-24

At the Cusp of a New Beginning

About Raymond & Year in Review

Portfolio of Marquee Brands

��

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Branded Textile

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�� Largest branded shirting fabric player in India

Branded Apparel

Portfolio of market leading brands in menswear segment

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Real Estate

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Engineering

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��
Brand in Steel Files in India
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Annual Report 2023-24

Raymond Limited 85 13

About Raymond & Year in Review

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----- Start of picture text -----

At the Cusp of a New Beginning
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Geographic Footprint

Our Expansive Reach

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National Presence
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International Presence
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Present in
��
Countries
Retailing stores Tailoring hubs ��
�� 42 48
Mini TRS Plants �� Plant
344 18 4 4
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Raymond Limited 86 15

14 Annual Report 2023-24

Spotlight on our Perfomance

Raymond Group has engaged in diverse businesses and have developed a strong brand portfolio comprising popular brands across three vectors of growth:

Lifestyle Real Estate Engineering

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87
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At the Cusp of a New Beginning

About Raymond & Year in Review

��

Strengthening Business for Sustainable Growth

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Raymond’s steadfast focus on operational efficiency and financial prudence has not only yielded robust financial performance but also paved the way for transformative corporate actions ��

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Dear Shareholders,

The Fiscal 2023-24 will be forever etched as a landmark year in Raymond’s illustrious journey – a year where we exceeded expectations and delivered record-breaking performance through our unwavering pursuit of excellence and well�� [th] consecutive quarter ��

Strategic Divestment Paving Way for Promising Prospects

�� divestment of its FMCG business at an attractive valuation of �� steps towards Raymond’s transformation journey and has led to focus on three core growth business engines: Lifestyle, Real Estate and Engineering ��

�� transformative corporate actions aimed at unlocking shareholder ��

�� a remarkable milestone by becoming net debt-free ahead of its ��

Focused Growth: Lifestyle Business Demerger

�� accelerated growth through the demerger of our Lifestyle Business into �� listed entities - one focused on Lifestyle business and the other on Real Estate & Engineering verticals each of the segment is poised to �� Raymond Lifestyle Limited shall issue 4 shares for every 5 shares held �� growth trajectory and capitalise on emerging opportunities within its ��

��

Investing in the Future: Entering into Sunrise Sectors

�� prominent manufacturer of auto component parts as well as in �� to serve as a valued supplier to leading global automotive OEMs ��

�� on Aerospace & D �� Auto ��

Building India 1,2,3: Expanding with Asset-Light Model

�� combined revenue potential from these three JDA projects in the ��

A Year of Growth and Strategic Expansion

The Branded Apparel segment demonstrated a healthy sales growth �� focus on expanding its distribution reach by opening over 200 new stores during FY2024 bringing our brands closer to customers ��

and casualization initiatives helped the Company in enhancing its �� with the opening of its 100[th] �� This expansion highlights Raymond’s commitment to catering to ��

�� positioning itself to capitalize on the “China Plus One” participation and aligning perfectly with the Government’s “Make in India” �� During the year our Garmenting segment recorded a revenue of ��

The Real Estate business has showcased a strong sales performance �� acceptance of our high-quality products coupled with a fast-paced ��

Unveiling a Brighter Tomorrow

��

�� leveraging an asset-light model through strategic joint development ��

��

Amit Agarwal

��

18 Annual Report 2023-24

Raymond Limited

At the Cusp of a New Beginning

About Raymond & Year in Review

Robust Financials

��

5-year Performance Trend

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----- Start of picture text -----

Revenue from operations EBITDA EBITDA margin
��
9,286 1,575 17.0
��
��
��
881 ��
�� 612
��
135
FY2020 FY2021 FY2022 FY2023 FY2024 FY2020 FY2021 FY2022 FY2023 FY2024 FY2020 FY2021 FY2022 FY2023 FY2024
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----- Start of picture text -----

PAT PAT margin
��
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----- Start of picture text -----

Return on capital employed
��
----- End of picture text -----*

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----- Start of picture text -----

1638 17.6 ��
25.1
529 ��
196 260 ��
��
��
��
NA NA
FY2020 FY2021 FY2022 FY2023 FY2024 FY2020 FY2021 FY2022 FY2023 FY2024 FY2020 FY2021 FY2022 FY2023 FY2024
----- End of picture text -----

Consolidated Financial Highlights

Particulars (JCrore)			Post IndAS 116
	FY20	FY21	FY22	FY23	FY24
Revenue	��	��	��	��	��
EBITDA	612 ~~I~~	135	881	��	��
EBITDA %	9.3% ~~I~~	3.7%	13.9%	15.9%	17.0%
EBIT	�� ~~I~~	��	641	��	��
EBIT %	4.1% ~~.~~	(4.9%)	10.1%	13.0%	13.9%
��	(31) ~~I~~	(455)	413	829	916
PBT %	(0.5%) ~~.~~	(12.5%)	6.5%	10.0%	9.9%
��	196 ~~I~~ ~~I~~	��	260	529	��
��	�� ~~I~~	��	��	��	��
Total Assets	�� ~~I~~	��	��	��	��
Net Debt^	�� ~~I~~	��	��	689	��
��	��	NA	��	��	��
�� �� �� �� �� �� ��

The record-breaking revenue and EBITDA performance underscores Raymond’s ��
��

FY21 performance was impacted due to COVID-19

��

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----- Start of picture text -----

20 Annual Report 2023-24
----- End of picture text -----

21 89

Raymond Limited

At the Cusp of a New Beginning

About Raymond & Year in Review

��

Strategic Initiatives Undertaken

Selling of FMCG Business

Segment Wise Sales Contribution[$]

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----- Start of picture text -----

36% 17% 12% 9% 9% 17%
Branded Textile Branded Apparel Garmenting High Value Cotton Shirting Engineering Real Estate
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----- Start of picture text -----

Branded Textile Branded Apparel Garmenting
��
��
�� 3,450 �� NA �� 1,587 �� 1,139
��
843
��
891
�� 549
��
FY2020 FY2021 FY2022 FY2023 FY2024 FY2020 FY2021 FY2022 FY2023 FY2024 FY2020 FY2021 FY2022 FY2023 FY2024
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----- Start of picture text -----

High Value Cotton Shirting
��
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----- Start of picture text -----

Engineering
��
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----- Start of picture text -----

Real Estate
��
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----- Start of picture text -----

��
��
��
�� 830 �� 812 864 861 1,593
622
��
584 542
��
258
�� 141
FY2020 FY2021 FY2022 FY2023 FY2024 FY2020 FY2021 FY2022 FY2023 FY2024 FY2020 FY2021 FY2022 FY2023 FY2024
----- End of picture text -----

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----- Start of picture text -----

SOLD
FMCG
H 2,825 Cr H 2,200 Cr
RCCL Business
Sale Proceeds Post-Tax Realization
OND G R O U P COM
M P
Y A
A N
R Y
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----- Start of picture text -----

Slump Sale of FMCG business
with trademarks of Park Avenue
��
Kamasutra
----- End of picture text -----

Raymond has divested its FMCG business with the trademarks of Park ��
Raymond Group will retain the condom manufacturing facility at Aurangabad ��
�� Post this ��
The divestment enables Raymond to streamline operations and focus on more ��

�� On aggregate basis of tools & hardware and auto component segments #Revenue recognition based on percentage completion method as per IndAS 115 $Gross of elimination 22* Annual Report 2023-24

23 90

Raymond Limited

At the Cusp of a New Beginning

About Raymond & Year in Review

Crafting new paths

Demerger of Lifestyle Business

RAYMOND GROUP

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3 Distinct Vectors of Growth
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----- Start of picture text -----

Lifestyle Real Estate Engineering Business
• Branded Textile • Thane land ~100 Acre
• Branded Apparel �� Revenue Potential New Co. 1 New Co. 2
• Garmenting • JDA in MMR Region �� Aerospace
• High Value Cotton Shirting 3 Joint Development Projects �� and Defense
Auto Business Business
�� Revenue Potential
• Further Expansion in
MMR - Via JDA
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----- Start of picture text -----

Raymond Lifestyle Ltd. Raymond Ltd.
(To be a listed Lifestyle Company) (Existing Listed Company)
----- End of picture text -----

Raymond has announced the demerger of its lifestyle business into Raymond Lifestyle ��
��
��

Expanding our horizons

��

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�� Maini Precision Products Ltd. (MPPL)

��
��
��
�� C �� C ��
The integration of MPPL is anticipated to unlock operational cost synergies ��
��

Note: Post completion of transaction including regulatory approvals

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24 Annual Report 2023-24
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25 91

Raymond Limited

At the Cusp of a New Beginning

About Raymond & Year in Review

Mitigating Risks Effectively

Risk Governance Architecture

Risk is an integral and unavoidable component of all �� maintains an oversight on our risks and is responsible for reviewing the effectiveness of the risk management �� within our operating framework and we have a well�� and no material weaknesses were observed in their ��

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----- Start of picture text -----

Board of
Directors
Audit
Committee
Risk Management
��
��
Senior Management
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----- Start of picture text -----

Business Unit Management Internal Audit
----- End of picture text -----

Five steps of the Risk Management Process : �� Assess and Prioritise �� Develop Risk R �� Assess Risk Response �� Monitor Communicate & Report

Key Risks and Mitigation Strategies

Financial Risks

Mitigation Strategies

Relevance to us

��
�� manage foreign exchange
��
��
��

Commodity price risks

Mitigation Strategies

Relevance to us

��
�� domestically to balance raw material prices
��
��

Relevance to us

ESG risks

��

�� preservation of environment and ecologies within which the businesses of the Company operate can create an asymmetry between the commercial objectives and �� of governance would mean that the Company is more ��

Data & Cyber-security risks

Relevance to us

Inadequate cyber-security protocols may result

��
��

Talent risks

Relevance to us

��
��

IT risks

Relevance to us

Delays in integrating advanced technologies and information systems into business operations �� operational dependencies and integration ��

Industrial safety risks Relevance to us

Relevance to us

��

Mitigation Strategies

The Risk Management and ESG Committee is constituted as a board-level committee to set the ESG strategy and provide the Management the guidance and wherewithal to implement the same through various initiatives focused on environment and governance
• The HR department is the custodian of the policies and practices designed to provide a safe and sustainable business environment
The Corporate Development function ensures that the ESG initiatives are implemented in line with the regulatory requirements and that the business reports them to the stakeholders
��
��

Mitigation Strategies

��
��
��
��

Mitigation Strategies

�� of learning and development activities
�� talent and prepares them for future leadership roles
��
Exemplary performance is recognized through the ‘Raymond Awards for Excellence’
��

Mitigation Strategies

��
��

Mitigation Strategies

Regular safety trainings and programmes are conducted
�� (HIRA) technique are undertaken
��

26 Annual Report 2023-24

Raymond Limited

At the Cusp of a New Beginning

About Raymond & Year in Review

Profile of the Board of Directors

Gautam Hari Singhania Chairman & Managing Director
Nawaz Singhania Non-Executive Director

S L Pokharna Non-Executive Director

Mukeeta Jhaveri Independent Director M M M M

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�� Raymond Limited in 1990
Elevated to the position of Chairman & Managing Director in 2000
Steered Raymond Group to emerge as an internationally reputed fabrics-to-fashion player
Established a reputation for being an astute and creative entrepreneur
Carved a niche for herself on the back of her aggressive zeal in the realm of creative design
�� commercial functions
Financial Services professional and held leadership roles in DSP Merrill Lynch and DSP Blackrock Mutual Fund
��

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----- Start of picture text -----

Dinesh Lal � ��
Independent Director
industry
• Instrumental in setting up new business ventures and
M C M C C ��
ground between companies and government bodies
Ashish Kapadia
Independent Director • Established and managed several businesses across
��
M M C M � ��
business of hospitality and gaming since April 2009
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K. Narasimha Murthy Independent Director � •
C M
��
Associated with the development of Cost & Management �� covering more than 50 Industries

	Audit committee -Chairperson Audit committee- Member C M 0 •
	Nomination and remuneration committee- Chairperson Nomination and remuneration committee- member C M 0 •
	CSR committee-Chairperson CSR committee-member C M 0 •
	Stakeholder relationship committee-Chairperson Stakeholder relationship committee-Member C M 0 •
	Risk management committee- Chairperson Risk management committee-member C M 0 •

28 Annual Report 2023-24

Raymond Limited 93 29

At the Cusp of a New Beginning

About Raymond & Year in Review

Leadership Team

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Gautam Hari Singhania
Chairman & Managing Director
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�� Managing Director in 2000

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Amit Agarwal
Group CFO
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�� Aviation and Energy Sectors

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Jatin Khanna
Head – Corporate
Development
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�� Investor Relations and Reporting & Controlling functions

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S L Pokharna
Non-Executive Director
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�� and commercial functions

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K A Narayan
President – Human
Resources
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�� heading HR functions

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Sunil Kataria
��
Lifestyle
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��
transformation across leading consumer companies
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Harmohan H Sahni
��
Realty
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��

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Arvind Mathur
��
Denim
��
business leadership in Asian and global markets
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Balasubramanian V
Managing Director –
JK Files & Engineering Ltd
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��

31 94

Annual Report 2023-24

Raymond Limited

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95
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Business Review

We believe that ensuring quality is key to cultivating lasting relationships with customers.

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At the Cusp of a New Beginning

Business Review

Branded Textile

Raymond’s Branded Textiles segment continues to be the flagship business of ��

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Key Highlights of the Year

The Suiting business registered growth ��
�� a wide variety of wool categories and �� which received positive feedback from ��
�� growth driven by enhanced performance �� cotton blend categories also grew well ��
Our Made-to-Measure (MTM) business �� due to the increased demand for ��
�� considerable volume growth owing to increased consumer expenditure on ��
�� particularly in the US and European ��
�� focus on cost rationalisation led to an improvement in our EBITDA margin ��

Innovative Product and Service Offerings

��
��
Increased digital print portfolio with the development of ��
��
�� providing customers with varied choices that meet their ��
�� with its unique bold designs and styling woes among the ��
�� featuring designs varying from stripes to subdued checks ��
��
�� a superior range of black suiting fabrics known for
- Franchise led tailoring hub network of 42 operational ��
��
��

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34 Annual Report 2023-24

Raymond Limited 96 35

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Business Review At the Cusp of a New Beginning
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Core Strengths

�� has become one of the most preferred textile and apparel ��

Manufacturing Excellence

One of the world’s largest horizontally and vertically ��
��

State-of-the-Art Facilities Across

Vapi (Gujarat)
Chhindwara (Madhya Pradesh)
Jalgaon (Maharashtra)
Aggregate capacity of ~43 million metres of suiting fabric across ��

A Wide Array of Innovative Products and Services

��
Extensive choices across price ranges to suit ��
‘Made-to-Order’ platform is one of the unique services ��

Extensive Reach

��
��
�� Outlets) and TRS (The Raymond Shop) network across Tier I ��

Segment Summary

Enduring Trade Relationships

Raymond’s channel reach is reinforced by enduring trade relationships – unmatched by any other consumer player �� associated with the organisation across generations for ��

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----- Start of picture text -----

relationships – unmatched by any other consumer player Sales EBITDA
��
associated with the organisation across generations for ��
��
��
Challenges
• The fabric business faces increasing competition 3,450 721
��
��
��
��
��
��
��
�� FY2023 FY2024 FY2023 FY2024
• The tailoring community’s limited technical knowledge and
lack of formal training undermine their ability to compete Sales Volume
�� B2C
Suiting �� Shirting ��
Strategic Outlook
59 20
• Focus on premiumisation and new product development in 56 19
��
gaps and strengthen new product categories
��
��
��
��
�� FY2023 FY2024 FY2023 FY2024
expected to drive future growth by meeting increasing
��
• Expanding the distribution network to reach deeper into Product Mix �� Channel Mix ��
�� 2
20 28
• Developing the tailoring ecosystem through skill 35
��
• Driving growth in the home business through multiple
�� 15
�� 22
Suiting Shirting MTM �� TRS
MBO Others
Include gifting solutions (Suiting and Shirting fabric)
Raymond Limited 97 37
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Annual Report 2023-24

At the Cusp of a New Beginning

Business Review

Branded Apparel

��

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Strong performances by Parx and Ethnix by Raymond ��

Key Highlights of the Year

��
ColorPlus with its Chinos and Park Avenue with Stretchable ��
��
��

38 Annual Report 2023-24

��
�� earned the prestigious ‘Emerging Brand of the Year’ award ��

Strategic Outlook

�� • Focusing on strategic expansion and aiming to open a ��
Prioritizing product development with a focus on ��

Core Strengths

��
Strengthen omnichannel capabilities by collaborating with major online marketplaces to enhance curated online ��
Uniquely positioned to cater to every occasion with four ��
Intend to fuel growth with ‘Ethnix By Raymond’ as it taps into the exponentially growing segment of ��
Raymond continues to be among the top three menswear �� accessories to suit every budget and cater to India’s ��
�� tech-enabled supply chain infrastructure and aggressively ��

Challenges

��
The industry faces the challenge of a shortened product cycle due to rapidly evolving fashion trends and ��
Intense competition from value-based retail formats and a surge of international fashion brands have led to ��

Segment Summary

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----- Start of picture text -----

Sales EBITDA Sales Channel Mix Brand Sales Mix
(Revenue Mix) �� (Revenue Mix) ��
��
�� 11
�� 26 16 34
1,587 189 15
�� 144
�� 19 23 19 20
TRS EBO MBO PA �� CP PARX
LFS Other ��
FY2023 FY2024 FY2023 FY2024
Raymond Limited 98 39
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Business Review

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At the Cusp of a New Beginning
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Branded Personalities

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----- Start of picture text -----

��
a spectrum
of consumer
LUXURY
preferences
PREMIUM
ACCESSORIES
MASS
SPORT
OCCASION
VALUE LEISURE
��
CLASSIC CONTEMPORARY EDGY
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Raymond Park Avenue
��
��
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----- Start of picture text -----

ColorPlus
The young achiever who is reaping the fruits
��
Parx ‘Ethnix by Raymond’
��
��
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40 Annual Report 2023-24

Raymond Limited 99 41

At the Cusp of a New Beginning

Business Review

Retail

�� organised textile retail segment and providing customers with an exclusive fabric��

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��
The launch of over 200 stores in the previous year widened our distribution reach and propelled sales growth ��
��[th] ��
��
�� which is likely positively impact customer experience ��
��

Strategic Outlook

�� to deepen the EBO network even further across the ��

Strategic rollout and scaling of the ‘Ethnix by Raymond’ �� stores in the next 12 to 18 months through a predominantly ��

Key Highlights of the Year

The EBO business continued to focus on enhancing �� portfolio while expanding omnichannel penetration ��
Our objective is to expand our customer base through ��
��
Enhance the overall tailoring experience by certifying TRS ��

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modules will be customised to ensure tailors are well��

��
Maintaining a persistent focus on key performance �� inventory management to ensure an evolved and delightful ��

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Retail Stores

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114 223
�� during the year Closures during the year Additions ��
316 149 409
40
44
�� 54 56 66 ��
4 8
March 2023 TRS MTM [] EBO [$] March 2024
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$ �� TRS-The Raymond Shop MTM-Made To Measure EBO-Exclusive Brand Outlets

42 Annual Report 2023-24

Raymond Limited 100 43

At the Cusp of a New Beginning

Business Review

Adopting Digitalisation

Our top priorities for the year under review were improving the omnichannel customer ��

Raymondmart.com

Digital Experiences

�� further enables the creation of customised personal graphical ��

�� leverages data insights to optimise resource allocation and ��

Gifting Moments

Key features

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�� Personalised Data-Driven Platform Experience ��

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Sentiment Solution

��

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RayPulse

��
�� captures real-time data from Customer Relationship �� multi-brand and LFS
�� sales companion that �� achievement dashboard
��

�� sales productivity module guarantees easy access and use while incentivising sales team members

��

Raymond Limited 101 45

44 Annual Report 2023-24

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Business Review At the Cusp of a New Beginning
Our Garmenting Unit is a white-labelled manufacturer and an integrated supplier Segment Summary
��
�� Sales Trousers & Shirts
leading international brands while continuing to serve as a reliable partner for our
�� mn pieces
�� India
��
1,139
�� mn pieces
Ethiopia
Challenges
• Frequent disruptions in the global supply chain and high freight Exports Contribution
��
The ongoing Red Sea crisis and geopolitical issues also pose ��
�� FY2023 FY2024
• Increasing competition from neighbouring Asian countries
�� EBITDA
free trade agreements with European regions are putting Exports Presence
��
• �� Mainly US,
�� Europe and
Strategic Outlook Japan
109
��
to stronger business relationships with existing customers 84
and presenting multiple opportunities for new markets and �� Exports Contribution
��
��
• By including women’s tailoring and high-value tailored casual Countries
��
�� FY2023 FY2024
�� to digitalise business activities across the entire value chain �� Volume sold (mn pieces) Leadership
�� Largest exporter of
• The Garmenting Business is likely to witness strong demand ��
�� 5.7 jackets and trousers
�� from India to the world
��
��
expansion in Indian and Ethiopian facilities is expected to drive
��
FY2023 FY2024
Raymond Limited 102 47
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Garmenting

Our Garmenting Unit is a white-labelled manufacturer and an integrated supplier �� leading international brands while continuing to serve as a reliable partner for our ��

Key Highlights of the Year

��
Continued to witness high demand in the US and European markets from our existing and newly ��
Further strengthened our position as one of the largest ��
�� also aligned with the Government of India’s Make ��

Core Strengths

�� shirts and scalable made-to-measure hybrid casual ��
Our vertically integrated operations ensure faster response ��
�� and the US use 3D prototyping and textile ��
��

46 Annual Report 2023-24

Business Review

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At the Cusp of a New Beginning
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High Value Cotton Shirting

�� The product range includes premium cotton and linen shirting and bottom-weight ��

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��
Our focus on enhancing product mix and enhancing value proposition in challenging market conditions led to a steady ��
��
Collaborating with renowned international designers ��

Core Strengths

��
Strategically positioned near major weaving clusters in the ��
Our strong product development team consistently ��

Key Highlights of the Year

��
�� revenue through the sale of surplus yarn at higher prices ��

Challenges

��
��

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Strategic Outlook

��
�� footprint and enter into new markets while also ��
�� we are sharpening our focus on innovation and the ��
��

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----- Start of picture text -----

Segment Summary
Sales Volume sold (mn metres)
��
�� 27.0
830
��
FY2023 FY2024
FY2023 FY2024
Capacity
Kolhapur Plant
EBITDA �� mn metres
��
Amravati Plant
��
(Linen)
95
85 �� mn metres
��
Linen and Blended Fabric
��
FY2023 FY2024 of linen yarns
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Raymond Limited 103 49
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48 Annual Report 2023-24

At the Cusp of a New Beginning

Business Review

Engineering

Our Engineering Business is engaged in the manufacturing and distribution of ��

==> picture [204 x 123] intentionally omitted <==

Key Highlights of the Year

The acquisition of MPPL has enhanced �� Defence and Electric Vehicle (EV) �� for substantial expansion in these high��
�� a composite scheme of arrangements will consolidate all the 3 businesses �� other will cater to the auto components with EV and engineering consumables �� its unique path of growth with a primary ��

==> picture [204 x 122] intentionally omitted <==

The domestic market recorded considerable growth driven by demand ��
��
Core Strengths Segment Summary Capacity (mn pieces) • �� Sales[*] Files (Dozen) ��
• Has a diverse portfolio of complex and high-quality �� precise engineering and automotive components that �� 864 ~~861~~ Drills
• Besides being one of the major producers of Steel Files ��
�� Ring Gears �� FY2023 FY2024
�� pan-India dealer network and extensive distribution �� EBITDA[*] �� marquee domestic and international Original Equipment �� Flex Plates
Challenges ��
• The global macroeconomic environment facing heightened �� 122 122
��
Strategic Outlook �� business to better serve Tier 1 manufacturers �� sectors by leveraging our comprehensive product FY2023 FY2024 ��

==> picture [161 x 87] intentionally omitted <==

��
��
�� our manufacturing and supply chain processes ��

��

50 Annual Report 2023-24

Raymond Limited 104 51

At the Cusp of a New Beginning

Business Review

Real Estate

�� helped us to quickly gain customer confidence and achieve a positive booking momentum; thereby establishing Raymond Realty as one of Thane’s successful �� a Joint Development Agreement (JDA)-led business model in the Mumbai ��

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----- Start of picture text -----

Projects RERA Carpet Area Total Units Planned Units sold
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TenX Habitat	10 towers with	��	~91%
	��	��
The Address by GS	2 towers with	551	~92%
	��	��
		5BHK & above: 45)
TenX ERA	3 towers with	905	~42%
	��	(3BHK: 301; 2BHK: 604)
The Address by GS	2 towers with	440	~52% of
Season 2	��	��	launched inventory
		160; 3BHK: 260)
Invictus By GS	1 tower with	102	~40% of
	��	��	launched inventory
The Address by GS	8 Towers with	��	~62% of
Queens Court (JDA)	��	��	launched inventory
		215; 4BHK & above: 68)

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Key Highlights of the Year

Delivered stellar performance with the total value of ��
�� continued its momentum with the launch of two new ��
There is a challenge of aligning their operations with ��
�� overwhelming response from customer and we have sold ��
�� to the realty sector and the potential price hikes may not ��
�� revenue potential from these three JDA projects in the ��

Strategic Outlook

��
Core Strengths Thane into the Mumbai Metropolitan Region (MMR) �� well-developed civic and social infrastructure including new joint ventures that we have secured in Mahim and �� seamless connectivity with the Eastern Express Highway �� prestigious Singhania schools adds to the attractiveness �� • The ongoing development on 100 acres of prime Thane ��
• Projects include well-designed expansive landscaped ��
Projects include well-designed expansive landscaped �� into the master plans and product designs of these ��
The business is further unlocking value and evaluating ��
��
• Ability to swiftly respond to customer feedback has helped ��
�� have further strengthened our position in the 2BHK and Segment Summary
��
• Led by a management team with extensive industry Sales EBITDA �� consultants and contractors to ensure that the highest �� ~~370~~ 1,593
Challenges �� • The need for numerous sanctions and approvals through �� intricate and lengthy procedures to initiate project �� FY2023 FY2024 FY2023 FY2024

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52
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53 105

Annual Report 2023-24

Raymond Limited

At the Cusp of a New Beginning

Business Review

Denim

Raymond UCO Denim Private Limited manufactures and markets wide range of high ��

==> picture [333 x 299] intentionally omitted <==

Key Highlights of the Year

Inducted new US customers and launched value��
��
Introduced the sale of specialised yarn and greige fabric in the market to utilise idle capacity and generate ��

Core Strengths

Strong in-house research and development capabilities coupled with experienced operations ��
Design capabilities and commitment to environmental consciousness generating more appeal from international ��
��
Integrated fabric to fashion one-stop solution to cater to ��

Challenges

Denim business experienced continued slowdown in both ��
There has been a shift in consumer preferences away from ��
Underutilised capacities among competitors have led ��

Strategic Outlook

��
��
��
Pursuing ‘asset-light’ expansion in garmenting to increase ��

Sales

��

Export Countries

��

Presence: Strong market �� Europe and domestic markets

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54 Annual Report 2023-24

Raymond Limited 106 55

Sustainability Highlights

At the Cusp of a New Beginning

FY 2024 Sustainability Highlights

	S&PGlobal Ratings	Raymond Score 60 Top10 Global Top3 in India Raymond Industry Rank (Textiles & Apparel)	Raymond Score 60 Top10 Global Top3 in India Raymond Industry Rank (Textiles & Apparel)	r SUSTAIN,ALYTECS	r SUSTAIN,ALYTECS	Raymond Score 17.0 (Low Risk) 96 out of216 Raymond Industry Rank (Textiles & Apparel)	Raymond Score 17.0 (Low Risk) 96 out of216 Raymond Industry Rank (Textiles & Apparel)
R R D S � o � a O s E ► ~~r~~ ~~Il~~	8% enewable Energy 38% eduction in Air Emissions 4% ecrease in cope 1 & 2 Emissions <1% �� f generated waste � 10,28,681 KL �� fter consumption I s Zero perations in ecologically ensitive areas NVIRONMENT @ C, ~~Dl~~ ~~w~~ ~~l~~ ~~T1I~~ ~~~~~ - ~	9% �� 1 Plant ZLD 30.25% Capex investments to improve environmental impacts 2% Reduction �� 40% ncrease in Renewable Energy Zero �� tress areas 2 E Z D 0 � Z F 7 � 6 � S ► @ ~~R~~ -""" ~~I~~ ~~rnJ~~ i (F ~~!~~J d&_ II, @	,133 mployees ero ata Breaches .44% �� ero atalities 0.68 LTIFR .6% �� ,340 �� OCIAL ~~~~~ ~~M~~ ~~Zll~~ Q') ~~.(~~_ ~~_A~~	14 �� 151 Days of accounts payables 12.16% Employee Turnover Rate 100% �� 73% Customer NPS Score 13% Employee Gender Diversity ► ~ &i @ {00 ~~8~~ ~~~~~	GOVERNANCE 28% �� 57% Independent Directors I 3 years Average Tenure of Independent Directors Zero Instances of bribery or corruption 7 Board of Directors I I 8.5 years Average Tenure of Board of Directors ~~u~~ Q {00 0) a ~ 0)		100% ndependent Directors with < 10 years tenure <10 Memberships<5 Chairpersonships of all directors 100% ndependent Directors on Audit & NRC Committee 100% ndependent Directors on RMC & ESG Committee 9 Board Meetings held <5 Listed Directorships of all Directors = rh - - A §]j],, A §]j],, A §]j],, ~~§I~~ ~~-~~ ~~i~~.

56 Annual Report 2023-24

Raymond Limited 107 57

ESG Commitments

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----- Start of picture text -----

At the Cusp of a New Beginning
----- End of picture text -----

Our Commitments

==> picture [738 x 377] intentionally omitted <==

----- Start of picture text -----

��
reduce
Scope 1 &
Scope 2
emissions to
progress towards
decarbonized
pathway
underway
Zero Liquid Discharge
(Chhindwara Plant) by
2024
Commitment to abide by Continue to have
Code of Conduct & Ethics Zero
Fatalities
��
hazardous chemicals by
��
2030
2030
��
of packaging materials used by
2030 ��
renewable sources by
�� gender diversity by 2030
2030
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58 Annual Report 2023-24

Raymond Limited 108 59

At the Cusp of a New Beginning

People

Our People: The Heart of our Business

�� believe in nurturing and accelerating growth through continuous learning ��

Talent Development and Retention

are focused to address both the development areas and ��

The Raymond Leadership Academy continues to anchor �� the Leadership Academy has also launched the Raymond Masterclass where internal subject matter experts give �� experts enable the participants to understand how the concepts are taught by the faculty members of Indian Institute ��

�� is implemented to ensure that our workforce is being paid �� education and competitive pay helped in retaining critical talent ��

�� also launched the Functional capability development under ��

�� participants upon sharing their experience with other team ��

Interested employees have to pass a pre-test to qualify to take �� by internal subject matter experts along with the faculty of �� The course content is designed to provide a unique blend of �� ensuring that employees can link their education to experience ��

Action Learning Projects serve as the foundation for applying �� Governance Board ensure the project deliverable align with ��

Regular connections are made with the participants along their managers to review daily performance and to identify �� of the learning experience and focus by the management �� people managers hold career conversations to map interim ��

�� summer interns from premier management institutes to �� undergo a structured learning programme for one year before ��

Awards

�� is provided to every participant highlighting the strengths and ��

The Raymond Awards for Excellence continues to attract bright ��

��

Diversity

��

Engagement

Raymond has always been known for nurturing a closely �� endeavour towards building the best employee experience and ��

�� analyses the data received from the employees and suggests �� Employees appreciate AMBER as their queries can now be ��

�� sharing and achieving work synergies for better customer ��

An underlying principle of House is to foster a sense of ��

of Houses breaks away from silo working and fosters inter��

�� are motivated to contribute actively to their respective Houses �� women candidates or referring potential customers for our �� monthly dashboard is circulated with scores of each House and ��

We Care – Raymond’s Employee Assistance Program

��

To help employees cope with challenges at work or at �� the organisation in association with 1to1 Help for employees aims to enhance the overall well-being to cope with any crisis �� an overwhelming response and support for this initiative and ��

Raymond – A Great Place to Work

Raymond is happy to announce that for this year as well both our Lifestyle and Realty business have bagged the coveted �� detailed survey and feedback from employees across ��

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Raymond Limited 109 61

Annual Report 2023-24

At the Cusp of a New Beginning

Beyond Business

Going Beyond

CSR intiatives

Integrated Livestock Development Project

�� Integrated livestock development centre is a unique proposition ��

Social Outreach Through Education

�� Charitable Trust established with objective of creation and �� the Trust supports Sri Venkateswara High & Elementary School in Tirumala to ensure less-privilleged students can access ��

Safe and Hygienic Place to Stay for Families of Children Undergoing Cancer Treatment in Cities

�� remote villages and other backwards districts to treat their �� provides transport facilities as well as recreational facilities and ��

The Raymond Group’s CSR Contribution supported the ��

Cancer Survivorship and Rehabilitation Project

�� compassionate and non-judgmental therapists to help �� The occupational therapy unit provides treatment for �� or improving physical tolerance of patients during and after ��

==> picture [162 x 96] intentionally omitted <==

rehabilitation services support cancer patients who need to ��

Transforming the Young into Concerned, Thinking and Active Citizens

CMCA’s Citizenship and Life Skills programmes transform ��

�� entered into an MOU with Rural Development and Panchayat �� Gram Panchayat Libraries across Karnataka villages to conduct ��

Help Educate the Children of our Communities

�� provides quality education to create a brighter future for �� students to reach their full potential and become active ��

Save the Little Hearts

Rotary Club of Thane Premium has partnered with Jupiter hospital for providing free paediatric heart surgeries for the �� Raymond Group has supported 50 paediatric heart surgeries ��

Angels for Animals

�� sterilisation of stray and community cats and dogs through their Sterilization programs and organises sterilisation camps ��

Services for Marginalised Children

�� All People Together) is a Non-Government Organisation (NGO) �� for parents sensitisation and empowerment at their centres at ��

Running the Orthotics Centre

�� and services mobility aids to empower physically challenged ��

Raymond Tailoring Initiatives

Raymond has been at the forefront in enriching the tailoring ��

Our focussed training and development initiatives have empowered the tailoring community by helping them upgrade �� assess current skills as well as promote skill upgradation and improvement of customer management capabilities of the ��

��

�� helps the Company provide customers with an array of ��

�� Tailors’ Day as well as hosting the annual event Kaun Banega �� the strength of our network and also identify talent within �� broaden the horizon of our master tailors and foster growth ��

�� training program in partnership with the Government to train �� also helps the trainees to develop the skills and knowledge ��

Singhania Schools

The Raymond Group is committed towards providing quality ��
Singhania school have implemented innovative learning initiatives that use progressive methodologies and ��
�� an unique child-centric approach to provide a holistic ��
Our Schools has a consistent track record of high ��
��

62 Annual Report 2023-24

Raymond Limited 110

Directors’ Report Management Discussion & Analysis

111

Statutory Reports

At the Cusp of a New Beginning

Directors’ Report

Dear Members,

Your Directors are pleased to present the Ninety-Ninth Annual Report on the business and operations of the Company (‘Raymond Limited’ or ‘RL’) together with the Audited Financial Statements for the financial year ended March 31, 2024 (“year under review”).

1. CORPORATE OVERVIEW AND GENERAL INFORMATION

The Company was incorporated in 1925 and has thereafter transformed from being an Indian textile player to a large, diversified group with leadership position in Textile and Apparel sectors and enjoys a formidable position across industries such as Engineering and Real Estate.

With a strong financial performance during FY2023-24 by all the businesses in the Raymond Group and purposeful strides on strategic milestones, the Company is making steady progress towards its objective of value creation for all stakeholders.

The business continues to build capacities for enhanced performance and delivery across verticals with innovative products and services as well as technology adoption that includes digitisation and automation. As the inevitable march of technology continues, the Company has positioned itself at the forefront of this movement to enable futuristic growth and sustained value creation backed by future-ready eco-systems, AI, machine learning, advanced analytics, and more.

The ongoing demerger of lifestyle business will enable us to unlock the potential of the Lifestyle Business through a new listed entity with existing business of Branded Textile, Branded Apparel & Garmenting. The Company is exploring newer avenues to continue to enhance shareholder value. With this objective, the Company has forayed into sunrise sectors of Aerospace, Defense and EV components business.

The Indian economy is expected to continue its journey of growth, with key demand driver being its growing population of young and aspiring professionals. This presents an opportunity for the Raymond Group as the Company has aggressively expanded its retail network across the country.

During the year, the Company’s Real Estate business delivered stellar performance showing customer confidence and acceptance of Company’s high-quality product coupled with a fast-paced construction momentum in the ongoing projects. The first 3 towers of the Company’s project - TenX Habitat were delivered 2 years ahead of RERA timeline which helped build customer confidence and trust in the Company. In a bid to expand the Real Estate business, the Company has adopted the strategy of Joint Development Model and the Company’s first JDA project in Bandra, Mumbai has witnessed strong booking momentum, which demonstrates our capability and trust built with the customers.

2. FINANCIAL SUMMARY AND STATE OF COMPANY AFFAIRS

A summary of your Company’s financial results for the FY2023-24 is as under:

			(Hin Crore)	(Hin Crore)
Particulars	Standalone		Consolidated
	March 31, 2024	March 31, 2023	March 31, 2024	March 31, 2023
Revenue from operations	6593.32	5779.56	9019.51	8214.72
OperatingProfit /(Loss)	741.35	662.07	915.70	829.06
Tax Expenses / Credit(Incl. Deferred Tax)	(176.49)	(150.44)	(222.67)	(200.35)
Minority Interest and Share in Profit of Associates & Joint Ventures	-	-	5.30	7.79
Profit after Tax	526.67	410.46	1643.07	536.96

The Standalone Gross Revenue from operations for FY2023-24 was H 6593.32 crore (Previous Year: H 5779.56 crore) registering a growth of 14% over previous year. The Operating Profit increased by 12% from H 662.07 crore in the previous year to H 741.35 crore in the current year. The Net Profit for the year stood at H 526.67 crore, higher by 28% over previous year Profit of H 410.46 crore.

The Consolidated Gross Revenue from operations for FY2023-24 was H 9019.51 crore (Previous Year: H 8214.72 crore) registering a growth of 10% over previous year. The Consolidated Operating Profit increased by 10% from H 829.06 crore in the previous year to H 915.70 crore in the current financial year. The Consolidated Profit after tax

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stood at H 1643.07 crore, higher by 205% over previous year profit of H 536.96 crore.

The Standalone Segment Revenue from operations for FY2023-24 (a) Textile: Branded Fabric was H 3443.26 crore (Previous Year: H 3360.40 crore), (b) Real Estate and Development of property H 1592.65 crore (Previous Year: H 1115.14 crore).

There are no material changes or commitments affecting the financial position of the Company which have occurred between the end of the financial year and the date of this Report except those which are disclosed in this Report. There were no material events that had an impact on the affairs of your Company.

There is no change in the nature of your Company’s existing business during the year under review. The Company has acquired Engineering and Aerospace business through its subsidiary companies during FY2023-24. Further, the FMCG business of Raymond Lifestyle Limited (formerly known as Raymond Consumer Care Limited), an associate company was sold for a total consideration of H 2,825 crore during the year under review.

payment of final dividend is subject to the approval of the shareholders at the ensuing Annual General Meeting ("AGM") of the Company and would result in appropriation of H 66.57 crore (inclusive of TDS).

As per the Income Tax Act, 1961, dividends paid or distributed by the Company shall be taxable in the hands of the shareholders. The Company shall, accordingly, make the payment of the final dividend after deduction of tax at source.

The dividend recommended is in accordance with the Dividend Distribution Policy of the Company. The Dividend Distribution Policy, in terms of Regulation 43A of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”) is available on the Company’s website at https://api.raymond.in/uploads/ investor/1662102247469Dividend%20Distribution%20 Policy.pdf

During the year under review, the Company has not transferred any amount to any of the reserves maintained by the Company.

5. SCHEME OF ARRANGEMENT AND ACQUISITION

3. SHARE CAPITAL

The paid-up Equity Share Capital as at March 31, 2024 stood at H 66.57 crore. There was no change in the paid-up share capital during the year under review. The Company does not have any outstanding paid-up preference share capital as on the date of this Report.

During the year under review, the Company has not issued any shares with differential voting rights or sweat equity or warrants.

As on March 31, 2024, none of the Directors of the Company hold instruments convertible into Equity Shares of the Company.

There is no instance where the Company failed to implement any corporate action within the specified time limit.

During the year under review, 14,02,886 stock options were granted and 9,00,945 stock options were active as on March 31, 2024.

4. DIVIDEND AND RESERVES

Considering the profits of the Company and the fact that the next year would be a centenary year, the Board of Directors have recommended payment of H 10 (Rupees Ten only) (100%) per equity share of H 10 (Rupees Ten only) each as final dividend for the FY2023-24. The

Scheme for demerger of Lifestyle Business

The Board of the Company at its meeting held on April 27, 2023 approved the Composite Scheme of Arrangement between Raymond Limited and Raymond Lifestyle Limited (“RLL”) (formerly known as Raymond Consumer Care Limited) and Ray Global Consumer Trading Limited and their respective shareholders (“Scheme”).

The Scheme inter-alia provides for:

Demerger of the lifestyle business from Raymond Limited (“RL”) and the lifestyle business carried out through subsidiaries of RL along with its strategic investment in Ray Global Consumer Trading Limited (“RGCTL”) into RLL and issuance of equity shares of RLL to all the shareholders of RL through Composite Scheme of Arrangement (“Demerger”); and
Amalgamation of RGCTL with RLL along with the consequential reduction and cancellation of the paid-up share capital of RLL held by Ray Global Consumer Trading Limited.

Consequent to the Scheme becoming effective, Raymond Limited will continue to carry on the Real Estate business along with Engineering and Denim business by itself and through its subsidiaries. Raymond Limited and RLL will be two listed entities with significant liquidity surplus available for growth. This will facilitate focused investor opportunities and better access to capital with a clear

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strategy and specialization for sustainable growth and profitability for both Lifestyle and Real Estate business.

The Scheme is in the final stage of approval with the Hon’ble National Company Law Tribunal.

Acquisition of Maini Precision Products Limited and Scheme for consolidation of Engineering Business between subsidiary companies

During the year under review, the Board of Directors of Ring Plus Aqua Limited (“RPAL”), step-down subsidiary of Raymond Limited, approved the acquisition of the business of Maini Precision Products Limited (“MPPL”) by way of secondary acquisition for a total cash consideration of H 682 crores such that RPAL shall directly own 59.25% shareholding in MPPL in accordance with the share purchase agreement entered by and between RPAL and shareholders of MPPL. The acquisition enabled Raymond group to foray into sunrise sector such as aerospace, defence and electric vehicle component space.

The Board of Directors of JK Files & Engineering Limited (“JKFEL”), wholly owned subsidiary of the Company, RPAL and MPPL at their respective board meetings held on November 3, 2023, approved consolidation of engineering business into JKFEL Tools and Technologies Limited (“JKTTL”),newly incorporated wholly owned subsidiary of Raymond Limited by way of a Composite Scheme of Arrangement between JKFEL, RPAL, MPPL and JKTTL and their respective shareholders.

6. MATERIAL TRANSACTIONS POST THE CLOSURE OF FINANCIAL YEAR

The Scheme of arrangement for consolidation of Engineering Business was further amended by the Board of Directors of respective subsidiary companies at their meetings held in the month of May, 2024. The amended Scheme envisages demerger of aerospace and defence business of JKTTL into Ray Global Consumer Enterprise Limited, a wholly owned subsidiary of the Company.

7. DEBT SECURITIES & CREDIT RATING

During the year under review, your Company has not issued any new listed Debt Securities. In accordance with the repayment schedule, Non-Convertible Debentures (“NCDs”) issued under Series L, M and N were redeemed by the Company during the year under review.

The details of listed NCDs outstanding as on March 31, 2024 are as under:

Series	Date of allotment	Amount (Hin Crore)	Coupon	Redemption date/ Schedule	Credit Rating at the time of NCD issue
Series P	February 10, 2021	200	9.00% p.a.	Equal Instalments on February 09, 2028; February 09, 2029; February 09, 2030; February09,2031	CARE AA-
Series Q	December 27, 2021	100	7.60% p.a.	December 26, 2024	CARE AA-
Total		300	-	-	-

Axis Trustee Services Limited is Trustee for aforesaid NCDs.

During the year, the Company had issued 17,000 NCDs amounting to H1,700 Crore to RLL, an associate company of the Company for repayment of external debt and growth capital. On approval and implementation of the Composite Scheme of Arrangement dated April 27, 2023 all inter company balances between RL and RLL shall stand cancelled.

Thus, in effect, NCDs invested by RLL will get cancelled. The investment made by RLL into RL has reduced debt of the lifestyle business resulting in savings of interest being incurred on such debt.

8. FINANCIAL STATEMENTS

Your Company has consistently applied applicable accounting policies during the year under review. Management evaluates all recently issued or revised accounting standards on an ongoing basis. The Company discloses consolidated and standalone financial results on a quarterly basis which are subjected to limited review and publishes consolidated and standalone audited financial results on an annual basis. There were no revisions made to the financial statements during the year under review.

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The Financial Statements of the Company are prepared in accordance with the applicable Indian Accounting Standards (“Ind-AS”) as issued by the Institute of Chartered Accountants of India and forms an integral part of this Report.

Pursuant to Section 129(3) of the Companies Act, 2013 (“Act”) read with Rule 5 of the Companies (Accounts) Rules, 2014, a statement containing salient features of the financial statements of Subsidiaries/Associate Companies/Joint Ventures is given in Form AOC-1 and forms an integral part of this Report.

9. RELATED PARTY TRANSACTIONS

The Company undertakes related party transactions with its subsidiaries and group companies engaged in manufacture and trading of textiles, branded apparel and garmenting business.

The Audit Committee approves all the Related Party Transactions in compliance with the provisions of the Act and Listing Regulations. Omnibus approval is obtained on a yearly basis and as and when any increase in limit is required for transactions which are repetitive in nature. Transactions entered into pursuant to omnibus approval are verified by the Corporate Risk Assurance Department and details of all related party transactions are placed before the Audit Committee and the Board for review and approval/ noting on a quarterly basis.

All transactions entered with related parties during the year under review were on arm’s length basis and not material in nature in terms of Section 188 of the Act and thus a disclosure in Form AOC-2 in terms of Section 134 of the Act is not required. There were no material related party transactions during the year under review with the Promoters, Directors or Key Managerial Personnel of the Company.

Details of all related party transactions are mentioned in the notes to financial statements forming part of the Annual Report. The Company has developed a framework for the purpose of identification and monitoring of such related party transactions.

The Company has put in place a mechanism for certifying the related party transactions statements placed before the Audit Committee and the Board of Directors by an independent chartered accountant firm. The firm reviews that the Related Party Transactions are at arm’s length and in the ordinary course of business and a certificate to that effect is placed before the Audit Committee and Board of Directors at quarterly meetings.

The Board of Directors have formulated a Policy on dealing with Related Party Transactions. The policy is

available on the website of the Company and can be accessed at the link https://api.raymond.in/uploads/ investor/1675436356278Related%20Party%20 Transaction%20Policy.pdf.

None of the Directors have any pecuniary relationship or transactions vis-à-vis the Company except remuneration, profit-based commission and sitting fees.

10. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS BY THE COMPANY

Details of Loans, Guarantees and Investments covered under the provisions of Section 186 of the Act are given in the notes to financial statements forming part of the Annual Report.

11. PERFORMANCE OF SUBSIDIARIES

Separate audited financial statements in respect of each of the subsidiaries shall be kept open for inspection at the Registered Office of the Company. The Company will also make available these documents upon request by any Member of the Company interested in obtaining copy of the same. The separate audited financial statements in respect of each of the subsidiaries are also available on the website of the Company at www.raymond.in. During the year under review, Ultrashore Realty Limited (formerly known as Colorplus Realty Limited) and Sanven Apparel Limited (formerly known as Raymond Apparel Limited) ceased to be subsidiaries of the Company.

Further, Ten X Realty East Limited, Ten X Realty West Limited were incorporated as step down subsidiaries and JKFEL Tools and Technologies Limited was incorporated as wholly owned subsidiary of the Company during the year under review. The Board of Directors at its meeting held on May 3, 2024 approved acquisition of 100% stake in Ray Global Consumer Enterprise Limited from Ray Global Consumer Products Limited which is a wholly owned subsidiary of Ray Global Consumer Trading Limited, an associate company of the Company.

The performance in brief for the major subsidiary and joint venture companies is given hereunder:

Domestic subsidiaries

Raymond Luxury Cottons Limited (“RLCL”)

RLCL had proposed an Offer for Buyback of shares on April 27, 2023 wherein Raymond Limited did not participate. The remaining shareholders of RLCL tendered their shares and consequently effective from closure of buyback i.e., April 28, 2023, RLCL became a wholly owned subsidiary of the Company.

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RLCL manufactures high value fine cotton and linen shirting for both domestic and international customers. The revenue from operations of RLCL for FY2023-24 was at H 830.07 crore (Previous Year: H 761.98 crore). Profit after tax was H 22.27 crore (Previous Year: Profit of H 15.63 crore).

Silver Spark Apparel Limited (“SSAL”)

SSAL has a reputed overseas clientele for formal suits, jackets and trousers and the export order book led to a strong sales growth performance. The Standalone Gross Revenue of SSAL for FY2023-24 stood at H 821.89 crore (Previous Year: H 773.92 crore). SSAL has earned Profit after tax of H 46.73 crore (Previous Year: H 23.78 crore). The Consolidated Gross Revenue of SSAL for FY2023-24 stood at H 1018.99 crore (Previous Year: H 932.66 crore). SSAL has made a Profit after tax of H 59.60 crore (Previous Year: Profit of H 42.76 crore) on consolidated basis.

Everblue Apparel Limited (“EbAL”)

EbAL has a world-class denim-wear facility offering seamless denim garmenting solutions. The Gross Revenue of EbAL for FY2023-24 stood at H 103.96 crore (Previous Year: H 99.79 crore). EbAL has recorded a Loss after tax of H 0.17 crore (Previous Year: Profit of H 0.77 crore).

Celebrations Apparel Limited (“CAL”)

The Gross Revenue of CAL for FY2023-24 stood at H 1.03 crore (Previous Year: 1.03 Crore). CAL earned a Profit after tax of H 0.64 crore (Previous Year: Profit of H 0.57 Crore).

Raymond Woollen Outerwear Limited (“RWOL”)

During the year under review, RWOL earned profit after tax of H 0.09 crore (Previous Year: Profit of H 0.07 crore).

JK Files & Engineering Limited (“JKFEL”) (Formerly known as JK Files (India) Limited)

JK Files & Engineering Limited manufactures steel files & cutting tools and markets hand tools & power tools. It is the leading manufacturer of steel files in the world with a sizeable domestic market share.

made a Profit before tax of H 51.47 crore (Previous Year: Profit of H 51.81 crore).

JK Talabot Limited (“JKTL”)

JKTL manufactures files and rasps. During FY2023-24, the Gross Sales Revenue of this company stood at H 27.78 crore (Previous Year: H 30.81 crore). JKTL reported a Loss after tax of H 0.65 crore during FY2023-24 (Previous Year: Loss of H 0.23 crore).

Scissors Engineering Products Limited (“SEPL”)

SEPL registered a Profit of H 0.05 crore during the year under review (Previous Year: Loss of H 0.07 crore).

Raymond Realty Limited (“RRL”) (formerly known as Raymond Lifestyle Limited)

RRL has made a Loss of H 0.34 crore in FY2023-24 (Previous Year: Loss of H 0.91 crore).

Ten X Realty Limited (“TRL”)

TRL is a step-down wholly owned subsidiary of Raymond Limited, incorporated on December 24, 2021 as a whollyowned subsidiary of Raymond Realty Limited (formerly known as Raymond Lifestyle Limited). The business of joint development (JD) of realty projects outside Thane within MMRDA and Navi Mumbai region has been undertaken by TRL. During the year under review, TRL has incurred a Loss of H 43.71 Crore (Previous Year Loss: H 3.24 Crore).

Rayzone Property Services Limited (“RPSL”)

RPSL was incorporated on November 11, 2022 with an object to provide Facilities Management Services to residential as well as commercial and corporate sector. During the year under review, the RPSL incurred a loss of H 0.23 crore (Previous year: Loss of H 0.002 Crore)

Pashmina Holdings Limited (“PHL”)

PHL has made a Profit after tax of H 0.25 crore in FY2023-24 (Previous Year: Profit of H 0.20 crore).

Overseas subsidiaries

JKFEL reported a Consolidated Gross Revenue of H 860.52 crore for the FY2023-24 (Previous Year: H 864.08 crore). JKFEL registered a consolidated profit before exceptional item of H 94.61 crore (Previous year: H 101.89 crore). JKFEL registered a consolidated Profit after Tax of H 46.82 crore (Previous Year: Profit of H 71.85 crore).

Ring Plus Aqua Limited (“RPAL”)

RPAL manufactures high quality Ring Gears, Flex-plates and Water-pump bearings. The Gross Revenue of RPAL for the FY2023-24 stood at H 431.12 crore (Previous Year: H 374.80 crore). During the year under review, RPAL has

Jaykayorg AG (“Jaykay”)

Jaykay has recorded a Profit of CHF 28,570 (equivalent to H 0.21 crore) for the year ended December 31, 2023 [Previous Year: Profit of CHF 8,777 (equivalent to H 0.07 crore)].

Raymond (Europe) Limited (“REL”)

REL has recorded a Profit of GBP 37,507 (equivalent to H 0.39 crore) for the year ended December 31, 2023 [Previous Year: Loss of GBP 12,366 (equivalent to H 0.12 crore)].

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R & A Logistics INC, USA (“RALI”)

RALI has recorded a profit of USD 15,64,460 (equivalent to H 12.95 crore) for the year ended March 31, 2024 [Previous Year: Profit of USD 6,29,920 (equivalent to H 5.07 crore)].

Silver Spark Middle East (FZE) (“SSME”)

SSME is the wholly owned subsidiary of Silver Spark Apparel Limited incorporated in Sharjah Airport Free Zone (SAIFZONE), Sharjah, UAE. SSME is engaged in Investment, trading of Apparel and related products for Asia and US customers. The Gross Revenue of SSME for FY2023-24 stood at H 181.20 crore (Previous Year: H 187.84 crore). SSME has registered a Profit of H 16.34 crore (Previous Year: Profit of H 8.95 crore).

12. MATERIAL SUBSIDIARY

Considering the criteria mentioned in Regulation 16 of the Listing Regulations, none of the subsidiaries of the Company qualifies as a Material Subsidiary of the Company for FY2023-24.

The Board of Directors of the Company has approved a Policy for determining material subsidiaries which is in line with the requirements of Listing Regulations. The Policy has been uploaded on the website of the Company and the same can be accessed at https://www.raymond. in/investor/disclosures-under-regulation-46-of-the-lodr/ corporate-governance/code-of-conduct-policies

13. DIRECTORS & KEY MANAGERIAL PERSONNEL

Silver Spark Apparel Ethiopia PLC (“SSAEP”)

SSAEP is a step-down subsidiary of Silver Spark Apparel Limited in Ethiopia. SSAEP is a wholly owned subsidiary of Silver Spark Middle East (FZE). SSAEP is engaged in the manufacturing of formal suits, jackets, trousers, and vest coats. The Gross Revenue of SSAEP for FY2023-24 stood at H 50.46 crore (Previous Year: H 55.09 crore). SSAEP has registered a Profit of H 14.09 crore (Previous Year: Profit of H 2.07 crore).

Raymond Lifestyle (Bangladesh) Private Limited (“RLBPL”)

RLBPL was incorporated to expand Company’s footprint in Bangladesh. During the year under review, RLBPL incurred a loss of H 0.03 crore (Previous Year: Loss of H 0.01 Crore). RLBPL is yet to commence business operations. The Company has initiated process of liquidation of RLBPL.

Raymond America Apparel INC (“RAAI”)

Silver Spark Apparel Limited, a wholly owned subsidiary of the Company had on April 25, 2023 acquired 100% stake in newly incorporated Raymond America Apparel INC. RAAI is yet to commence business operations and the gross revenue for FY2023-24 was nil.

Raymond UCO Denim Private Limited (“RUCO”)

RUCO is a 50:50 JV company between Raymond Limited and UCO Denim Belgium.

RUCO is engaged in the business of manufacturing and marketing of denim fabrics and garments for both the domestic and international markets. In FY2023-24, revenue from Indian operations was H 790 crore (Previous Year: H 973 crore).

On a Standalone basis, RUCO has registered a Loss after tax of H 107.29 crore (Previous Year: Loss of H 6.98 crore). On Consolidated basis, RUCO has registered a Loss after tax of H 110.01 crore (Previous Year: Loss of H 6.65 crore).

All Independent Directors of the Company have given declarations that they meet the criteria of independence as laid down under Section 149(6) of the Act and Regulation 16(1)(b) of the Listing Regulations. In terms of Regulation 25(8) of the Listing Regulations, Independent Directors have confirmed that they are not aware of any circumstances or situation which exists or may be reasonably anticipated that could impair or impact their ability to discharge their duties.

All the Directors have also affirmed that they have complied with the Company’s Code of Business Conduct & Ethics. In terms of requirements of the Listing Regulations, the Board has identified core skills, expertise and competencies of the Directors in the context of the Company’s businesses, which are detailed in the Report on Corporate Governance.

Further, in terms of Section 150 of the Act read with Rule 6 of the Companies (Appointment and Qualification of Directors) Rules, 2014, Independent Directors of the Company have confirmed that they have registered themselves with the databank maintained by the Indian Institute of Corporate Affairs. The Independent Directors who were required to clear the online proficiency selfassessment test have passed the test.

In the opinion of the Board, the Independent Directors fulfil the conditions of independence, are independent of the management, possess the requisite integrity, experience, expertise, proficiency and qualifications to the satisfaction of the Board of Directors. The details of remuneration paid to the members of the Board and its Committees are provided in the Report on Corporate Governance.

As per the provisions of Section 203 of the Act, following are the Key Managerial Personnel of the Company as on the date of this Report:

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1. Mr. Gautam Hari Singhania - Chairman and Managing Director,

2. Mr. Amit Agarwal - Chief Financial Officer, and

3. Mr. Rakesh Darji – Company Secretary.

During the year under review, Mr. K Narasimha Murthy (DIN: 00023046) was appointed as an Independent Director w.e.f. April 21, 2023. Further, Mr. Shiv Surinder Kumar (DIN: 08144909), Independent Director, retired effective from February 14, 2024 on account of completion of first term as an Independent Director of the Company.

14. DIRECTORS’ RESPONSIBILITY STATEMENT

Pursuant to Section 134(5) of the Act, the Board of Directors, to the best of their knowledge and ability, confirms that:

a) in the preparation of the Annual Accounts for the year ended March 31, 2024, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;
b) the directors have selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31, 2024 and of the Profit of the Company for the year ended on that date;
c) the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
d) the annual accounts have been prepared on a going concern basis;
e) the Directors had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively; and
f) the Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

15. ANNUAL PERFORMANCE EVALUATION

Your Company believes that the process of performance evaluation at the Board level is pivotal to its Board Engagement and Effectiveness. The Nomination and

Remuneration Policy of the Company empowers the Board to formulate a process for effective evaluation of the performance of individual directors, Committees of the Board and the Board as a whole pursuant to the provisions of the Act, Regulation 17 and Part D of Schedule II to the Listing Regulations.

The Board has carried out the annual performance evaluation of its own performance, of Committees of the Board and of the Directors individually. A structured questionnaire was prepared after taking into consideration inputs received from the Directors, covering various aspects of the Board's functioning such as adequacy of the composition of the Board and its Committees, Board culture, execution and performance of specified duties, obligations and governance.

A separate exercise was carried out to evaluate the performance of individual Directors, who were evaluated on parameters such as level of engagement and contribution, independence of judgement, safeguarding the interest of the Company and its minority shareholders etc.

The Independent Directors of the Company met on March 29, 2024, without the presence of Non-Independent Directors and members of the management to review the performance of Non-Independent Directors and the Board of Directors as a whole; review the performance of the Chairman and Managing Director of the Company and to assess the quality, quantity and timeliness of flow of information between the management and the Board of Directors. The performance evaluation of the Independent Directors was carried out by the entire Board.

The Directors expressed their satisfaction with the evaluation process.

Dedicated time was reserved for Board feedback on the agenda. Board interaction between meetings was stepped up through Board calls on various topics. Specific items were also added in the Board agenda from a governance perspective.

16. NOMINATION, REMUNERATION AND BOARD DIVERSITY POLICY

The Board of Directors have framed a Nomination, Remuneration and Board Diversity policy which lays down a framework in relation to remuneration of Directors, Key Managerial Personnel and Senior Management of the Company.

The Policy broadly lays down the guiding principles, philosophy and the basis for payment of remuneration to Executive and Non-Executive Directors (by way of

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sitting fees and commission), Key Managerial Personnel, Senior Management and payment of remuneration to other employees.

The Nomination, Remuneration and Board Diversity Policy is available on the Company’s website viz. https://www. raymond.in/investor/disclosures-under-regulation-46-ofthe-lodr/corporate-governance/code-of-conduct-policies

The Policy also provides the criteria for determining qualifications, positive attributes and Independence of Director and criteria for appointment and removal of Directors, Key Managerial Personnel / Senior Management and performance evaluation which are considered by the Nomination and Remuneration Committee and the Board of Directors.

The Policy sets out a framework that assures fair and optimum remuneration to the Directors, Key Managerial Personnel, Senior Management Personnel and other employees such that the Company’s business strategies, values, key priorities and goals are in harmony with their aspirations. The Policy lays emphasis on the importance of diversity within the Board, encourages diversity of thought, experience, background, knowledge, ethnicity, perspective, age and gender are considered at the time of appointment.

The Nomination, Remuneration and Board Diversity policy is directed towards rewarding performance, based on achievement of goals. It is aimed at attracting and retaining high calibre talent.

17. MEETINGS OF THE BOARD AND IT’S COMMITTEES

The Board/Committee meetings are pre-scheduled and a tentative annual calendar of the meetings is circulated to the Directors well in advance to help them plan their schedules and ensure meaningful participation. Only in the case of special and urgent business, should the need arise, approval of the Board/Committee is taken by passing resolutions through circulation, as permitted by law, which are noted in the subsequent Board/ Committee meeting. In certain special circumstances, the meetings of the Board are called at a shorter notice to deliberate on business items which require urgent attention of the Board. The Company has complied with Secretarial Standards issued by the Institute of Company Secretaries of India on Board meetings.

The Board met 9 (nine) times during the year under review and have accepted all recommendations made to it by its various Committees.

The details of the number of meetings of the Board held during the FY2023-24 and the attendance of Directors forms part of the Report on Corporate Governance.

18. COMMITTEES OF THE BOARD

The Board of Directors has the following Committees as on March 31, 2024:

a) Audit Committee
b) Nomination and Remuneration Committee
c) Committee of Directors (Stakeholders’ Relationship Committee)
d) Corporate Social Responsibility Committee
e) Risk Management & ESG Committee

The details of the Committees of the Board along with their composition, number of meetings and attendance at the meetings are provided in the Corporate Governance Report forming part of the Annual Report for the FY2023-24. During the year under review, all the committees were re-constituted to only include Independent Directors as members of the Committees.

19. AUDITORS & REPORTS OF THE AUDITORS

a) Statutory Auditor

Walker Chandiok & Co. LLP, Chartered Accountants (ICAI FRN 001076N/N500013) (an affiliate of Grant Thornton network) were appointed as Statutory Auditors of the Company for a period of five consecutive years at the Annual General Meeting (AGM) of the Members held on July 14, 2022 to hold office from the conclusion of the 97[th] AGM of the Company till the conclusion of the 102[nd] AGM at a remuneration mutually agreed upon by the Board of Directors and the Statutory Auditors.

The Statutory Auditors’ Report forms part of the Annual Report. The Statutory Auditor’s report does not contain any qualification, reservation or adverse remark for the year under review.

During the year under review, there were no instance of fraud which requires the Statutory Auditors to report the same to the Central Government under Section 143(12) of Act and Rules framed thereunder. There was an instance of violation of Code of Conduct of the Company by an employee, falling within the definition of fraud, discovered by the management. Company has taken appropriate action against the concerned employee and have taken steps to further strengthen the internal controls during the year. The amount involved was less than H 1 crore.

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b) Cost Auditor

As per the requirements of the Section 148 of the Act read with the Companies (Cost Records and Audit) Rules, 2014 as amended from time to time, your Company is required to maintain cost records and accordingly, such accounts are prepared and records have been maintained relating to Textile Division and Real Estate Division. The Cost Audit Report for the year ended March 31, 2023 for the Textile and Real Estate Division was filed with the Central Government within the prescribed time.

The Board of Directors, on the recommendation of Audit Committee, has re-appointed M/s. R. Nanabhoy & Co., Cost Accountants, (Firm Registration Number: 000010) as Cost Auditor to audit the cost accounts of the Company’s Textile and Real Estate Divisions for the FY2024- 25. As required under the Act, a resolution seeking member’s approval for the remuneration payable to the Cost Auditor forms part of the Notice convening the Annual General Meeting for their ratification.

c) Secretarial Auditor

Pursuant to the provisions of Section 204 of the Act and rules made thereunder, the Company had appointed DM & Associates Company Secretaries LLP (Firm Registration No. L2017MH003500) to undertake the Secretarial Audit of the Company for the FY2023-24. The Secretarial Audit Report is annexed as Annexure ‘A’ and forms an integral part of this Report.

Pursuant to Regulation 24A of Listing Regulations read with SEBI Master Circular No. SEBI/HO/ CFD/PoD2/CIR/P/2023/120 dated July 11, 2023, the Annual Secretarial Compliance Report of the Company is uploaded on the website of the Company i.e. https://www.raymond.in/investor/ disclosures-under-regulation-46-of-the-lodr/annual- reports/annual reports

The Secretarial Audit Report and Secretarial Compliance Report for the FY2023-24, do not contain any qualification, reservation, or adverse remark.

The Board of Directors at their meeting held on May 3, 2024 has appointed DM & Associates Company Secretaries LLP, (ICSI unique code - L2017MH003500) as the Secretarial Auditor for FY2024-25.

20. INTERNAL FINANCIAL CONTROL SYSTEMS, ITS ADEQUACY AND RISK MANAGEMENT

an organisation depends on our ability to identify and leverage the opportunities while managing the risks. In the opinion of the Board, the Company has robust internal financial controls which are adequate and effective during the year under review.

Your Company has effective internal controls and risk-mitigation system, which is constantly assessed and strengthened with new/revised standard operating procedures. The Company’s internal control system is commensurate with its size, scale and complexities of operations.

Ernst & Young LLP, Chartered Accountants were the Internal Auditors of the Company for the FY2023-24.

Business risks and mitigation plans are reviewed and the internal audit processes include evaluation of all critical and high risk areas. Critical functions are reviewed rigorously, and the reports are shared with the Management for timely corrective actions, if any. The major focus of internal audit is to review business risks, test and review controls, assess business processes besides benchmarking controls with best practices in the industry.

The Audit Committee of the Board of Directors actively reviews the adequacy and effectiveness of the internal control systems and are also apprised of the internal audit findings and corrective actions. The Audit Committee suggests improvements and utilizes the reports generated from a Management Information System integral to the control mechanism. The Audit Committee and Risk Management & ESG Committee of the Board of Directors, Statutory Auditors and Business Heads are periodically apprised of the internal audit findings and corrective actions.

The Company endeavours to continually sharpen its risk management systems and processes in line with a rapidly changing business environment. During the year under review, there were no risks which in the opinion of the Board threaten the existence of the Company. However, some of the risks which may pose challenges are set out in the Management Discussion and Analysis which forms part of this Annual Report.

21. VIGIL MECHANISM / WHISTLE BLOWER POLICY

Your Company is focused to ensure that ethics continue to be the bedrock of its corporate operations. It is committed to conducting its business in accordance with the highest standards of professionalism and ethical conduct in line with the best governance practices.

Internal Financial Control and Risk Management are integral to the Company’s strategy and for the achievement of the long-term goals. Our success as

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In order to strengthen the whistle blower mechanism and to protect the identity of whistle blower, the Company has appointed M/s. KPMG to handle complaints received by the Company. They have provided a platform through which any person can report their complaint.

The Company has a Whistle blower Policy in compliance with the provisions of Section 177(10) of the Act and Regulation 22 of the Listing Regulations.

The Policy also provides adequate protection to the Directors, employees and business associates who report unethical practices and irregularities. The Policy provides details for direct access to the Chairman of the Audit Committee. Any incidents that are reported are investigated and suitable action is taken in line with the Whistle Blower Policy.

A report indicating the number of cases reported, investigations conducted including the status update is presented before the Audit Committee, on a quarterly basis. All incidents that are reported are investigated and suitable action is taken in line with the Whistle Blower Policy.

The Whistle Blower Policy has been appropriately communicated within the Company across all levels and is available on the website of the Company at https:// www.raymond.in/investor/disclosures-under-regulation46-of-the-lodr/corporate-governance/code-of-conductpolicies. The Company affirms that no personnel has been denied access to the Audit Committee.

22. CORPORATE SOCIAL RESPONSIBILITY (CSR)

During the FY2023-24, the Company has spent H 2.64 crore towards CSR activities approved by the CSR Committee and the Board of Directors, from time to time. The CSR initiatives of the Company were primarily under the thrust areas of promoting education & healthcare, women empowerment and conservation of natural resources.

The Report on CSR activities as required under the Companies (CSR Policy) Rules, 2014 along with the brief outline of the CSR policy is annexed as Annexure ‘B’ and forms an integral part of this Report. The Company’s CSR Policy has been uploaded on Company’s website at https://www.raymond.in/investor/disclosures-underregulation-46-of-the-lodr/corporate-governance/code-ofconduct-policies.

For details regarding the composition and terms of reference of CSR Committee, please refer to the Corporate Governance Report, which is a part of this report.

23. ENVIRONMENT, HEALTH AND SAFETY

The Company is conscious of the importance of environmentally clean and safe operations. The Company’s policy requires conduct of operations in such a manner so as to ensure safety of all concerned, compliances of environmental regulations and preservation of natural resources.

24. DISCLOSURES UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION & REDRESSAL) ACT 2013

In compliance with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 (“POSH Act”) and Rules framed thereunder, the Company has formulated and implemented a policy on prevention, prohibition and redressal of complaints related to sexual harassment of women at the workplace.

The Company is committed to providing a safe and conducive work environment to all its employees and associates. All women employees whether permanent, temporary or contractual are covered under the above policy. The said policy has been uploaded on the internal portal of the Company for information of all employees. An Internal Complaints Committee has been set up in compliance with the POSH Act.

Details of complaints received during the year under review under POSH Act are as under:

a. Number of complaints filed during the financial year: Four .
b. Number of complaints disposed of during the financial year: Four .
c. Number of complaints pending as on end of the financial year: NIL .

25. RAYMOND EMPLOYEES STOCK OPTION PLAN 2023 (“ESOP SCHEME”)

The Board of Directors of your Company at their meeting held on February 17, 2023 approved the Raymond Employees Stock Option Plan 2023. The ESOP Scheme was approved by the Members through Postal Ballot on March 27, 2023.

The Scheme was introduced by the Company in order to attract and retain talent, create a sense of ownership among the eligible employees and to align their medium and long-term compensation with the Company’s performance.

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The ESOP Scheme has been implemented in accordance with the provisions of the Act and SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 (including any statutory modification(s) and/or reenactment(s) thereof for the time being in force) (“SEBI SBEB Regulations”). The certificate from the Secretarial Auditor on the implementation of the ESOP Scheme in accordance with the SEBI SBEB Regulations and the resolution passed by the members of the Company, has been uploaded on the website of the Company at https:// www.raymond.in/investor/disclosures-under-regulation46-of-the-lodr/annual-reports/annual-reports

The details of the stock options granted under the ESOP Scheme and the disclosures in compliance with SEBI SBEB Regulations are available on the website of the Company at https://www.raymond.in/investor/ disclosures-under-regulation-46-of-the-lodr/annual- reports/annual reports

26. HUMAN RESOURCES AND INDUSTRIAL RELATIONS

T Robust people practices have been instrumental in carving out Raymond’s transformation journey. Your company built robust practices to elevate performance to higher standards by aligning organizational goals to departmental and individual goals. A periodic review mechanism ensures that employees stay focused and incorporate course correction through the feedback process.

Your company institutionalized a structured framework to identify critical talent within the organization and to educate them on business-critical skills and provide exposure through business-impact projects to improve their readiness to perform higher roles. The Raymond Leadership Competencies continues to pivot decisions on career progression and succession. Your company collaborates with top notch Indian and Global management institutes to design and deliver these programs. A differentiated compensation philosophy ensures that critical talent are paid competitively. This dual pronged approach has helped enhance the retention of critical talent.

Your company bagged several awards during the year. The Lifestyle business won India’s Retail Champions 2024 award in the Apparel and Lifestyle category by Retail Association of India, Employee Excellence Award 2023 by the Economic Times, The Most admired marketing campaign of the year by 22[nd] Annual Images Fashion Awards and The Button Hole Award by 39[th] World Federation of Master in Biella, Italy. In total, the Lifestyle business won 20 awards.

The Realty business won 7 awards during the year. The Emerging Developer of the Year (National) at The Economic Times Real Estate Awards 2024, Best Organization for Women by ET Now and ET People Business’ The Great Manager Awards are a notable few.

The Engineering business won the Most Innovative Product Award” at International Hardware Fair India 2023 and the 52[nd] and 53[rd] edition awards conferred by Star Awards for Hand tools, Large Enterprise.

During the year under review, the industrial relations remained cordial and peaceful..

27. QUALITY AND ACCOLADES

Your Company continues to win awards year-afteryear, reiterating its credible market position. Some awards received during FY2023-24 by the Company, its subsidiaries are as given below:

� Realty Business:

Iconic Residential Developer of the Year & Iconic Marketed Project for the Year – The Address By GS.
Emerging Developer of the Year (National) at The Economic Times Real Estate Awards 2024.
Big Impact Awards 2024 - Ultra Luxury Project of the Year from Big FM- Invictus by GS Project.
Design Innovation and Operational Excellence Award for Residential Projects at the Society Interiors Design Competition & Awards 2024.
Iconic Marketed Project and Iconic Project of the Year at Times Real Estate Conclave Awards 2024- The Address by GS, Bandra Project.
Best Organization for Women 2024 by ET Now.
FSBI recognizes Ten X Habitat project for leading in construction safety with passive fire products.

� Lifestyle Business:

Most admired marketing campaign of the year by 22[nd] Annual Images Fashion Awards.
Most admired launch of the year, Flagship store, by 22[nd] Annual Images Fashion Awards.
Images most admired retailers of the year, Innovation in visual Merchandising by Images Retail Awards 2023.

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India’s Retail Champions 2024 award in the Apparel and Lifestyle category by Retail Association of India.
TRRAIN Retail Award 2024 - PWD Category by Retail Association of India.
Award at the 52[nd] edition for FY 2020 by Star Awards for Hand tools, Large Enterprise received in November 2023.
Award at the 53[rd] edition for FY 2021 by Star Awards for Hand tools, Large Enterprise received in November 2023.
Emerging Retail Brand of the Year by Economic Times Great India Awards Forum.
Outstanding contribution to the Retail Industry by Retail CFO Summit, RAI.
Best Green Factory by Apparel Sourcing Week 2023.
Best Plant Safety Award by 53[rd] National Security Award.
India’s Most Agile HR Leaders by Sapphire Connect.
Employee Excellence Award 2023 by the Economic Times.
Best Practices in Diversity and Inclusion by 3[rd] CHRO Confex & Awards 2024.
HR Excellence in L&D by 3[rd] CHRO Confex & Awards 2024.
Most Influential Marketing Leader by BW Business world.
Retail Marketing Campaign of the Year – Offline by Global Awards for Retail Excellence by Retail & Shopping Centre Congress and Awards 21[st] edition.
Best Marketing & Branding Campaign at 7[th] Edition Future of Retail, Distribution & E-commerce Summit & Awards 2024, by UBS Forums.
Women Retail Icon of the Year by UBS Forums Pvt. Ltd.
Button Hole Award by 39[th] World Federation of Master in Biella, Italy.
Appreciation Award in Nurture Quality Concepts for a better future by 37[th] National Convention on Quality Concept.
Excellent Award by 37[th] National Convention on Quality Concept.
Engineering Business:
“Most Innovative Product Award” at International Hardware Fair India 2023 for the Product: Wood Carving Disc.

28. MANAGEMENT DISCUSSION AND ANALYSIS REPORT

The Management Discussion and Analysis Report on the operations of the Company, as required under the Listing Regulations is provided in a separate section and forms an integral part of this Report.

29. CORPORATE GOVERNANCE REPORT

As per Regulation 34(3) read with Schedule V of the Listing Regulations, a separate section on corporate governance practices followed by the Company, together with a certificate from the Company’s Secretarial Auditors confirming compliance forms an integral part of this Report.

30. ANNUAL RETURN

Pursuant to Section 134(3)(a) and Section 92(3) of the Act read with Companies (Management and Administration) Rules, 2014, the Annual Return of the Company in Form MGT-7 has been placed on the Company’s website and can be accessed at the following link: https://www. raymond.in/investor/disclosures-under-regulation-46-ofthe-lodr/annual-reports/annual-reports

31. BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT

Your Company realizes the importance of being transparent and accountable as an organization, which in turn, helps in strengthening the trust that stakeholders’ have placed in the Company. We consider disclosure practice as a strong tool to share strategic developments, business performance and the overall value generated for various stakeholder groups over a period of time. In compliance with Regulation 34 of Listing Regulations, the Business Responsibility and Sustainability Report (“BRSR”) is annexed as Annexure ‘C’ and forms an integral part of this Report.

32. INVESTOR EDUCATION AND PROTECTION FUND (“IEPF”)

A detailed disclosure with regard to the IEPF related activities undertaken by your Company during

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the year under review forms part of the Report on Corporate Governance.

33. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS

No significant and material order has been passed by the regulators, courts, tribunals impacting the going concern status and Company’s operations in future.

(31 of 2016) during the year along with their status as at the end of the financial year is not applicable.

(f) The requirement to disclose the details of difference between amount of the valuation done at the time of one-time settlement and the valuation done while taking loan from the Banks or Financial Institutions along with the reasons thereof, is not applicable.

35. COMPLIANCE WITH SECRETARIAL STANDARDS

34. STATUTORY INFORMATION AND OTHER DISCLOSURES

(a) The information on conservation of energy, technology absorption and foreign exchange earnings and outgo pursuant to Section 134(3)(m) of the Act, read with the Rule 8(3) of the Companies (Accounts) Rules, 2014 is annexed as Annexure ‘D’ and forms an integral part of this Report.
(b) The Disclosure required under Section 197(12) of the Act read with the Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is annexed as Annexure ‘E’ and forms an integral part of this Report.
(c) A statement comprising the names of top 10 employees in terms of remuneration drawn and every person employed throughout the year, who were in receipt of remuneration in terms of Rule 5(2) and Rule 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is annexed as Annexure ‘F’ and forms an integral part of this Annual Report. The said Annexure is not being sent along with this Annual Report to the members of the Company in line with the provisions of Section 136 of the Act. Members who are interested in obtaining these particulars may write to the Company Secretary at the Registered Office of the Company or send an email at corp.secretarial@ raymond.in. The aforesaid Annexure is also available for inspection by Members at the Registered Office of the Company, 21 days before and up to the date of the ensuing Annual General Meeting during business hours on working days.

During the year under review, the Company has complied with the applicable Secretarial Standards issued by the Institute of Company Secretaries of India.

36. CAUTIONARY STATEMENT

Statements in this Directors’ Report and Management Discussion and Analysis Report describing the Company’s objectives, projections, estimates, expectations or predictions may be “forward-looking statements” within the meaning of applicable securities laws and regulations. Actual results could differ materially from those expressed or implied. Important factors that could make difference to the Company’s operations include raw material availability and its prices, cyclical demand and pricing in the Company’s principal markets, changes in Government regulations, Tax regimes, economic developments within India and the countries in which the Company conducts business and other ancillary factors.

37. ACKNOWLEDGEMENT

Your Directors wish to place on record deep sense of appreciation to the employees for their contribution and services. Company’s consistent growth has been possible by their hard work, solidarity, co-operation and dedication during the year.

Your Directors thank the Government of India, the State Governments, various statutory and regulatory authorities for their co-operation and support to facilitate ease in doing business. Your Directors also wish to thank its customers, business associates, distributors, channel partners, suppliers, investors and bankers for their continued support and faith reposed in the Company.

None of the employees listed in the said Annexure is a relative of any Director of the Company. None of the employees hold (by himself/herself or along with his/ her spouse and dependent children) more than two percent of the Equity Shares of the Company.

(d) The Company has not accepted any deposits, within the meaning of Section 73 of the Act, read with the Companies (Acceptance of Deposits) Rules, 2014 as amended.
(e) No application has been made under the Insolvency and Bankruptcy Code. The requirement to disclose the details of application made or any proceeding pending under the Insolvency and Bankruptcy Code, 2016

For and on behalf of the Board of Directors of Raymond Limited

Gautam Hari Singhania Chairman and Managing Director DIN: 00020088

Mumbai, May 3, 2024

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Management Discussion and Analysis

Economic Review

Global Economy and Outlook

The global economy witnessed a challenging CY2023. While fluctuations in commodity prices led to inflation in both developed and developing nations, persistent geopolitical issues resulted in supply chain disruptions. Additionally, the global economy recorded the sharpest increase in interest rates in 40 years. As a result, the global growth decreased from 3.5% in CY2022 to 3.2% in CY2023.[1]

However, several economies demonstrated resilience in these times of adversity. Emerging markets and developing nations such as India, Mexico and Vietnam observed robust growth and foreign capital inflow. Furthermore, with debottlenecking of supply chains and easing of restrictive monetary policies, global inflation rate fell from its peak in CY2022 to 6.8%[2] in CY2023. Certain low-income and frontier economies also reclaimed their position in the market.

Indian Economy Overview and Outlook

Despite a sluggish global economy, India maintained its trajectory as one of the fastest growing economies in the world. This economic growth can be primarily attributed to robust domestic consumption and less reliance on foreign imports. While government initiatives facilitated domestic demand, increased investments to bolster manufacturing sector and improve digital and physical infrastructure mitigated supply chain issues effectively. The government’s emphasis on improving infrastructure, as evident through initiatives such as the PM Gati Shakti National Master Plan, logistics upgradation and industrial corridors, is anticipated to increase industrial competitiveness and spur future growth. In FY2024, India’s GDP touched 7.6% with Current Account Deficit (CAD) at 1.9% of GDP.

With the improvement of business accessibility, the general investment climate is growing more favourable. Furthermore, with rising consumer confidence, progression of labour markets and increasing private consumption, the Government aims to improve capital investment and lower budget deficit.[3]

Industry Overview

Global textile industry

The global textile industry comprises textile manufacturing, refining and retail clothing. A multi-billion dollar manufacturing sector, the global textile business consists of production, refining and sale of synthetic and natural fibres. As of 2024, the textile market size is estimated at USD 748 billion and is expected to reach USD 889 billion by 2029, growing at a CAGR of 3.5% between 2024 and 2029. The textile industry is a dynamic market with key players being China, European Union, US and India. China is the largest textile producing and exporting country in the world. On the other hand, the European Union comprises Germany, Spain, France, Italy and Portugal at the forefront with a value of more than one-fifth of the global textile industry. India is the third-largest textile manufacturing industry and is responsible for more than 6% of the total textile production globally.

With rapid industrialisation and the advent of technology, textile industry is incorporating modern installations to increase the production of textiles. The industry is also observing a paradigm shift towards natural fibers such as cotton, silk, linen, wool, hemp, jute, and cashmere. These fibers are favored for their low density and high strength compared to conventional fibers, leading to a rise in demand for fiber fabrics. Additionally, postpandemic awareness of hygiene products has contributed to the growing popularity of natural fiber fabrics in the textile industry.[5]

Indian Textile Industry

As one of the largest textile industries in the world, the Indian textile industry contributes approximately 2.3% to the country’s GDP, 13% to industrial production and 12% to total exports earnings. India is one of the largest producers of cotton and jute in the world. It is also the 2[nd] largest producer of silk, with 95% of the world’s hand-woven fabric comes from India. India’s total textile exports are expected to reach USD 65 Billion by FY2026 and is expected to grow at 10% CAGR 2019-2020 to reach USD 190 Billion by 2025-2026. The textiles and apparel industry in India has strengths across the entire value chain from fibre,

1https://www.imf.org/en/Publications/WEO/Issues/2024/04/16/world-economic-outlook-april-2024

2https://www.imf.org/en/Publications/WEO/Issues/2024/04/16/world-economic-outlook-april-2024

3https://rbi.org.in/scripts/AnnualReportPublications.aspx

4https://www.giiresearch.com/report/moi1433856-textile-market-share-analysis-industry-trends.html

5Overview of the Global Textile Industry

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yarn, fabric to apparel. The Indian textile and apparel industry is highly diversified with a wide range of segments ranging from products of traditional handloom, handicrafts, wool and silk products. India has been observing a robust trade in technical textile products and the country has been a net exporter. The government has also launched the Production Linked Incentive Scheme with an approved outlay of H 10,683 crore to promote production of Man-Made Fibre Apparel, Man-Made Fibre Fabric and products of Technical Textiles in the country.[6]

trends are anticipated to bolster the growth of India’s apparel market. The government has also launched certain initiatives such as the Amended Technology Upgradation Fund Scheme and the Advance Authorisation Scheme that are focused on strengthening and increasing the production of textile and apparel products in the country. Government of India has also approved the continuation of the Rebate of State and Central Taxes and Levies scheme (RoSCTL) till March 31, 2026.[8]

Performance

Despite observing a muted consumer demand and challenging market conditions, the branded textile segment maintained H 3,450 crore revenue for FY2024 and EBITDA margin stood at 20.9%.

Apparel and Retail Industry

Global Industry

The apparel and retail industry recorded persistent challenges. While Europe and the US observed a muted growth throughout the year, China’s initial robust performance faded during the second half. On the other hand, the luxury segment which initially performed well, began to succumb to the reduced demand in the latter part of the year, resulting in decrease in sales and an overall uneven performance. For FY2024, the apparel market size is estimated at USD 1.36 trillion and is expected to reach USD 1.78 trillion by 2029. This growth can be primarily attributed to increase in the popularity of e-commerce platforms, facilitating manufacturers to serve a global clientele base.[7]

Indian Industry

Through embracing innovative strategies, leveraging technological advancements, facilitating retail expansion, employing better sustainable practices and improving employee engagement, the Indian fashion and lifestyle industry is poised for dynamic growth. The revenue in the apparel market in India is projected to reach USD 105.5 Billion in 2024. The reported year marks an opportunity for brands to expand their geographical footprint. In addition to retail expansion, brands have also established a strategic focus on various niches, including e-commerce, omnichannel approaches and incorporating advanced technology, especially Artificial Intelligence. The Indian fashion industry is observing a paradigm shift towards sustainability, paving the path for a greener future. With increasing awareness about environment, brands and retailers are recognising the need to embrace sustainability. The growth of ethical fashion market is a testament to this shift. Furthermore, India’s burgeoning population, increasing disposable income and evolving fashion

The branded apparel segment recorded topline growth of 20%, with sales at H 1,587 crores in FY2024 as compared to H 1,328 crore in FY2023. Despite subdued consumer demand, the growth can be primarily attributed to expanding distribution reach with the opening of 200+ stores in last 12 months with focused approach on premiumisation, casualisation and newer designs.

The growth was witnessed across all Raymond brands and channels. It has been especially popular among consumers during festivities, celebrations and weddings. This year witnessed the 100[th] milestone store of Ethnix by Raymond. The segment continuously improved and delivered an EBITDA margin of 11.9% in FY2024 as compared to 10.8% during last year.

Digitisation

The Company is enhancing customer engagement through the adoption of the Customer Connect platform, which gathers real-time customer feedback post-purchase. This platform is complemented by a Live NPS (Net Promoter Score) Dashboard that allows lifestyle business managers to conduct swift analysis and informed decision-making. To facilitate the seamless flow of information, the Company utilizes Synapse LIVE, which integrates real-time data synchronization with Dynamics 365 finance and operations. Embracing a ‘Digital First’ approach, the Company leverages advanced digital tools such as Digital Booking-Regio, which enhances the B2B customer experience by providing a premium interface for premium product lines. Moreover, the integration of AI-driven Video Messaging empowers broader digital engagement by allowing customers to create personalized video messages that can be shared directly via WhatsApp. Additionally, the Raymond Rewards CRM 2.0 loyalty program, an internationally recognized unified CRM system, remains central to the Company’s strategy. This program not only consolidates customer interactions across all Raymond textile and apparel brands but also ensures high security and personalized service through OTP verification, thereby offering numerous benefits to Raymond’s customers.

6Textile Industry in India: Insights into the Garment & Apparel... (investindia.gov.in)

7The State of Fashion 2024 report | McKinsey

8Apparel Industry in India: Trends, Challenges & Solutions (unicommerce.com)

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Real Estate

Global real estate Market

Increased interest rates, inflation and European economic growth remain the primary concerns for the global real estate market. It is also expected that an AI shakeup and surging construction costs continue to blight the real estate sector.

The real estate market is undergoing significant changes. Innovators and occupiers in the sector are prioritizing highquality spaces that enable companies to adapt to modern working practices and ensure long-term sustainability. Simultaneously, the importance of ESG (Environmental, Social, and Governance) factors continues to rise. Investors recognize that a commitment to ESG principles can be advantageous in the long term.

While the economics of decarbonisation, high construction costs and labour shortages pose as significant risk for the Real Estate market. Furthermore, demographics play a pivotal role in influencing the future of real estate. With Ukrainian refugees fleeing to Poland, Hong Kong citizens taking British residency and South American migrants moving to Spain, different societies will shift demand of related real estate in many different ways.

Indian Real Estate Market:

The housing demand in India is projected to reach 93 million houses by 2036. This is primarily owing to the increase in demand in housing basis growth in key parameters including population in both urban and rural areas, healthy macro-economic indicators and favourable demographics, with several Tier II, III cities projected to spearhead both demand and supply.

The real estate market is expected to thrive in 2024, owing to robust Indian economic conditions and increase in capex. To encourage work-from-office post-pandemic, leading occupiers prioritise quality spaces for growth. Economic growth and strategic policies propel a growing diversity in office space beyond technology firms. At the same time, Global Capability Centres or GCCs continue their significant expansion, solidifying India’s position as a key growth market.

India has experienced a notable increase in Real Estate investment flows, attributed to its strong economic performance and improvements in the regulatory framework.

For domestic players, luxury residential witnessed high sales figures and new launches, co-working spaces has been a big game changer along with rise of senior living projects and geographical landscape transformation with sunrise warehousing and data centres segments.

Average Housing prices in India rose 10% YoY at H 10,845 per sq.ft. during Q1 2024. This was led by continuation of healthy

demand which in turn was buoyed by stable repo rates, controlled inflation levels and optimistic sentiments.

It is anticipated that new property launches and sustained launches will sustain the sector’s buoyancy despite the potential challenges. While the sector is expected to observe divergent asset pricing trends across different markets, the premium and luxury residential segments will likely continue flourishing as discerning buyers prioritise spacious homes against conventional amenities.

Performance

Raymond ventured into Real Estate development business in 2019 as part of its ‘Raymond Re-imagined’ vision. The Company’s Real Estate vertical has continued to perform exceptionally well, achieving a total booking value of H 2,249 crore in FY2024. In February 2024, Raymond launched its first Joint Development Agreement (JDA) project in Bandra, Mumbai. This project received an overwhelming response from customers, with more than 60% of the launched inventory sold within 40 days.

Further, during the, year Raymond signed two additional JDAs in Mahim and Sion in Mumbai this year. These three JDA projects in the Mumbai Metropolitan Region have a combined revenue potential exceeding H 5,000 crore.

Existing Projects:

Thane Market:

TenX Habitat, maintained strong momentum of robust sales and fast paced construction activities driven by efficient execution. ~ 90% of the total inventory have already been sold. TenX Habitat have also set a new benchmark in the real estate sector by delivering its first 3 towers, 2 years ahead of RERA timeline.

Raymond Realty added premium projects to its portfolio with the launch of ‘Address by GS – Season 1’ in FY2022. Till the end of FY2023-24, the Company has sold 92% of the total inventory.

To further cater to the demand for 2 BHKs and compact 3 BHKs, the Company launched ‘Ten X Era’ in Thane in February 2023 and successfully sold more than 40% of the total inventory by the end of FY2023-24.

Building on the success of ‘Address by GS – Season 1’, the Company introduced ‘Address by GS – Season 2’ in July 2023, receiving an overwhelming response from customers. Within nine months of its launch, approximately 52% of the Launched Inventory was sold.

Recognising the potential of luxury real estate demand, the Company launched ‘Invictus by GS’ in August 2023, with

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approximately 40% of the Launched Inventory sold by the end of FY2023-24.

revenue potential from these three JDA projects in the Mumbai ��

In Q4 FY2024, the Company launched Ten X Vibes – Convenience Retail shops within the Ten X project and sold more than 85% of the units by the end of FY2023-24.

Outside Thane Market:

Based on success of our Thane projects, we spread our wings outside Thane Market and launched our first JDA project in Bandra Mumbai, which has received an overwhelming response with ~ 62% of the launched inventory sold within 40 days.

Additionally, this year Raymond Group has signed two new JDAs in Mahim and Sion in Mumbai, taking the combined

The total order value from existing projects amounted to approximately H 2,250 crore during the year. Total Sales for the year under review stood at H 1,593 crore. The Total EBITDA for this segment for the year under review was H 370 crore with a healthy EBITDA margin of 23.2 %.

Currently, the Company has five ongoing projects worth H 9,000 crore on our Thane land, with a further potential to generate more than H 16,000 crore making total potential revenue from Thane land of more than H 25,000 crore of 100-acre Thane land over the next few years.

Consolidated Financial Performance

For the Company, FY2023-24 was a year of multiple initiatives in operational performance driving financial metrics such as revenue, profitability and net debt reduction. The Company has recorded highest ever consolidated revenue of H 9,286 crore as against H 8,337 crore in FY2023, higher by 11% on a year-on-year basis with operating expenses at H 2,499 crore. EBITDA stood at H 1,575 crore being highest ever against H 1,322 crore in FY2023. Continued focus on cost optimisation enabled reduction in overall operating cost in FY2023-24. Profit before tax and exceptional items stood at H 916 crore for the year under review whereas net profit was at H 1,643 crore which also represents highest ever performance.

Key ratios*

Key ratios*
Particulars	FY23-24	FY22-23	Explanation of Y-o-Y variance higher than 25%
Debtors Turnover Ratio	8.68	8.89	-
InventoryTurnover Ratio	1.93	1.90	-
Interest Coverage Ratio	3.89	4.60	-
Debt Equityratio	0.92	0.82	-
Current Ratio	1.76	1.37	Increase in current ratio due to increase in investment, Trade receivable and bank balance other than cash.
OperatingProfit Margin%	15.08	15.85	-
Netprofit margin%	7.99	7.10	-
Return on Networth %	18.69	18.22	-

*The ratios presented are calculated on a standalone basis

Risks and Concerns

The broader economic trends are poised to directly affect a company’s growth potential. Persistent inflation has resulted in increase in commodity prices worldwide. Furthermore, the anticipated rise in central bank interest rates in the coming year may dampen growth and strain economies, especially in emerging markets. It is thereby important to manage cost pressures to sustain the Company’s overall performance in these conditions.

Reduced purchasing power and increased demand could result in significant shifts in consumer behaviour, negatively impacting the textile and apparel market. Consumers might seek more budget-friendly options, potentially leading to reduced growth and profitability for the Company.

Detailed risk management strategies, including risk architecture and principal risks with their mitigation plans, are outlined on Page 26 of this Annual Report.

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Internal Control Systems and their adequacy

Your Company has effective internal controls and riskmitigation system, which are constantly assessed and strengthened with new/revised standard operating procedures. The Company’s internal control system is commensurate with its size, scale and complexities of operations.

The Company has robust internal financial controls which are adequate and effective during the year under the review.

Outlook and Strategy

The Company anticipates to maintain a profitable growth trajectory. In the domestic market, consumer sentiment is expected to remain positive, driven by approach of wedding and festive seasons and surging demand for formal and daily wear categories. The Company aims to introduce new initiatives to bolster growth.

In the branded apparel segment, Raymond aims to diversify its product range through demerging its lifestyle business, facilitating new launches in its core portfolio, emphasising casualization and expanding the Ethnix wear category.

Upon acquisition of MPPL business, the Raymond Group aims to venture into sunrise sectors of Aerospace, Defense and EV Components. On the other hand, the real estate market is poised for sustaining its growth momentum, buoyed by factors such as increased affordability, supportive government policies, a revival in the consumption cycle and an increasing demand to upgrade homes.

Composite Scheme of Arrangement

The Board of Directors at its meeting held on April 27, 2023 had granted its approval for withdrawal of the Scheme of Arrangement between Raymond Limited and Raymond Realty Limited (formerly known as Raymond Lifestyle Limited). The Company has initiated demerger of its lifestyle business into Raymond Lifestyle Limited (“RLL”) (formerly known as Raymond Consumer Limited) as a result of which Raymond Group will have two separate listed entities with significant liquidity surplus available for growth. On demerger of its lifestyle business in RLL, the Company will continue to be a real estate Company with investments in Engineering & Denim business.

This demerger will lead to simplification of group structure, focused investors opportunity and better access to capital. Under the Scheme, every shareholder of Raymond Limited will be entitled to 4 shares of RLL for every 5 shares held in Raymond Limited. The Company has received shareholders and Creditors approval and is awaiting final approval from Hon’ble National Company Law Tribunal.

Forward Looking Statement

The statements made in this Management Discussion and Analysis Report regarding the Company’s objectives, projections, estimates, expectations, or predictions may constitute ‘forward-looking statements’ as defined by applicable securities laws and regulations. It’s important to note that actual results could vary significantly from those expressed or implied in these statements. Several crucial factors could impact the Company’s operations, including the availability and pricing of raw materials, cyclical demand and pricing trends in its primary markets, alterations in government regulations and tax regimes, economic developments both in India and in the countries where the Company operates, and other related factors.

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Annexure A

Form No. MR-3

Secretarial Audit Report

For the Financial Year Ended March 31, 2024

[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule No. 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014]

To, The Members, RAYMOND LIMITED PLOT NO 156/H NO. 2 VILLAGE ZADGAON RATNAGIRI – 415612.

Dear Members,

We have conducted the Secretarial Audit of the compliance of applicable statutory provisions and the adherence to good corporate practices by RAYMOND LIMITED (hereinafter called “the Company”). Secretarial Audit was conducted in a manner that provided us a reasonable basis for evaluating the corporate conducts / statutory compliances and expressing our opinion thereon.

Based on our verification of the Company’s books, papers, minute books, forms and returns filed and other records maintained by the Company and also the information provided by the Company, its officers, agents and authorized representatives during the conduct of secretarial audit, we hereby report that in our opinion, the Company has, during the audit period covering the financial year ended March 31, 2024, complied with the statutory provisions listed hereunder and also that the Company has proper Board-processes and compliance mechanism in place to the extent, in the manner and subject to the reporting made hereinafter:

We have examined the books, papers, minute books, forms and returns filed and other records maintained by the Company for the financial year ended on March 31, 2024 according to the provisions of:

The Companies Act, 2013 (the Act) and the rules made there under;
The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the rules made there under;
The Depositories Act, 1996 and the Regulations and byelaws framed there under;
The provisions of Foreign Exchange Management Act, 1999 and the rules and regulations made there under to

the extent of Foreign Direct Investment, Overseas Direct Investment and External Commercial borrowings;

The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 (‘SEBI Act’):-
a. The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;
b. The Securities Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021;
c. The SEBI (Prohibition of Insider Trading) Regulations, 2015; and
d. The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015;
Provisions of the following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act,1992 (‘SEBI’) were not applicable to the Company under the financial year under report:
a. The Securities and Exchange Board of India (Buyback of Securities) Regulations, 2018;
b. The Securities and Exchange Board of India (Issue of Capital and Disclosure requirements) Regulations, 2018;
c. The Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021;

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d. The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993, regarding the Companies Act and dealing with client; and
e. The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021.

We report that we have relied on the compliance certificates issued by its officers and taken on record by the Board of Directors at their meeting(s) for systems and mechanism formed by the Company for compliances under other applicable Acts, Laws and Regulations to the Company. For Income tax laws and compliance with applicable accounting standards we have relied on the Audit report issued by the Statutory Auditors. The following are the major head / group of Acts, Laws and Regulations as applicable to the Company:

a. Factories Act, 1948,
b. Industries (Development and Regulation) Act, 1951;
c. Labour Laws and other incidental laws related to labour and employees appointed by the Company either on its payroll or on contractual basis related to Salary & Wages, Bonus, Gratuity, Provident Fund, ESIC, Compensation and Benefits etc.
d. Competition Act, 2002
e. Consumer Protection Act, 2019
f. The Hazardous Waste (Management & Handling and Transboundary Movement) Rules, 2008.
g. Boilers Act, 1923
h. Gas Cylinders Rules, 2004
i. Standards of Weights & Measures (Enforcement) Act, 1985
j. The Static & Mobile Pressure Vessels (Unfired) Rules, 2018
k. Foreign Trade (Development & Regulation) Act, 1992
l. The Legal Metrology Act, 2009
m. Acts prescribed under Direct Tax and Indirect Tax Laws by the Central and respective State Governments.

We have also examined compliance with the applicable clauses of the following:

(i) Secretarial Standards issued by The Institute of Company Secretaries of India.
(ii) The Listing Agreement entered into by the Company with BSE Limited and National Stock Exchange of India Limited;

During the period under review the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines, Standards etc. mentioned above.

We further report that the Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-Executive Directors and Independent Directors. The changes in the composition of the Board of Directors that took place during the period under review were carried out in compliance with the provisions of the Act.

Adequate notice is given to all directors to schedule the Board Meetings, agenda and detailed notes on agenda were sent at least seven days in advance, and for meeting convened under shorter notice, if any, were in compliance with section 173(3) of the Companies Act, 2013 a system exists for seeking and obtaining further information and clarifications on the agenda items before the meeting and for meaningful participation at the meeting.

Majority decision is carried through while the dissenting members’ views are captured and recorded as part of the minutes.

We further report that there are adequate systems and processes in the Company commensurate with the size and operations of the company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.

We further report that during the audit period, following specific events took place:

The Board of Directors of the Company at its meeting held on April 27, 2023, approved the Composite Scheme of Arrangement of Raymond Limited (the ‘Demerged Company’ or ‘RL’) and Raymond Consumer Care Limited (the ‘Resulting Company’ or the ‘Transferee Company’ or ‘RCCL’) and Ray Global Consumer Trading Limited (the ‘Transferor Company’ or ‘RG’) and their respective shareholders (“Scheme”) pursuant to the provisions of Sections 230 to 232 read with Section 66 and other applicable sections/ provisions, if any, of the Companies Act, 2013 and the rules framed thereunder. Subsequently, an application under Sections 230 to 232 was filed with Hon’ble National Company Law Tribunal (NCLT), Mumbai Bench and pursuant to the directions received from NCLT vide its order dated January 17, 2024, the meeting of secured creditors was dispensed off and the meetings of equity shareholders and unsecured creditors of the Company were convened on February 26, 2024, wherein the scheme was duly approved with requisite majority. Thereafter, a petition seeking approval of the said scheme was filed with NCLT, Mumbai Bench on March 5, 2024. The NCLT vide its order dated March 14, 2024, duly admitted the said Petition and fixed Thursday, May 09, 2024, as the date for hearing and final disposal of the Petition.

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The Members at their 98[th] Annual General Meeting held on July 11, 2023 by passing ordinary resolution approved the requests received for reclassification from ‘Promoter & Promoter Group’ category to ‘Public’ category.
The Board of Directors at their meeting held on June 21, 2023, approved the allotment of unsecured, 8.75% redeemable 11,000 Non-Convertible Debentures having face value of H 10,00,000/- each (Ten Lakh) aggregating to H 1,100 crore (Rupees One Thousand One Hundred Crore) to Raymond Consumer Care Limited.
1. The Board of Directors at their meeting held on May 09, 2023 approved the allotment of unsecured, 9 % redeemable 6,000 Non-Convertible Debentures having face value of H 10,00,000/- each (Ten Lakh) aggregating to H 600 crore (Rupees Six Hundred Crore) to Raymond Consumer Care Limited.
Postal ballot on June 19, 2023:
a. The Members by passing ordinary resolution approved material related party transaction with Raymond Consumer Care Limited aggregating to H 2,450 Crores (Rupees Two Thousand Four Hundred and Fifty Crores only);
b. The Members by passing special resolution authorized the Company to borrow by way of Issuance of Unsecured, Redeemable NonConvertible Debentures (‘NCDs’) on private placement basis to Raymond Consumer Care Limited in two or more tranches, up to H 1,600 Crore (Rupees Sixteen Hundred Crore only);

For DM & Associates Company Secretaries LLP Company Secretaries ICSI Unique Code L2017MH003500 Dinesh Kumar Deora Partner FCS NO 5683 Place: Mumbai CP NO 4119 Date: May 02, 2024 UDIN: F005683F000281772

Note: This report is to be read with our letter of even date that is annexed as Annexure - I and forms an integral part of this report.

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Annexure - I

The Members, RAYMOND LIMITED PLOT NO 156/H NO. 2 VILLAGE ZADGAON RATNAGIRI – 415612.

Our report of even date is to be read along with this letter:

Maintenance of secretarial records is the responsibility of management of the Company. Our responsibility is to express an opinion on these secretarial records based on our audit.
We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the correctness of the contents of the Secretarial records. The verification was done on test basis to ensure that correct facts are reflected in secretarial records. We believe that the processes and practices, we followed provide a reasonable basis for our opinion.
We have not verified the correctness and appropriateness of financial records and books of accounts of the Company.
Wherever required, we have obtained the Management Representation about the compliance of laws, rules and regulations and happening of events, etc.
The compliance of the provisions of corporate and other applicable laws, rules and regulations, standards is the responsibility of the management. Our examination was limited to the verification of procedures on test basis.
The Secretarial Audit Report is neither an assurance as to the future viability of the Company nor of the efficacy or effectiveness with which the management has conducted the affairs of the Company.

For DM & Associates Company Secretaries LLP Company Secretaries ICSI Unique Code L2017MH003500

Place: Mumbai Date: May 02, 2024

Dinesh Kumar Deora Partner FCS NO 5683 CP NO 4119 UDIN: F005683F000281772

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Annexure B

Annual Report on CSR Activities

1. Brief outline of the Company’s CSR Policy:

Raymond CSR Philosophy

The CSR initiatives undertaken by your Company upholds the principles of a responsible corporate citizen and aims to distribute the economic benefits derived by it through active collaboration with credible institutions by contributing to the social and economic development of the communities in which it operates.

The Company goes beyond business and extends to the implementation of socially relevant activities for the benefit of the society at large.

The Company believes in providing affordable education and healthcare to the marginalized sections of the society, ensuring environmental sustainability and women empowerment. In furthering its resolve towards the same, your Company had collaborated with various institutions to fulfill its CSR obligation.

During the FY2023-24, the Company had approved projects by aligning itself with its CSR Policy as approved by the Board of Directors.

The web link to the CSR Policy:

https://www.raymond.in/investor/disclosures-under-regulation-46-of-the-lodr/corporate governance/code-ofconduct-policies

2. The composition of the CSR Committee:

Sr. No.	Name of Director	Designation / Nature of Directorship	Number of meetings of CSR Committee held during theyear	Number of meetings of CSR Committee attended during theyear
1	Mrs. Nawaz Singhania*	Chairperson,Non- Executive Director	3	3
2	Mrs. Mukeeta Jhaveri	Member,Independent Director	3	3
3	Mr. S.L. Pokharna *	Member,Non- Executive Director	3	3
4	Mr. Ashish Kapadia*	Chairperson,Independent Director	Nil	Nil
5	Mr. Dinesh Lal*	Member,Independent Director	Nil	Nil

Pursuant to the Circular Resolution passed by the Board of Directors, the CSR Committee of the Company was re-constituted w.e.f. March 23, 2024, whereby Mr. Ashish Kapadia and Mr. Dinesh Lal were inducted as the Chairperson and the Member of the Committee respectively and Mrs. Nawaz Singhania and Mr. S.L. Pokharna ceased to be Committee Members.

3. Provide the web-link where Composition of CSR committee, CSR Policy and CSR projects approved by the board are disclosed on the website of the company: https://www.raymond.in/investor/disclosures-under-regulation-46-of-the-lodr/ corporate governance/code-of-conduct-policies

4. Provide the executive summary along with web-link(s) of Impact Assessment of CSR Projects carried out in pursuance of sub-rule (3) of rule 8, of the Companies (Corporate Social Responsibility Policy), Rules 2014, if applicable: Not Applicable

5. Details of the amount available for set off in pursuance of sub-rule (3) of rule 7 of the Companies (Corporate Social responsibility Policy) Rules, 2014 and amount required for set off for the financial year, if any : Not Applicable

6. Average net profit of the Company as per Section 135(5): H 13,156.96 Lakh

7. (a) Two percent of average net profit of the company as per Section 135(5): H 263.14 Lakh

(b) Surplus arising out of the CSR projects or programmes or activities of the previous financial years: NIL
(c) Amount required to be set off for the financial year, if any: NIL
(d) Total CSR obligation for the financial year (7a+7b+7c): H 263.14 Lakh

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8. (a) CSR amount spent or unspent for the financial year:

Total Amount Spent for the Financial Year (JIn Lakh)	Amount Unspent (inH)	Amount Unspent (inH)	Amount Unspent (inH)	Amount Unspent (inH)	Amount Unspent (inH)
	Total Amount transferred to Unspent CSR Account as per section 135(6)		Amount transferred to any fund specified under Schedule VII as per second proviso to section 135(5)
	Amount	Date of transfer	Name of the Fund	Amount	Date of transfer
264			NIL

(b) Details of CSR amount spent against ongoing projects for the financial year:

1	2	3 ~~-~~	4	5	5	6	7	8	9	10	11	11
Sl. No.	Name of the Project ~~-~~	Item from the list of activities in Schedule VII to the Act	Local area (Yes/ No) ~~-~~	Location of the project		Project duration ~~-~~	Amount allocated for the project (inH)	Amount spent in the current financial Year (inH) ~~-~~	Amount transferred to Unspent CSR Account for the project as per Section 135(6) (inH) ~~-~~	Mode of Implem- entation - Direct (Yes/No)	Mode of Implementation - Through Implementing Agency
				State ~~-~~	District ~~-~~						Name ~~-~~	CSR Registration number ~~-~~
							NIL

(c) Details of CSR amount spent against other than ongoing projects for the financial year:

1	2	3	4	5	5	6	7	8	8
Sl. No.	Name of the Project	Item from the list of activities in Schedule VII to the Act	Local area (Yes/ No)	Location of the project		Amount spent for the project (inH)	Mode of Implem- entation - Direct (Yes/ No)	Mode of Implementation - Through Implementing Agency Name CSR Registration number
				State	District				CSR Registration number
1	Managing BMC School	Promoting Education	Yes	Maharashtra	Mumbai	30.00	No	Raichel Joseph Foundation	CSR00022204
2	Assisting Educational Institution	Promoting Education	No	Andhra Pradesh	Tirumala	90.00	No	Smt. Sulochanadevi Singhania School Trust	CSR00001809
3	Providing Computers	Promoting Education	No	Maharashtra	Solapur	2.00	No	Jeevan Disha Foundation	CSR00037666
4	Save the little hearts	Promoting Healthcare	Yes	Maharashtra	Thane	25.00	No	Rotary Club of Thane Premium	CSR00024831
5	Supporting family units and operational expenses of centres	Promoting Healthcare	No	Uttar Pradesh	Varanasi	25.00	No	St. Jude India Childcare Centres	CSR00001026
6	Support of marginalized children	Promoting Healthcare	Yes	Maharashtra	Mumbai	10.00	No	ADAPT	CSR00001228
7	Purchase of medical equipment	Promoting Healthcare	No	Maharashtra	Aurangabad	10.00	No	Dr. Babasaheb Ambedkar Vaidyakiya Pratishthan	CSR00000181
8	Setup of Diagnostic Lab	Animal Welfare	No	Goa	Goa	25.00	No	Alpha Angels Animal Trust	CSR00041847
9	Beautification	Promotion of Flora and Fauna	Yes	Maharashtra	Thane	35.00	No	J.K. Trust, Bombay	CSR00000006
10	Little Star Foundation home	Women Empowerment	No	Madhya Pradesh	Katni	5.00	No	Little Star Foundation Samiti	CSR00014263
11	Facilities for rural development	Rural development projects	No	Gujarat	Vapi	6.99	Yes	NA	NA

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(d) Amount spent in Administrative Overheads: NIL
(e) Amount spent on Impact Assessment, if applicable: Not Applicable
(f) Total amount spent for the Financial Year [8b+8c+8d+8e]: H264 Lakh
(g) Excess amount for set off, if any:

Sr. No.	Particulars	Amt. (Hin Lakh)
i.	Twopercent of average netprofit of the companyasper section 135(5)	263.14
ii.	Total amount spent for the Financial Year	263.99
iii.	Excess amount spent for the financialyear[(ii)-(i)]	0.85
iv.	Surplus arising out of the CSR projects or programmes or activities of the previous financial years,if any	NIL
v.	Amount available for set off in succeedingfinancialyears[(iii)-(iv)]	0.86

9 (a) Details of Unspent CSR amount for the preceding three financial years:

Sl. No.	Preceding Financial Year	Amount transferred to Unspent CSR Account under section 135 (6) (inH)	Balance Amount in Unspent CSR Account under sub- section (6) of section 135 (inH)	Amount Spent in the Financial Year (inH)	Amount transferred to a Fund as specified under Schedule VII as per second proviso to sub- section (5) of section 135, if any	Amount remaining to be spent in succeeding financial years (inH) Deficiency, if any
					Name of the Fund Amount (inH) Date of transfer
					NIL

(b) Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year(s):

1	2	3	4	5	6	7	8	9
Sl. No	Project ID	Name of the Project	Financial Year in which the project was commenced	Project duration	Total amount allocated for the project (inH)	Amount spent on the project in the reporting Financial Year (inH)	Cumulative amount spent at the end of reporting Financial Year.(inH)	Status of the project - Completed /Ongoing
					NIL

10. In case of creation or acquisition of capital asset, furnish the details relating to the asset so created or acquired through CSR spent in the financial year: Not Applicable

(Asset-wise details)

(a) Date of creation or acquisition of the capital asset(s)
(b) Amount of CSR spent for creation or acquisition of capital asset
(c) Details of the entity or public authority or beneficiary under whose name such capital asset is registered, their address etc.
(d) Provide details of the capital asset(s) created or acquired (including complete address and location of the capital asset)

11. Specify the reason(s), if the company has failed to spend two per cent of the average net profit as per section 135(5): Not Applicable

Gautam Hari Singhania Chairman & Managing Director DIN: 00020088

Ashish Kapadia Chairperson – Corporate Social Responsibility Committee DIN: 02011632

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Contents of CSR Policy

Our aim is to be one of the most respected Companies in India delivering superior and sustainable value to all our customers, business partners, shareholders, employees and host communities.

The CSR initiatives focus on holistic development of host communities and create social, environmental and economic value to the society.

The Company’s commitment to CSR projects and programs will be by investing resources into any of the following focus areas:

Eradicating hunger, poverty and malnutrition;
Promotion of healthcare including preventive healthcare;
Promotion of education and employment enhancing vocational skills;
Ensuring environmental sustainability and animal welfare including measures for reducing inequalities faced by socially & economically backward groups;

Other focus areas as may be reviewed and included by the CSR Committee, from time to time, in line with the provisions of the Act and in line with the emerging societal circumstances and in consideration of changing national priorities of the government.

The CSR projects and programs may also be undertaken by Raymond Limited directly or with joint and collaborative efforts of other subsidiary and associate companies.

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Annexure C

Business Responsibility & Sustainability Report

SECTION A: GENERAL DISCLOSURES

I. Details of the Listed Entity [GRI 2-1, 2-2, 2-3]

1 Corporate Identity Number (CIN) of the Listed Entity L17117MH1925PLC001208 2 Name of the Listed Entity Raymond Limited 3 Year of incorporation 1925 4 Registered office address Plot No. 156/H No. 2, Village Zadgaon, Ratnagiri, Maharashtra - 415612, India
5 Corporate address New Hind House, Narottam Morarjee Marg, Ballard Estate, Mumbai – 400 001, Maharashtra, India
6 E-mail [email protected] 7 Telephone +91 2352 232514 ; +91 2352 232513 8 Website www.raymond.in 9 Financial year for which reporting is being done FY 2023-24 10 Name of the Stock Exchange(s) where shares are listed 1. BSE Limited (https://www.bseindia.com/stock-share-
price/raymond ltd/raymond/500330/)
1. National Stock Exchange of India Limited (https://www. -
nseindia.com/get quotes/equity?symbol=RAYMOND)
11 Paid-up Capital I 66,57,37,310 12 Name and contact details (telephone, email address) of Mr. Rakesh Darji - Company Secretary the person who may be contacted in case of any queries +91 22 6152 7000 on the BRSR report [email protected]
13 Reporting boundary - Are the disclosures under this The BRSR disclosures are on a Standalone basis pertaining report made on a standalone basis (i.e. only for the entity) to our Corporate office in Thane and 3 manufacturing plants or on a consolidated basis (i.e. for the entity and all the covering significant operations of the organization. entities which form a part of its consolidated financial statements, taken together)
14 Name of assurance provider Not Applicable since no assurance has been carried out for 15 Type of assurance obtained the reporting period.

II. Product/Services [GRI 2-6]

16 Details of business activities (accounting for 90% of the turnover)	S. No.	Description of Main Activity	Description of Business Activity	Description of Business Activity	Description of Business Activity	% Turnover of the Entity
	1	Manufacturing	Textile, leather, and other apparel products			76%
	2	Real Estate	Real estate activities with own or leasedproperty			24%

17 Products/Services sold by the entity (accounting for 90% of the entity’s Turnover):	S. No.	Product/Service		NIC Code	% of Total Turnover contributed
	1	RealtyBusiness		68100	24.2%
	2	Worsted - SuitingFabric		13133	19.6%
	3	PV Fabric		13134	19.6%
	4	Men’s Shirts		62052002	10.8%
	5	Cotton - ShirtingFabric		13131	8.3%
	6	Men’s Trousers		62034300	5.5%
	7	Men’s Suits		62031100	3.6%

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III. Operations [GRI 2-6]

18 Number of locations where plants and/or operations/offices of the entity are situated:

Location	Number ofplants	No. of Offices	Total
National	3 Jalgaon (Maharashtra), Vapi (Gujarat), Chhindwara(Madhya Pradesh)	2 Mumbai and Thane (Maharashtra)	5
International	0	1	1

19 Market served by the entity

a. No. of Locations

ket served by the entity No. of Locations
Locations	Number
National(No. of States)	27
International(No. of Countries)	47

b. What is the contribution of exports as a percentage of the total turnover of the entity?

2.93%

c. A brief on types of customers

Raymond Limited caters to both B2B (Business to Business) and B2C (Business to Customers) markets and on a pan-India basis, offers a wide range of products in the textile and apparel segments through a diverse portfolio of sub-brands such as Raymond Ready to Wear, Park Avenue, Ethnix etc. Raymond Limited reaches consumers through its wide network of stores - The Raymond Shop (TRS), organized trade, e-commerce and franchisee stores. Raymond Limited’s real estate business primarily caters to individual homebuyers and investors looking to purchase residential properties.

IV. Employees [GRI 2-7, 2-8, 405-1, 401-1]

20. Details as at the end of Financial Year 23-24:

a. Employees and Workers (including Differently abled):

S. No.	Particulars	Total (A)	Male No. (B) % (B/A) 1,865 87% 0 0% 1,865 87% 4,458 97% 1,606 91% 6,064 96%	Male No. (B) % (B/A) 1,865 87% 0 0% 1,865 87% 4,458 97% 1,606 91% 6,064 96%	Female	Female
			No. (B)	% (B/A)	No. (C)	% (C/A)
	Employees
1	Permanent(D)	2,133	1,865	87%	268	13%
2	Other than Permanent(E)	0	0	0%	0	0%
3		2,133	1,865	87%	268	13%

1	Permanent(F)	4,574	4,458	97%	116	3%
2	Other than Permanent(G)	1,766	1,606	91%	160	9%
3	Total (F+G)	6,340	6,064	96%	276	4%

b. Differently abled Employees and Workers:

S. No.	Particulars	Total (A)	Total (A)	Total (A)	Female	Female
			No. (B)	% (B/A)	No. (C)	% (C/A)
	Differently abled Employees
1	Permanent(D)	2	2	100%	0	0%
2	Other than Permanent(E)	0	0	0%	0	0%
3		2	2	100%	0	0%

1	Permanent(F)	12	11	92%	1	8%
2	Other than Permanent(G)	0	0	0%	0	0%
3	Total(F+G)	12	11	92%	1	8%

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21. Participation/Inclusion/Representation of women

Participation/Inclusion/Representation of women	Participation/Inclusion/Representation of women	Participation/Inclusion/Representation of women	Participation/Inclusion/Representation of women	Participation/Inclusion/Representation of women
S. No. Category					Total (A)			No. and %			of Females
								No. (B)			% (B/A)
1 Board of Directors					7			2			29%
2 Key Management Personnel*					2			0			0%
Notes: Definition of Key Management Personnel (KMP) includes the Chairman & Managing Director (CMD), Chief Financial Officer (CFO) and Company Secretary (CS) but as the CMD is included in Board of Directors, KMP here only includes CFO and CS. Turnover rate for permanent employees and workers Category FY 2023-24 FY 2022-23 FY 2021-22 Male Female Total Male Female Total Male Female Total* Permanent Employees 11.74% 15.20% 12.16% 10.33% 19.86% 11.40% 13.41% 31.13% 15.36% Permanent Workers 4.26% 2.54% 4.22% 1.17% 1.68% 1.19% 3.13% 5.76% 3.20%
Category	FY 2023-24					FY 2022-23				FY 2021-22
	Male	Female	Total	Male		Female	Total		Male	Female		Total
Permanent Employees	11.74%	15.20%	12.16%	10.33%		19.86%	11.40%		13.41%	31.13%		15.36%
Permanent Workers	4.26%	2.54%	4.22%	1.17%		1.68%	1.19%		3.13%	5.76%		3.20%

22. Turnover rate for permanent employees and workers

V. Holding, Subsidiary and Associate Companies (including joint ventures) [GRI 2-2]

23. Names of holding/subsidiary/associate companies/joint ventures

S. No	Name of the holding / subsidiary / associate companies / joint ventures (A)	Indicate whether it is a holding / Subsidiary / Associate / or Joint Venture	% Of shares held by listed entity	Does the entity indicated at column A, participate in the Business Responsibility initiatives of the listed entity? (Yes/No)
1	Pashmina Holdings Limited	Subsidiary	100%	No
2	Everblue Apparel Limited	Subsidiary	100%	No
3	JK Files & EngineeringLimited	Subsidiary	100%	No
4	Silver Spark Apparel Limited	Subsidiary	100%	No
5	Silver Spark Apparel Ethiopia PLC	Subsidiary	100%	No
6	Silver Spark Middle East FZE	Subsidiary	100%	No
7	R&A Logistics Inc.	Subsidiary	100%	No
8	Raymond America Apparel Inc.	Subsidiary	100%	No
9	Celebrations Apparel Limited	Subsidiary	100%	No
10	Scissors EngineeringProducts Limited	Subsidiary	100%	No
11	Raymond(Europe)Limited	Subsidiary	100%	No
12	JaykayorgAG	Subsidiary	100%	No
13	Raymond LuxuryCottons Limited	Subsidiary	100%	No
14	Raymond Realty Limited (Formerly known as Raymond Lifestyle Limited)	Subsidiary	100%	No
15	Raymond Lifestyle(Bangladesh)Private Limited	Subsidiary	100%	No
16	Ten X RealtyLimited	Subsidiary	100%	No
17	Rayzone PropertyServices Limited	Subsidiary	100%	No
18	Ten X RealtyEast Limited	Subsidiary	100%	No
19	Ten X RealtyWest Limited	Subsidiary	100%	No
20	JKFEL Tools and Technologies Limited	Subsidiary	100%	No
21	Raymond Woollen Outerwear Limited	Subsidiary	99%	No
22	JK Talabot Limited	Subsidiary	90%	No
23	RingPlus Aqua Limited	Subsidiary	89%	No
24	Maini Precision Products Limited	Subsidiary	59%	No
25	Raymond UCO Denim Private Limited	Joint Venture	50%	No
26	J.K. lnvesto Trade(India)Limited	Associate	48%	No
27	Raymond Lifestyle Limited (Formerly known as Raymond Consumer Care Limited)	Associate	48%	No
28	RayGlobal Consumer TradingLimited	Associate	48%	No
29	RayGlobal Consumer Products Limited	Associate	48%	No
30	RayGlobal Consumer Enterprise Limited	Associate	48%	No
31	J.K. Helene Curtis Limited	Associate	48%	No
32	P.T. JaykayFiles Indonesia	Associate	39%	No
33	Radha Krshna Films Limited	Associate	25%	No

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VI. CSR Details [GRI 201-1]:

CSR Details [GRI 201-1]:
24(i) Whether CSR is applicable asper section 135 of Companies Act,2013:	Yes
(ii)Turnover(inHLakh)	6,59,332
(iii)Net worth (inHLakh)	2,81,815

VII. Transparency and Disclosures Compliances [GRI 2-25]

Raymond Limited has a whistleblower policy including non-retaliation clause available to all our stakeholders. Value Chain Partners, Communities, Employees and Workers can register their grievances through the Whistle-blower Hotline at www.raymond.ethicshelpline.in. The whistleblower policy is hosted at the following weblink: https://api.raymond.in/uploads/ investor/1709184777212Whistle%20Blower%20Policy.pdf

25. Complaints/Grievances on any of the principles (Principles 1 to 9) under the National Guidelines on Responsible Business Conduct

Stakeholder group from whom complaint is received	Grievance Redressal Mechanism in Place (Yes/No) If Yes, then provide web link for grievance redress policy		FY 2023-24	FY 2023-24	FY 2022-23
		Number of complaints filed during the year	Number of complaints pending resolution at close of theyear	Remarks	Number of complaints filed during the year Number of complaints pending resolution at close of theyear	Remarks
Communities	Yes, the complaints of the communities are redressed in-person. An internal work committee headed by HR is also constituted which works along with the BIA and Local Authorities to address the concerns on a quarterly basis.	-	-	-	- -	-
Investors (other than shareholders)	Yes, the complaints are received by email and forwarded to the respective departments meant to solve and the solutions are directed via the same channel https://www.raymond.in/ investor-contact	-	-	-	- -	-
Shareholders	Yes, complaints are either received from Registrar and Transfer Agents (RTA) or through the SCORES portal and the actions are uploaded in the portal to be viewed by the shareholder https://www.raymond.in/ investor-contact	45	1	-	43 -	-
Employees and workers	Yes, the grievance of the employees and workers are redressed through emails, artificial chatbots (AMBER) or open forum meetings.	-	-	-	- -	-

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Stakeholder group from whom complaint is received	Grievance Redressal Mechanism in Place (Yes/No) If Yes, then provide web link for grievance redress policy		FY 2023-24	FY 2023-24	FY 2022-23
		Number of complaints filed during the year	Number of complaints pending resolution at close of theyear	Remarks	Number of complaints filed during the year Number of complaints pending resolution at close of theyear Remarks
Customers	Yes, the customer complaints are redressed in the following ways: • Case Management Tool: Customer walk-ins and emails are captured in a case management tool. A case is generated and accordingly, the resolution is provided • Traditional Method: Complaints can be registered through the helpline, websites & social media https://www.raymond.in/ contact-us	2117*	1	One complaint is pending as the matter is yet to be scheduled for hearing	2,276* 1 One complaint is pending as the matter is yet to be scheduled for hearing
Value Chain Partners	Yes, the complaints pertaining to the value chain partners are redressed through one-on-one interaction	-	-	-	- - -
Other	-	-	-	-	- - -

Notes:

The Company is working on bifurcating queries and complaints. Hence, FY 2022-23 and FY 2023-24 contains queries along with complaints regarding tailoring, services and quality.

26 Overview of the entity’s material responsible business conduct issues. Please indicate material responsible business conduct and sustainability issues pertaining to environmental and social matters that present a risk or an opportunity to your business, rationale for identifying the same, and approach to adapt or mitigate the risk along with its financial implications [GRI 3-1, 3-2, 3-3, 201-2]:

Sr. No.	Material Issue Identified	Indicate whether risk or opportunity	Rationale for identifying the risk/ opportunity	In case of risk, approach to adapt or mitigate	Financial implications of the risk or opportunity
1	Water Management	Risk	The production of apparel is significantly reliant on the availability of water, spanning from the cultivation of cotton to manufacturing processes and consumer care at home. The continuity of our operations and supply chain is intricately linked to factors such as water scarcity, drought, variations in precipitation, and other enduring challenges arising from increasing temperatures.	1. Zero Liquid Discharge (ZLD) at Chhindwara plant by 2024-25 2. Effluent Treatment plant (ETP) at Vapi plant of Raymond 3. Rainwater harvesting at all plants 4. Investing in water-efficient technologies and practices 5. Diversifyingsuppliers	Crystallisation of such risk may increase production, compliance, capital and operational cost

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Sr. No.	Material Issue Identified	Indicate whether risk or opportunity	Rationale for identifying the risk/ opportunity	In case of risk, approach to adapt or mitigate	Financial implications of the risk or opportunity
2	Carbon generated from the use of fossil fuel / non-renewable energy	Opportunity	Textile business is energy-intensive and there is an impending energy crunch expected to occur in future years, due to exhaustion of non-renewable sources of energy. Higher fossil fuel consumption leads to higher Greenhouse Gas (GHG) emissions and a severe impact on climate change. Adopting renewable energy will help in minimizing costs and aligning with our long-term goals	1. Renewable energy portfolio: a. Installation of Solar Plants b. Installation of Solar rooftops c. Procurement of hybrid power (Wind and Solar) d. Energy saving initiatives 2. Usage of blended fuel in boilers	• Initial Capital Investment cost • Long term financial benefits by decreasing our reliance on non-renewable sources.
3	Health & Safety	Opportunity	The Company has manufacturing facilities at various locations and labor-intensive nature of work at such facilities comprises health risks for the workforce due to reasons like machinery breakdown, human negligence, among others. By prioritizing the health and safety of our employees, and contractors, the company can seize the opportunity to enhance its reputation for ethicalpractices and attract toptalent.	1. All three plants of company, namely Vapi, Chhindwara and Jalgaon are ISO 45001: 2018 Occupational Health and Safety (OH&S) certified. 2. Periodical medical and body checkups conducted at all plants. 3. Periodical health and safety trainings.	Potential cost savings from reduced accidents and associated medical expenses. Long-term financial stability and profitability
4	Gender Diversity	Opportunity	Leveraging gender diversity within the company fosters a comprehensive spectrum of skills, cultivates a positive work culture, boosts productivity, and mitigates employee turnover, positioning the company for sustainable growth and success.	Promoting inclusive leadership, and actively recruiting, retaining diverse talent, creating flexible work arrangements	• Initial costs for recruitment and training • Improved performance and profitability
5	Employee Wellbeing	Opportunity	Workforce including employees, workers, farmers, etc. is key element of our business and their well-being is important. Implementing employee well- being initiatives can lead to improved employee retention, productivity, and reduced absenteeism, ultimately enhancing the company’s reputation and mitigatinglegal risks.	Employee well-being initiatives across the company: 1. Health and Accident insurance 2. Maternity and Paternity leaves 3. Day care facility 4. Equal opportunities	Initial implementation and yearly employee benefit expenses
6	Products and Services	Opportunity	Embracing low-emission products aligns with our environmental goals and positions us in a sustainability-focused market. Driving the development of eco-friendly solutions, could help us in potentially reducing long-term operational costs and positioning us as a leader in sustainable practices.	Implementing production of products containing sustainable inputs such as: 1. Use of dope-dyed fibre in products that use Poly Wool 2. Products comprising of organic yarn and spun yarn. 3. Using Econyl as raw material which is derived from regenerating discarded raw materials and semi-finished products	Increased sales and market share through capturing environmentally- conscious consumer segments
7	Emerging regulations and compliances	Risk	As regulations surrounding water, air pollution, waste disposal, and EPR continue to evolve, the company may face heightened compliance demands. Emerging mandates also emphasize transparency, accountability, and the integration of green chemicals into products, requiring adjustments to maintain market competitiveness.	Monitoring regulatory changes, understanding stakeholder expectations, and deploying an enterprise-wide compliance management system.	Increased Compliance costs, legal liabilities, regulatory expenses and insurance costs

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SECTION B: MANAGEMENT AND PROCESS DISCLOSURES

Disclosure Questions ~~-----------------------~~	P1 ~~----~~	P2 ~~----~~	P5 ~~----~~
Policy and management processes
1. a. Whether your entity’s policy/policies cover each principle and its core elements of the NGRBCs [GRI 2-23, 2-11]			Yes
b. Has the policy been approved by the Board?[GRI 2-23, 2-11]			Yes
c. Web Link of the Policies, if available [GRI 2-23, 2-11]		www.esgfactsheet.com/microsite/raymond/policies
2. Whether the entity has translated the policy intoprocedures[GRI 2-24, 2-10]		Yes
3. Do the enlisted policies extend to your value chainpartners?[GRI 2-23]		Yes
4. Name of the national and international codes/certifications/labels/ standards (e.g., Forest Stewardship Council, Fairtrade, Rainforest Alliance, Trustee) standards (e.g., SA 8000, OHSAS, ISO, BIS) adopted by your entity and mapped to each principle.	� ISO 9001: 2015: Quality Management system � ISO 14001: 2015: Environmental Management system � ISO 45001: 2018: Occupational Health and safety Management system � ISO 50001:2018: Energy management system. � Global Recycled Standard (GRS) � Oeko-Tex certification � Responsible Wool Standard � Great Place to Work certified � International Wool Textile Organisation certificate � Higg Index - Chhindwara Plant � Nativa Precious Fiber by Control Union Uruguay Certifications
5. Specific commitments, goals and targets set by the entity with defined timelines, if any.[GRI 3-3]	Raymond has accelerated sustainability journey, significantly expanded the coverage and enhanced the initiatives. The company has set goals and targets focusing on ESG Key Performance indicators related to each principles: • P1: Commitment to abide by Code of Conduct & Ethics • P2: Minimum 5% overall reduction in volume of packaging materials used by 2030 from the base year 2022-23 • P3: Continue to have Zero Fatalities • P5: Minimum of 20% gender diversity by 2030 • Zero Waste to Landfill by 2030 • 20% of energy consumed from renewable sources by 2030 • P9: Reduction of up to 75% hazardous chemicals by the year 2030
6. Performance of the entity against the specific commitments, goals and targets along with reasons in case the same are not met.[GRI 3-3]	• 0 fatalities since past 5 years • Gender Diversity for Employees is 13% • We are in the final phase for ZLD at Chhindwara plant expected to be operational by 2024-25 • 0.3% of waste generated has been disposed by landfilling • Renewable Energy comprises 8% of total Energy consumed as compared to 5% last year • Vapi and Chhindwara Plants are in the process of obtaining ZDHC certification • 2% reduction in water discharge in Vapi Plant • 38% reduction in air emissions other than GHGs • 4% reduction in Scope 1 & Scope 2 emissions cumalatively

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Governance, Leadership and Oversight

7. Statement by director responsible for the For a sustainable tomorrow, we have accelerated our sustainability journey, business responsibility report, highlighting significantly expanding our coverage and enhancing our initiatives. Our Company ESG related challenges, targets and is steadfast in advancing environmental stewardship and social responsibility. achievements [GRI 2-22, 2-12] Chhindwara plant is in the final phases of ZLD, and we’re furthering efforts in water conservation across our operations, including a noteworthy 60,000 kilolitres saved annually through rainwater harvesting at Vapi. Embracing circular fashion, our ‘Look good, do good’ program with Goonj promotes garment recycling. Moreover, in the past fiscal year, we’ve set ambitious targets across key sustainability metrics, underscoring our unwavering commitment to a sustainable future. Our remarkable leap in S&P Global’s DJSI score, from 18 to 60, underscores the tangible progress we’ve made towards sustainability and transparent reporting.

8. Details of the highest authority responsible Risk Management and ESG Committee is responsible for decision making for implementation and oversight of the on sustainability related issued. The Committee inter alia approves the Business Responsibility policy (ies) [GRI 2-13] ESG strategy and provide oversight to the execution of the Company’s ESG 9. Does the entity have a specified Committee initiatives including the short-term and long-term commitments or targets.

9. Does the entity have a specified Committee of the Board/ Director responsible for decision making on sustainability related issues? If yes, provide details. [GRI 2-9]

Composition of the Risk Management and ESG Committee is as follows:

Mr. Dinesh Lal (Chairperson)- Non-Executive Independent Director
Mr. K Narasimha Murthy - Non-Executive Independent Director
Mrs. Mukeeta Jhaveri - Non-Executive Independent Director

10. Details of Review of NGRBCs by the Company:

Details of Review of NGRBCs by the Company:	Details of Review of NGRBCs by the Company:	Details of Review of NGRBCs by the Company:
Subject for Review Indicate whether review was undertaken by Director / Committee of the Board/ Any other Committee Frequency (Annually/ Half yearly/ Quarterly/ Any other – please specify) P1 P2 P3 P4 P5 P6 P7 P8 P9 P1 P2 P3 P4 P5 P6 P7 P8 P9 ~~------------------------------------------~~
Performance against above policies and follow upaction ~~---------------~~	Risk Management and ESG Committee Risk Management and ESG Committee	Annually
Compliance with statutory requirements of relevance to the principles, and rectification of anynon-compliances		Annually and as & when required as per regulatory requirements

11.	Has the entity carried out independent assessment/ evaluation of the working of its policies by an external agency? If yes, provide name of the agency [GRI 2-5] ~~----------------------~~	P 1 ~~-----~~ ~~-----~~	P 2 ~~----~~ ~~----~~	P 3 ~~----~~ ~~----~~	P 4 ~~----~~ ~~----~~	P 5 ~~----~~ ~~----~~	P 6 ~~----~~ ~~----~~	P 7 ~~----~~ ~~----~~	P 8 ~~----~~ ~~----~~	P 9 ~~----~~ ~~----~~

12. If all Principles are not covered by a policy, reasons to be stated.

Questions ~~-------------------------~~	P 1 ~~-----~~	P 2 ~~---~~	P 3 ~~---~~	P 4 ~~---~~	P 5 ~~---~~	P 6 ~~----~~	P 7 ~~----~~	P 8 ~~---~~	P 9 ~~---~~
The entity does not consider the principles material to its business(Yes/No)
The entity is not at a stage where it is in a position to formulate and implement the policies on specified principles(Yes/No)
The entity does not have the financial or/human and technical resources available for the task(Yes/No)
It is planned to be done in the next financial year (Yes/ No)
Anyother reason(please specify)

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SECTION C: PRINCIPLE WISE PERFORMANCE DISCLOSURE

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PRINCIPLE
1
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BUSINESSES SHOULD CONDUCT AND GOVERN THEMSELVES WITH INTEGRITY, AND IN A MANNER THAT IS ETHICAL, TRANSPARENT AND ACCOUNTABLE

Essential Indicators

1 Percentage coverage by training and awareness programmes on any of the principles during the financial year [GRI 2-17, 2-24]

Segment	Total number of training & awareness programmes held	Topics/principles covered under the training and its impact	% age of persons in respective category covered by the awareness programmes
Board of Directors	1	Code of Conduct,Governance and RegulatoryRequirements	100%
Key Management Personnel	1	Code of Conduct, Governance and Regulatory Requirements	100%
Employees other than BODs and KMPs	60	Leadership development, Strengths empowerment, Women leadership, Talent management, Technical skills enhancement, Customer-centric mindset, Financial acumen, Industry-specific digitalization, Professional presence, Health awareness, Security training, Behavioural development, People and business growth, Effectiveness enhancement,Business impactprojects	45%
Workers (Contractual)	20	Productivity, Management skills, SAP proficiency, Customer service mastery, Technical knowledge, Customer-centric approach, Professional presence, Health awareness, Personal development,Sales skills,Construction safety,Workplace safety	10%

Impact of the trainings:

Training improved productivity and data processing skills
Access to diverse online trainings enhanced knowledge across various domains
Managers gained a better understanding of new processes, facilitating smoother operations
Emphasis on customer-centricity resulted in improved inter-departmental collaboration and enhanced customer satisfaction
Improvement in employee engagement score to 81%

2. Details of fines / penalties /punishment/ award/ compounding fees/ settlement amount paid in proceedings (by the entity or by directors / KMPs) with regulators/ law enforcement agencies/ judicial institutions, in the financial year [GRI 2-27]

a. Monetary

a. Monetary
Type	NGRBC Principle	Name of the regulatory/ enforcement agencies/judicial institutions	Amount (inE)	Brief of the case	Has an appeal been preferred? (Yes/No)
Penalty/ Fine		Nil
Settlement
Compounding fee b. Non-Monetary
Type	NGRBC Principle	Name of the regulatory/ enforcement agencies/judicial institutions	Brief of	the case	Has an appeal been preferred? (Yes/No)
Imprisonment		Nil
Punishment

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3. Of the instances disclosed in Question 2 above, details of the Appeal/ Revision preferred in cases where monetary or non-monetary action has been appealed [GRI 2-27]

Case Details	Name of the regulatory/ enforcement agencies/ judicial institutions
	Not applicable

4. Does the entity have an anti-corruption or anti-bribery policy? If yes, provide details in brief and if available, provide a web link to the policy [GRI 2-23, 3-3]

Yes, Raymond Limited has anti-corruption anti-bribery policy. The weblink of the policy:

https://api.raymond.in/uploads/investor/1683204220645Anti%20Corruption%20&%20Anti%20Bribery%20Policy.pdf

The Anti-Bribery and Anti-Corruption (ABAC) Policy lays out the spirit and guiding principles for all stakeholders to ensure compliance with the applicable laws, rules, and regulations. The objective of the policy is to ensure that appropriate anti-corruption and antibribery procedures are in place across the Company to avoid any violations of applicable laws and regulations. The key objective of the policy is to prevent bribery related risk exposures by implementing processes, training and awareness activities that ensure Compliance with applicable anti-bribery laws and awareness about Raymond’s emphasis on ethical business practices and its zero tolerance approach towards conduct that is in breach of the Policy. Any complaints or concerns in actual or potential deviation, violation or exception to these guidelines is be dealt with investigation and management procedure as applicable under whistleblower guidelines of the Company.

There were no breaches on account of bribery or corruption or money laundering in FY24.

5. Number of Directors/KMPs/employees/workers against whom disciplinary action was taken by any law enforcement agency for the charges of bribery/ corruption [GRI 205-1, 205-3]:

agency for the charges of bribery/ corruption[GRI 205-1, 205-3]:
Category	FY 2023-24	FY 2022-23
Directors	Nil	Nil
KMPs
Employees
Workers

6. Details of complaints with regard to conflict of interest [GRI 2-25, 2-15]:

Topic	FY 2023-24	FY 2023-24	FY 2022-23	FY 2022-23
	Number	Remarks	Number	Remarks
Number of complaints received in relation to issues of Conflict of Interest of the Directors	-	-	-	-
Number of complaints received in relation to issues of Conflict of Interest of KMPs

7. Provide details of any corrective action taken or underway on issues related to fines / penalties / action taken by regulators/ law enforcement agencies/ judicial institutions, on cases of corruption and conflicts of interest [GRI 205-3]

Not Applicable

8. Number of days of accounts payables ((Accounts payable *365) / Cost of goods/services procured) :

Particulars	FY 2023-24	FY 2022-23
Number of days of accounts payables	151	112

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9. Open-ness of business:

Provide details of concentration of purchases and sales with trading houses, dealers, and related parties along-with loans and advances & investments, with related parties:

Parameter	Metrics	FY2023-24	FY2022-23
Concentration of Purchases	a. Purchases from tradinghouses as % of totalpurchases	Nil	Nil
	b. Number of tradinghouses wherepurchases are made from	Nil	Nil
	c. Purchases from top 10 trading houses as % of total purchases from tradinghouses	Nil	Nil
Concentration of Sales	a. Sales to dealers /distributors as % of total sales	��	��
	b. Number of dealers / distributors to whom sales are made	6,684	��
	c. Sales to top 10 dealers / distributors as % of total sales to dealers / distributors	��	��
Share of RPTs in	a. Purchases(Purchases with relatedparties / Total Purchases)	7.56%	8.63%
	b. Sales(Sales to relatedparties / Total Sales)	5.54%	4.56%
	c. Loans & advances (Loans & advances given to related parties / Total loans & advances)	100%	99.96%
	d. Investments(Investments in relatedparties / Total Investments made)	26.96%	29.60%

Leadership Indicators

1. Awareness programmes conducted for value chain partners on any of the principles during the financial year [GRI 2-24]:

Total number of training and awareness programmes held	Topics/principles covered under the training and its impact	% age of value chain partners covered (by value of business done with such partners) under the awareness programmes
9	Health & Safetytrainings	100%(Onlycontractualpartners for real estate segment)*

Notes:

*Currently, we do not have a principle-wise training programmes for our value chain partners except for the contractual partners in our Realty Segment. However, we maintain ongoing communication with other value chain partners through diverse channels and have expanded our company’s commitment to responsible practices. This is facilitated by our Supplier Code of Conduct, which offers guidance on critical areas such as labor and human rights, business integrity, and reporting unethical behavior. Weblink for Suppliers Code of Conduct: https://api.raymond.in/uploads/investor/1698409169147Suppliers Code of Conduct Policy.pdf

2. Does the entity have processes in place to avoid/ manage conflict of interests involving members of the Board? If Yes, provide details of the same [GRI 2-10, 2-15]

The Code of Conduct provides guidance to manage conflicts of interest, it states that, “The Directors and each Employee of the Company must not allow personal interest to conflict with the interest of the Company or to come in the way of discharge of duties of the office.” Also, as per the requirements of the Companies Act, the disclosure of interest is required to be given by the Directors in prescribed Form MBP-1 which is brought to the attention at a Board Meeting and taken on record. Further, any transaction in which any Director is interested is brought to the attention of the Board and the interested Director (if any) does not participate in that discussion. The weblink for the Code of Conduct: https://www.raymond.in/investor/disclosures-underregulation-46-of-the-lodr/corporate-governance/code-of-business-conduct-ethics

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PRINCIPLE 2

BUSINESSES SHOULD PROVIDE GOODS AND SERVICES IN A MANNER THAT IS SUSTAINABLE AND SAFE

Essential Indicators

1. Percentage of R&D and capital expenditure (capex) investments in specific technologies to improve the environmental and social impacts of product and processes to total R&D and capex investments made by the entity, respectively.

Type ~~---~~	FY 2023-24 ~~-~~	FY 2022-23 ~~--~~	Details of improvement in social and environmental aspects ~~------~~
Research & Development(R&	D) -	-	-
Capital Expenditure (CAPEX	) 30.25%	8.22%	Efforts are taken to reduce the environmental impact by the installation of rooftop solar, energy efficient pumps, energy efficient technologies,etc.

2. a. Does the entity have procedures in place for sustainable sourcing? [GRI 308-1, 414-1]

Yes, sustainable sourcing procedures are integral to our operations at Raymond Ltd. In our textile segment, wool serves as a primary input material, and all wool procured by the Company is certified under the Responsible Wool Standard. Additionally, we procure Recycled Polyester tow and Recycled Spun Yarn, both certified by the Global Recycling Standard.

Our Vapi plant has decided to implement ZDHC and has already implemented Chemical Management System for responsible use of dyes & chemicals which starts right from the purchase. Our decision to use ZDHC MRSL for purchase is key for sustainable chemical management journey. This CMS framework ensures that 100% of the dyes and chemicals which come as an input are MRSL free and most of the dyes and chemicals are MRSL level 3.0 approved. The ZDHC MRSL goes beyond the traditional approaches to chemical restrictions, which only apply to finished products (Restricted Substances List - RSL) and is focused on end consumer safety. The MRSL approach also helps protect workers, local communities and the environment. In the Teflon finish, we utilize C6 chemicals, thereby reducing environmental pollution. We source dyes only from REACH certified vendors and the dyeing of yarn/fabric is carried out using ecofriendly-permitted dyes & chemicals, free from carcinogenic components.

b. If yes, what percentage of inputs were sourced sustainably? [GRI 308-1, 414-1]

In the year under review, 100% of the wool was sourced sustainably and was certified under the Responsible Wool Standard. The company also sourced 0.5% of Recycled Polyester Tow and 0.2% of Recycled spun yarn, both certified by the Global Recycling Standard. For our realty segment, we also sourced 24% Fly Ash sustainably.

3. Describe the processes in place to safely reclaim your products for reusing, recycling and disposing at the end of life, for (a) Plastics (including packaging) (b) E-waste (c) Hazardous waste and (d) Other waste [GRI 3-3, 306-2]

The Company is engaged in B2B and B2C sector. In B2B, the material used in packaging is reused by the channel partner but in B2C sector we do not reclaim products for reusing, recycling, and disposing of them at the end of their life. However, we have waste management systems in place:

Plastics: Plastic waste is collected and send to authorized recyclers under EPR.
E-Waste: Electrical and Electronic equipment is to be directed to authorized collection centers, registered dismantlers, recyclers, or returned to producers’ designated pick-up services. The Head of Department for IT (HOD-IT) maintains records of e-waste generation, and facilitate access to these records for scrutiny by pertinent environmental regulatory bodies. Furthermore, it is upon HOD-IT to ensure the acquisition of acknowledgment of receipt and confirmation of effective disposal from the designated agency upon relinquishing e-waste to authorized recyclers.
Hazardous Waste: Hazardous waste within departments are segregated and stored in labeled bins. Waste with oil goes to Stores for disposal, while hazardous waste-contaminated containers is washed at the Effluent Treatment Plant (ETP) before storage. Washed water goes to ETP for treatment, and sludge is disposed of via PCB authorized agency.

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Other waste: Other waste is managed through a structured process: dry cotton waste and yarn/fabric waste go to the Raw Material Godown, while other waste is sent to the scrap yard. At the scrap yard, items are segregated and stored separately, protected from weather conditions. Special precautions are taken for hazardous items like Fluorescent Tubes and CFL bulbs. Solid waste is disposed of according to company norms, typically through sale to scrap dealers, with detailed records kept by the originating department.

4. Whether Extended Producer Responsibility (EPR) is applicable to the entity’s activities. If yes, whether the waste collection plan is in line with the Extended Producer Responsibility (EPR) plan submitted to Pollution Control Boards? If not, provide steps taken to address the same.

Yes, Extended Producer Responsibility (EPR) is applicable to the Company. The Company is in the process of implementing EPR with the CPCB.

Leadership Indicators

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1. Has the entity conducted Life Cycle Perspective / Assessments (LCA) for any of its products (for manufacturing industry) or for its services (for service industry)? If yes, provide details:

No Life Cycle Assessment has been carried out for any product of the Company during the year under review.

2. If there are any significant social or environmental concerns and/or risks arising from production or disposal of your products / services, as identified in the Life Cycle Perspective / Assessments (LCA) or through any other means, briefly describe the same along-with action taken to mitigate the same [GRI 3-3, 306-1, 306-2]:

Not applicable since no Life Cycle Assessment has been carried out for any product of the Company during the year under review.

3. Percentage of recycled or reused material to total material (by value) used in production (for manufacturing industry) or providing services (for service industry) [GRI 301-1, 301-2]

providing services (for service industry)[GRI 301-1, 301-2]
Indicate Input Material	Recycled or re-used input material to total material %
	FY 2023-24	FY 2022-23
Recycled Polyester	0.5%	-
Recycled spunyarn	0.2%	1.59%
Fly Ash	23.91%	25%

4. Of the products and packaging reclaimed at end of life of products, amount (in Metric Tonnes) reused, recycled, and safely disposed, [GRI 301-2, 301-3]:

safely disposed,[GRI 301-2, 301-3]:
Category of Waste		FY 2023-24			FY 2022-23
	Reused	Recycled	Safely Disposed	Reused	Recycled	Safely Disposed
Plastics(including packaging)^	Nil	Nil	Nil	Nil	Nil	Nil
E-waste*	NA	NA	NA	NA	NA	NA
Hazardous waste*	NA	NA	NA	NA	NA	NA
Other waste(PackagingCarton)#	32.42	-	-	34.74	-	-

Notes:

*Reclaiming of E-waste and hazardous waste at the end of life of products are not applicable to our company as our operations primarily focus on reclaiming textile-related materials and packaging waste

^ The Company is in the process of implementing EPR with CPCB, post which the reclaimed data can be shared.

Raymond in collaboration with Goonj introduced a mechanism of reusing old trousers. Customer can exchange an old trouser and get free of cost stitching service from Raymond. Raymond Ltd. launched a garment exchange program called ‘Look good, do good’ in collaboration with Goonj. The initiative focused on the ‘dignity of work’ and allowed customers to donate their old clothes and avail of free tailoring services or gift vouchers. The garment exchange program aimed to encourage customers to participate in this social initiative and do their bit in helping the less privileged while looking good.

5. Reclaimed products and their packaging materials (as percentage of products sold) for each product category. [GRI 301-2, 301-3]:

Not Applicable

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PRINCIPLE 3

�� INCLUDING THOSE IN THEIR VALUE CHAINS

Essential Indicators

1. a. Details of measures for the well-being of employees [GRI 401-2]:

ategory				% of Employees covered by	% of Employees covered by	% of Employees covered by	% of Employees covered by
	Total (A)	Health Insurance		Accident Insurance		Maternity Benefits		Paternity Benefits		Day Care	Facilities
		No. (B)	% (B/A)	No. (C)	%(C/A)	No.(D)	%(D/A)	No. (E)	%(E/A)	No. (F)	%(F/A)

Male	1865	1865	100%	1865 100%		NA	NA	1865	100%	1865	100%
emale	268	268	100%			268	100%	NA	NA	268	100%
otal	2133	2133	100%			268	100%	1865	100%	2133	100%

Male	0	0	0%	0 0%		0	0%	0	0%	0	0%
emale	0	0	0%	0 0% 0 0%		0	0%	0	0%	0	0%
otal	0	0	0%			0	0%	0	0%	0	0%

b. Details of measures for the well-being of workers [GRI 401-2]:

ategory				% of Workers covered by Accident Insurance Maternity Benefits No. (C) %(C/A) No.(D) %(D/A) Permanent Workers 4458 100% NA NA 116 100% 116 100% 4574 100% 116 3% Other than Permanent Workers 1,606 100% NA NA 160 100% 160 100% 1,766 100% 160 100%	% of Workers covered by Accident Insurance Maternity Benefits No. (C) %(C/A) No.(D) %(D/A) Permanent Workers 4458 100% NA NA 116 100% 116 100% 4574 100% 116 3% Other than Permanent Workers 1,606 100% NA NA 160 100% 160 100% 1,766 100% 160 100%	% of Workers covered by Accident Insurance Maternity Benefits No. (C) %(C/A) No.(D) %(D/A) Permanent Workers 4458 100% NA NA 116 100% 116 100% 4574 100% 116 3% Other than Permanent Workers 1,606 100% NA NA 160 100% 160 100% 1,766 100% 160 100%	% of Workers covered by Accident Insurance Maternity Benefits No. (C) %(C/A) No.(D) %(D/A) Permanent Workers 4458 100% NA NA 116 100% 116 100% 4574 100% 116 3% Other than Permanent Workers 1,606 100% NA NA 160 100% 160 100% 1,766 100% 160 100%
	Total (A)	Health Insurance						Paternity Benefits No. (E) %(E/A) 0 0% NA NA 0 0% 0 0% 0 0% 0 0%		Day Care	Facilities
		No. (B)	% (B/A)	No. (C)	%(C/A)	No.(D)	%(D/A)	No. (E)	%(E/A)	No. (F)	%(F/A)

Male	4458	4458	100%	4458	100%	NA	NA	0	0%	4458	100%
emale	116	116	100%	116	100%	116	100%	NA	NA	116	100%
otal	4574	4574	100%	4574	100%	116	3%	0	0%	4574	100%

Male	1,606	0	0%	1,606	100%	NA	NA	0	0%	0	0%
emale	160	0	0%	160	100%	160	100%	0	0%	0	0%
otal	1,766	0	0%	1,766	100%	160	100%	0	0%	0	0%

c. Spending on measures towards well-being of employees and workers (including permanent and other than permanent) :

articulars	FY2023-24	FY2022-23
ost incurred on well-being measures as a % of total revenue of the Company	0.44%	0.47%

2. Details of retirement benefits, for Current FY and Previous Financial Year [GRI-201-3]:

Sr. No.	Benefits		FY 2023-24			FY 2022-23
		No. of employees covered as a % of total employees	No. of workers covered as a % of total workers	Deducted and deposited with the authority (Y/N/N.A.)	No. of employees covered as a % of total employees	No. of workers covered as a % of total workers	Deducted and deposited with the authority (Y/N/N.A.)
1	PF	100%	100%	Y	100%	100%	Y
2	Gratuity	100%	100%	-	100%	100%	-
3	ESIC*	100%	100%	Y	100%	100%	Y
4	Superannuation#	3%	0%	Y	3%	0%	Y
5	NPS#	10%	0%	Y	9%	0%	Y

Notes:

*All the employees and workers who are eligible for ESIC have been considered.
Employees who have opted for NPS have been considered.

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3. Accessibility of workplaces:

Are the premises / offices of the entity accessible to differently abled employees and workers, as per the requirements of the Rights of Persons with Disabilities Act, 2016? If not, whether any steps are being taken by the entity in this regard. [GRI 3-3]

Yes, the corporate office of the entity and the Plants are accessible to differently abled employees. For the differently abled employees, we have provided dedicated parking space, ramps, a wheelchair is provided as and when required and a separate Washroom for differently abled people. The company is continuously working towards improving infrastructure for eliminating barriers to accessibility.

4. Does the entity have an equal opportunity policy as per the Rights of Persons with Disabilities Act, 2016? If so, provide a web-link to the policy [GRI 3-3]

While we do not have a standalone Equal Opportunity Policy, our Human Rights policy underscores our commitment to fostering a supportive and diverse work environment along with zero-tolerance policy for discrimination of any kind, including but not limited to, discrimination based on race, gender, religion, age, sexual orientation, disability in all aspects of employment, including hiring, promotion, compensation, and termination. The weblink for our Human Rights Policy: https://api.raymond.in/uploads/investor/1698409028286Human%20Rights%20Policy.pdf

5. Return to work and Retention rates of permanent employees and workers that took parental leave [GRI 401-3]

Gender	Permanent Employees	Permanent Employees	Permanent Workers	Permanent Workers
	Return to work rate	Retention rate	Return to work rate*	Retention rate*
Male	100%	77%	NA	NA
Female	100%	100%	NA	NA
Total	100%	81%	NA	NA

Notes:

*No parental leaves were availed by the Permanent workers in FY 2023-24 and FY 2022-23.

6. Is there a mechanism available to receive and redress grievances for the following categories of employees and workers? If yes, give details of the mechanism in brief [GRI 2-25]

Category	Grievance Redressal Mechanism
Permanent Workers	Yes, there are QR codes installed throughout the office premises for registering complaints in order to redress grievances. These codes are linked to a portal that provides a user interface for filing complaints. Raymond Ltd. has Expresso Chat and AI Chatbot (AMBER) where employees can interact and provide their feedback. Negative feedback is tracked and considered for Face-to-Face interaction to resolve the grievance. The Company also has a one-to-one interaction initiative organised on a periodical basis by the HR Department. Employees/Workers can raise their concerns at Townhalls (open meetings) or with their Reporting Manager or Business Unit HR representative. Further, the Whistleblower policy and Ethics Hotline is available to all employees to report theirgrievances/complaints.
Other than Permanent Workers
Permanent Employees
Other than Permanent Employees

7. Membership of employees and worker in association(s) or Unions recognized by the listed entity [GRI 2-30, GRI 402-1, GRI 407-1]:

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----- Start of picture text -----

FY 2023-24 FY2022-23
No. of employees / No. of employees /
Total employees Total employees
workers in respective workers in respective
Category / workers in / workers in
category, who are % (B/A) category, who are %(D/C)
respective respective
part of association(s) part of association(s)
category (A) category (C)
or Union (B) or Union (D)
Permanent Employees
Male 1865 0 0% 1,729 0 0%
Female 268 0 0% 232 0 0%
Total 2133 0 0% 1,961 0 0%
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----- Start of picture text -----

FY 2023-24 FY2022-23
No. of employees / No. of employees /
Total employees Total employees
workers in respective workers in respective
Category / workers in / workers in
category, who are % (B/A) category, who are %(D/C)
respective respective
part of association(s) part of association(s)
category (A) category (C)
or Union (B) or Union (D)
Permanent Workers
Male 4,458 4,399 98.67% 4,601 4,601 100%
Female 116 114 98.27% 120 120 100%
Total 4,574 4,513 98.66% 4,721 4,721 100%
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8. Details of training given to employees and workers [GRI 403-5, GRI 404-1, GRI 404-2]

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FY 2023-24 FY 2022-23
Category
On Health & Safety On Health & Safety
On Skill Upgradation On Skill Upgradation
Total (A) measures Total (D) measures
No. (B) % (B / A) No. (C) % (C / A) No. (E) % (E / D) No. (F) % (F / D)
Permanent Employees
Male 1,865 261 14% 1,715 92% 1,729 981 57% 427 25%
Female 268 40 15% 265 99% 232 188 81% 57 25%
Total 2,133 301 14% 1,980 93% 1,961 1,169 60% 484 25%
Permanent Workers
Male 4,458 3,937 88% 2,023 45% 4,601 2,887 63% 2,015 44%
Female 116 114 98% 92 79% 120 108 91% 66 55%
Total 4,574 4,051 89% 2,115 46% 4,721 2,995 63% 2,081 44%
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9. Details of performance and career development reviews of employees and workers [GRI 404-3]:

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----- Start of picture text -----

FY 2023-24 FY2022-23
Category
Total (A) No. (B) % (B/A) Total C) No. (D) % (D/C)
Employees
Male 1,865 1,865 100% 1,729 1,729 100%
Female 268 268 100% 232 232 100%
Total 2,133 2,133 100% 1,961 1,961 100%
Workers
Male 4,458 4,458 100% 4,601 1,282 28%
Female 116 116 100% 120 32 27%
Total 4,574 4,574 100% 4,721 1,314 28%
----- End of picture text -----

10. Health and safety management system [GRI 403-1, GRI 403-2, GRI 403-4, GRI 403-6]:

a. Whether an occupational health and safety management system has been implemented by the entity?

Yes, the Occupational Health and Safety Management System has been

implemented in all manufacturing plants, sites and offices. The Company’s health and safety management system is based on the International Standard for Occupational Health and Safety and the manufacturing plants are certified with ISO 45001:2018. Also, the company encourages a culture of safety by providing health and safety trainings to employees and workers.

What is the coverage of such system? 100%
b. What are the processes used to identify work-related hazards and assess risks on a routine and nonroutine basis by the entity?
c. Whether you have processes for workers to report the work-related hazards and to remove themselves from such risks.

The company has developed a system for hazard identification and risk assessment based on five key controls that can be used to assess risk and mitigate it. Risk assessment and safety audits are performed semi-annually and third-party safety audits are performed annually.

Through the safety sampling round, the company has developed a process for workrelated hazards, as well as online software that can easily capture unsafe acts and unsafe working conditions. Safety committee at the corporate level and at the Plant level are in place. Near-miss reporting system have been implemented to easily capture unsafe acts & unsafe conditions at the workplace.

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d. Do the employees/ worker of the entity have access to nonoccupational medical and healthcare services?

Yes, the company have a full-fledged system for equipped medical & health care services, as well as a medical health centre in the corporate office and dispensary is provided at all the plants

11. Details of safety related incidents [GRI 403-9, GRI 403-10]:

Safety Incident/Number ~~------~~	Category		FY 2023-24	FY 2023-24		FY 2022-23	FY 2022-23
	Plant* ~~--~~	Vapi ~~-~~	Jalgaon ~~--~~	Chhindwara ~~--~~	Vapi ~~-~~	Jalgaon ~~--~~	Chhindwara ~~--~~
Lost Time Injury Frequency Rate (LTIFR) (per one million-person hours worked)	Employees	-	-	-	-	-	-
	Workers	0.67	0.27	1.1	1.07	0.49	0.98
Total recordable work-related injuries	Employees	-	-	-	-	-	-
	Workers	-	-	-	-	1	5
No. of fatalities	Employees	-	-	-	-	-	-
	Workers	-	-	-	-	-	-
High-consequence work-related injuryor ill health(excludingfatalities)	Employees	-	-	-	-	-	-
	Workers	-	-	-	-	-	-

Notes:

Realty business has achieved 8.99 Million Safe Man Hours in FY 2023-24 and 9.68 Million in FY 2022-23.

*Including in the contract workforce

12. Describe the measures taken by the entity to ensure a safe and healthy workplace [GRI 3-3, GRI 403-2, GRI 403-9, GRI 403-10]

Raymond Limited has a formalized Environment, Health and Safety policy where they are committed to providing safe, healthy and environment-friendly work areas as well as work conditions for their employees, shareholders, visitors, and customers. Raymond Limited ensures a safe and healthy workplace through various measures, including toolbox talks, hazard identification, induction training, and health & safety awareness training. Safety week is conducted every year at the corporate office.

13. Number of Complaints on the following made by employees and workers [GRI 2-25]:

The Company encourages proactive identification of health hazards and safety risks for timely mitigation and risk avoidance

Topic		FY 2023-24	FY 2023-24		FY 2022-23
	Filed during the year	Pending resolution at the end ofyear	Remarks	Filed during the year	Pending resolution at the end ofyear	Remarks
Working Conditions	20	-	All issues resolved	33	-	All complaints addressed
Health & Safety	10	-	All issues resolved by the Central Safety Committee	19	-	All complaints addressed

14. Assessments for the year [GRI 3-3]:

Assessments for the year[GRI	3-3]:
Topic	% ofyourplants and offices that were assessed (by entity or statutory authorities or thirdparties)
Health and safety practices	100%
WorkingConditions	100%

15. Provide details of any corrective action taken or underway to address safety-related incidents (if any) and on significant risks / concerns arising from assessments of health & safety practices and working conditions [GRI 3-3, GRI 403-9, GRI 403-10]

No concerns identified during assessments however the following measures are undertaken for Health & Safety measures regularly:

Vapi Plant: Regular safety audits are conducted, and accordingly corrective actions are taken.

Jalgaon Plant: Incident Investigation Software used, and corrective actions are taken.

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Chhindwara Plant: Hazard Identification and Risk Assessment (HIRA) Registers updated to include social and psychological hazards. Contractor OHS Audit checklist developed and performed.

Design and development department context document updated to address regulatory and statutory requirements. Monthly safety and security audits are conducted with documented reports circulated to management.

Leadership Indicators

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1. Does the entity extend any life insurance or any compensatory package in the event of the death of (A) Employees (Y/N) (B) Workers (Y/N)? [GRI 401]

(A) Employees: Yes
(B) Workers: Yes

2. Provide the measures undertaken by the entity to ensure that statutory dues have been deducted and deposited by the value chain partners

TDS deducted & deposited by our customers (value chain partners) is monitored and accounted for in SAP accordingly. Further, contractors are required to provide all the statutory documentation. As contractees, we are responsible for compliance of PF and ESIC payments by contractors and the above process is followed to ensure the same.

3. Provide the number of employees / workers having suffered high consequence work-related injury / ill-health / fatalities (as reported in Q11 of Essential Indicators above), who have been rehabilitated and placed in suitable employment or whose family members have been placed in suitable employment [GRI 3-3]:

Category Total no. of affected employees/ workers No. of employees/workers that are rehabilitated and placed in suitable employment or whose family members have been placed in suitable employment FY 2023-24 FY 2023-23 FY 2023-24 FY 2023-23 Employees NA Workers	Category Total no. of affected employees/ workers No. of employees/workers that are rehabilitated and placed in suitable employment or whose family members have been placed in suitable employment FY 2023-24 FY 2023-23 FY 2023-24 FY 2023-23 Employees NA Workers	Category Total no. of affected employees/ workers No. of employees/workers that are rehabilitated and placed in suitable employment or whose family members have been placed in suitable employment FY 2023-24 FY 2023-23 FY 2023-24 FY 2023-23 Employees NA Workers
	FY 2023-23 FY 2023-24	FY 2023-23
Employees Workers	NA

4. Does the entity provide transition assistance programs to facilitate continued employability and the management of career endings resulting from retirement or termination of employment? [GRI 404-2]

Yes. Following retirement, certain employees may have the opportunity to transition into consultant roles for a specific duration, depending on individual circumstances and organizational needs (case by case basis). This allows them and the company to utilize their industry experience, networks, and specialized knowledge in relevant fields.

5. Details on assessment of value chain partners [GRI 414-2]:

Topic	% of value chainpartners(by value of business done with suchpartners) that were assessed
Health and safety practices	100% (Only contractual partners for real estate segment)*
WorkingConditions

Notes:

*No other value chain partners except those mentioned have been assessed.

6. Provide details of any corrective actions taken or underway to address significant risks / concerns arising from assessments of health and safety practices and working conditions of value chain partners [GRI 414-2]

Not Applicable

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PRINCIPLE BUSINESSES SHOULD RESPECT THE INTERESTS OF AND BE RESPONSIVE TO ALL ITS 4 STAKEHOLDERS

Essential Indicators

1. Describe the processes for identifying key stakeholder groups of the entity [GRI 2-29]:

Our process of stakeholder engagement involves identifying key internal and external stakeholders followed by assessing their contribution towards day-to-day business activities. We have identified the key stakeholder’s group and each stakeholder continues to contribute in their own way in creating a shared value. We further categorise our stakeholders as internal or external basis the nature of their association with the Company.

Key stakeholder mapping:

Internal stakeholders: Employees and contractors

External stakeholders: Shareholders, Investors, Value Chain Partners, Customers, Community

2. List stakeholder groups identified as key for your entity and the frequency of engagement with each stakeholder group [GRI 3-1, GRI 2-29]:

GRI 3-1, GRI	2-29]:
takeholder roup	Whether identified as Vulnerable & Marginalized Group (Yes/ No)	Channels of communication (Email, SMS, Newspaper, Pamphlets, Advertisement, Community Meetings, Notice Board, Website), Other	Frequency of engagement (Annually/ Half yearly/ Quarterly /others – please specify)	Purpose and scope of engagement including key topics and concerns raised during such engagement
hareholders	No	Email, Post, Newspaper notices, Website, Meetings- like AGM,Postal ballot	Quarterly	Statutory Communication
vestors	No	Meetings, Calls, One-on-one interactions	Quarterly, Investor calls on ad-hoc basis	Statutory Communication and company performance on financial and sustainability parameters and reports
alue Chain uppliers	No	Meetings, Calls, One-on-one interactions	On ad-hoc basis	Company requirements and terms of trade
mployees nd ontractors	No	Emails, Townhall, Sessions, Meetings, One-on-one interaction	Continual	Occupational health and safety, Career planning and development, Employee welfare programs, Collective bargaining/ freedom of association, Code of Conduct and corporate policies, Training, skill up- gradation and continuous learning of all employees
ustomer	No	Email, SMS, Newspaper campaigns, Website, Conferences	Continual	New products, Fashion Updates, Launches, Campaigns, to understand the Issues, Order Booking,Customer Survey.
ommunity	Some communities identified	Community meetings, CSR initiatives	Continual	CSR Initiatives, Human rights, Community developments

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Leadership Indicators

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1. Provide the processes for consultation between stakeholders and the Board on economic, environmental, and social topics or if consultation is delegated, how is feedback from such consultations provided to the Board [GRI 2-12, GRI 2-13, GRI 2-29]

Raymond Limited places a strong emphasis on stakeholder engagement as a means to foster meaningful dialogue and gain insights into key business and societal concerns. We actively discuss economic, environmental, and social topics with our stakeholders. Information pertinent to these discussions is consistently communicated to the Board of Directors. Through the oversight of the Risk Management and ESG Committee, the Board reviews and guides the company’s social responsibility commitments and sustainability initiatives, ensuring alignment with strategic objectives.

2. Whether stakeholder consultation is used to support the identification and management of environmental, and social topics. If so, provide details of instances as to how the inputs received from stakeholders on these topics were incorporated into policies and activities of the entity [GRI 3-1]

Engaging stakeholders on important issues lies at the heart of how the Company does business. Raymond Limited engages with relevant stakeholder platforms that are used to seek relevant expertise and support to address environment and social topics. Raymond has put in place systems and procedures to identify, prioritize and address the needs and concerns of its stakeholders across businesses in a continuous and consistent manner.

3. Provide details of instances of engagement with, and actions taken to, address the concerns of vulnerable/ marginalized stakeholder groups [GRI 2-29]

The Company has demonstrated a strong commitment to engaging with and addressing the concerns of vulnerable and marginalized stakeholder groups through various CSR initiatives. One such initiative is the support provided to marginalized children and children with disabilities. The company is also involved in sponsored education, health, and living expenses for children living in children’s homes, ensuring they receive the necessary support to thrive.

Additionally, the company provided support to create and sustain school enrichment programs for underprivileged children aiming to provide additional educational resources and opportunities to children who may not have access to them otherwise.

Furthermore, the company has extended support for higher education in semi-urban and rural areas, particularly focusing on individuals from underprivileged and rural backgrounds.

Overall, these CSR activities highlight the company’s dedication to making a meaningful impact on the lives of vulnerable and marginalized groups by addressing their specific needs and providing them with opportunities for growth and development.

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PRINCIPLE BUSINESSES SHOULD RESPECT AND PROMOTE HUMAN RIGHTS
5
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Essential Indicators

1. Employees and workers who have been provided training on human rights issues and policy(ies) of the entity [GRI 2-24, GRI 205-2, GRI 403-5, GRI 404-1]:

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----- Start of picture text -----

FY 2023-24 FY 2022-23
Category No. of employees / % No. of employees / %
Total (A) Total (A)
workers covered (B) (B/A) workers covered (B) (B/A)
Employees
Permanent 2,133 766 36% 1,961 478 24%
Other than permanent 0 0 0% 4 0 0%
Total 2,139 766 36% 1,965 478 24%
Workers
Permanent 4,574 1,815 40% 4,721 325 7%
Other than permanent 1,766 0 0% 2,218 22 1%
Total 6,334 1,815 40% 6,939 347 5%
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2. Details of minimum wages paid to employees and workers [GRI 202-1, GRI 405-2]:

Category		FY 2023-24	FY 2023-24	FY 2023-24	FY 2023-24		FY 2022-23	FY 2022-23
	Total (A)	Equal to Minimum Wage		More than Minimum Wage		Total (D)	Equal to Minimum Wage		More than Minimum Wage
		No. (B)	% (B/A)	No. (C)	% (C/A)		No.(E)	% (E/D)	No.(F)	% (F/D)

Male	1,865	0	0%	1,865	100%	1,729	-	-	1,729	100%
Female	268	0	0%	268	100%	232	-	-	232	100%

Male	0	0	0%	0	0%	3	3	100%	-	-
Female	0	0	0%	0	0%	1	1	100%	-	-

Male	4,458	61	1.37%	4,393	98.54%	4,601	12	0.26%	4,601	99.74%
Female	116	2	1.72%	114	98.28%	7,120	2	1.67%	120	98.33%

Male	1,606	1,606	100%	0	0%	2,059	2,059	100%	-	-
Female	160	160	100%	0	0%	159	159	100%	-	-

3. Details of remuneration/salary/wages, in the following [GRI 2-19, GRI 2-21]:

a. Median remuneration / wages:

Median remuneration / wages:
��		Male		Female
	No. 6^ 2 1,865 4,458	Median remuneration/ salary/ wages of the respective category	No.	Median remuneration/salary/ wages of the respective category
Board of Directors		60,25,000	2	53,00,000
Key Managerial Personnel*		7,09,00,000	0	-
Employees other than BoD and KMP		9,00,169	268	9,43,218
Workers		4,08,193	116	4,11,006

Notes:

Definition of Key Management Personnel (KMP) includes the Chairman & Managing Director (CMD), Chief Financial Officer (CFO) and Company Secretary (CS) but as the CMD is included in Board of Directors, KMP here only includes CFO and CS.

^Including Mr. Shiv Surinder Kumar whose tenure ended on February 14, 2024

b. Gross wages paid to females as % of total wages paid by the entity

Gross wages paid to females as % of total wages paid by the entity
Particulars	FY 2023-24	FY 2022-23
Gross wagespaid to females as % of total wages	7.6%	6.8%

4. Do you have a focal point (Individual/ Committee) responsible for addressing human rights impacts or issues caused or contributed to by the business? [GRI 2-13]

Yes, Ethics committee/Internal Complaints Committee is the focal point for addressing human rights impacts or issues caused. Whistleblower hotline is in place for raising complaints pertaining to human rights as per the mechanism defined in Human Rights Policy.

5. Describe the internal mechanisms in place to redress grievances related to human rights issues [GRI 2-25]

Grievances related to Human rights impacts are addressed via the Whistle Blower Hotline reporting channels. Any such grievance or violation of policy can be reported through this Hotline. Dedicated Helpline number: 1800 100 1123 OR Write to email id - [email protected] OR Report the concerns and update details by using the web portal www.raymond.ethicshelpline.in. Hard copies of the Protected Disclosure can be sent to “P. O. Box No 71, DLF Phase 1, Qutub Enclave, Gurgaon - 122002, Haryana, India”
Write to the Chairman of the Audit Committee - [email protected]

The Company undertakes investigation of whistle blower complaints, address any violation, wrongdoing or non-compliance and ensure thorough investigation within the timelines prescribed under the Whistle Blower Policy. Any complaints related to violation of Human Rights shall be reported to the CHRO after reporting the said issue on the helpline. Corrective or disciplinary action shall be taken against the individual causing the violation swiftly.

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6. Number of Complaints on the following made by employees and workers [GRI 2-25, GRI 406-1]:

Particulars		FY 2023-24			FY 2022-23
	Filed during the year	Pending resolution at the end of theyear	Remarks	Filed during the year	Pending resolution at the end of theyear	Remarks
Sexual Harassment	4	0	-	0	0	-
Discrimination at workplace	0	0		0	0
Child Labour	0	0		0	0
Forced Labour / Involuntary Labour	0	0		0	0
Wages	0	0		0	0
Other human rights-related issues	0	0		0	0

7. Complaints filed under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 :

��	FY 2023-24	FY 2022-23
Total Complaints reported under Sexual Harassment of Women at Workplace (Prevention,Prohibition and Redressal)Act,2013(POSH)	4	0
Complaints on POSH as a % of female employees / workers	1.04%	NA
Complaints on POSH upheld	4	NA

8. Mechanisms to prevent adverse consequences to the complainant in discrimination and harassment cases [GRI 2-25]

Yes, the mechanism for prevention of adverse consequences for the complainant is covered under Whistleblower and POSH Policy. The weblink of the policy: https://api.raymond.in/uploads/investor/1709184777212Whistle%20Blower%20Policy.pdf. The identity of the complainant is kept confidential and protected and any retaliation for reporting suspected violations is strictly prohibited by Company policy.

9. Do human rights requirements form part of your business agreements and contracts? [GRI 2-23, GRI 2-24, GRI 414 & GRI 3-3]

Yes, human rights considerations are integrated into our business agreements and contracts. We thoroughly assess human rights risks throughout our operations and across our entire value chain. This includes scrutinizing new business relationships to identify and mitigate any potential risks, ensuring that they align with our ethical standards. We have established a consistent and systematic review process to continuously update our risk assessments and maintain alignment with our commitment to human rights.

10. Assessments for the year:

Assessments for the year:
Particulars	% ofyourplants and offices that were assessed (by entity or statutory authorities or thirdparties)
Child labor	100%
Forced/involuntarylabor
Sexual harassment
Discrimination at workplace
Wages
Others –please specify

11. Provide details of any corrective actions taken or underway to address significant risks / concerns arising from the assessments at Question 10 above [GRI 3-3]

Not Applicable

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Leadership Indicators

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1. Details of a business process being modified / introduced as a result of addressing human rights grievances/complaints [GRI 2-25, GRI 3-3]

We are committed to upholding human rights is reinforced by our code of conduct, policies, and whistleblower channels. There have been no human rights grievances/complaints which resulted in introduction/ modification of business process.

2. Details of the scope and coverage of any Human rights due-diligence conducted [GRI 3-1, GRI 3-3]

As a company deeply committed to ethical business practices, we make it a priority to conduct comprehensive human rights due diligence. Our approach encompasses a meticulous examination of potential human rights risks within our operations and across our value chain. This diligence extends to new business relationships, where we scrutinise and address potential risks, ensuring alignment with our ethical standards. We maintain a regular and systematic review process to keep our risk mapping up to date. Our focus on human rights risks includes critical issues such as forced labour, human trafficking, child labour, discrimination, freedom of association, collective bargaining and equal pay for equal work covering various stakeholders such as own employees, women, children, indigenous people, migrant workers, third-party employees and local communities with a commitment to protecting the rights of our employees, supporting gender equality, and contributing positively to the communities we engage with. Our ongoing dedication to human rights due diligence underscores our unwavering commitment to upholding human rights at every level of our operations.

3. Is the premise/office of the entity accessible to differently abled visitors, as per the requirements of the Rights of Persons with Disabilities Act, 2016?

The corporate office and Jalgaon Plant are accessible to differently abled visitors with dedicated parking, transport, and provision of wheelchairs. Signages are put up and information is provided through Security / Reception Personnel.

4. Assessments for the year: (Value Chain Partners) [GRI 414-1, GRI 414-2]

% of your plants and offices that were assessed (by entity or statutory authorities or third parties) Child labor Forced/involuntary labor Sexual harassment 100% (Only contractual partners for real estate segment)* Discrimination at workplace Wages Others – please specify

*No other value chain partners except those mentioned have been assessed.

5. Provide details of any corrective actions taken or underway to address significant risks / concerns arising from the assessments at Question 4 above [GRI 414-2]:

Not applicable

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PRINCIPLE BUSINESSES SHOULD RESPECT AND MAKE EFFORTS TO PROTECT AND RESTORE THE
6 ENVIRONMENT
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Essential Indicators

1. Details of total energy consumption (in Joules or multiples) and energy intensity [GRI 302-1]:

Parameter	FY 2023-24	FY 2022-23
From renewable sources in (GJ)
Total electricityconsumption(A)	90,465	64,555
Total fuel consumption(B)	-	-
Energyconsumption through other sources(C)	-	-
Total energy consumed from renewable sources (A+B+C) in (GJ)	90,465	64,555
From non-renewable sources in (GJ)
Total electricityconsumption(D)	3,47,535	3,80,596
Total fuel consumption(C)	7,41,531	7,55,772
Energyconsumption through other sources(E)	-	-
Total energy consumed from non-renewable sources(D+E+F) in(GJ)	10,89,066	11,36,368
Total energy consumed(A+B+C+D+E+F)	11,79,532	12,00,924
Energy intensity per lakh rupee of turnover (Total energyconsumed / turnover) (GJper lakh INR of revenue)	1.79	2.08
Energy intensity per lakh rupee of turnover adjusted for Purchasing Power Parity (PPP)* (Total energy consumed in GJ/ Revenue from operations in lakh INR adjusted for PPP)	40.07	46.07
Energy intensity in terms of physical output(Total energy consumed in GJ/ Total Fabricproduced in meters)	0.0372	0.0352
Energy intensity per employee(Total energy consumed in GJ/ Total permanent employees)	552.99	612.40

Notes:

No independent assessment/ evaluation/assurance has been carried out by an external agency.

*For India PPP conversion factor is 22.4 & 22.17 for the year 2024 and 2023 respectively as per Implied PPP conversion rate available at

https://www.imf.org/external/datamapper/PPPEX@WEO/OEMDC/IND

2. Does the entity have any sites / facilities identified as designated consumers (DCs) under the Performance, Achieve and Trade (PAT) Scheme of the Government of India? If yes, disclose whether targets set under the PAT scheme have been achieved. In case targets have not been achieved, provide the remedial action taken, if any.

Yes, the following plants are registered as designated consumers under the PAT scheme of the Government of India and have achieved the set targets: Vapi Plant, Jalgaon Plant and Chhindwara Plant.

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3. Provide details of the following disclosures related to water [GRI 303-1, GRI 303-3, GRI 303-5]:

Parameter	FY 2023-24	FY 2022-23
Water withdrawal by source(in Kilolitres)
(i)Surface water	20,05,405	19,99,790
(ii)Groundwater	2,89,000	4,973
(iii)Thirdpartywater	5,02,943	3,64,254
(iv)Seawater / desalinated water	-	-
(v)Others(Recycled Water from ETP-RO & Process)	37,437	30,801
Total volume of water withdrawal (in Kilolitres) (i + ii + iii + iv + v)	28,34,785	23,99,818
Total volume of water consumption (in Kilolitres)^	33,73,129	30,00,890
Water intensity per lakh rupee of turnover(Water consumed / turnover) (kl per lakh INR of revenue)	5.12	5.19
Water intensity per lakh rupee of turnover adjusted for Purchasing Power Parity (PPP)* (Total water consumption / Revenue from operations in lakh INR adjusted for PPP)	114.60	115.11
Water intensity in terms of physical output (Total water consumption / Total Fabricproduced in meters)	0.11	0.09
Water intensity per employee (Total water consumption / Totalpermanent employees)	1,581.40	1,530.29

Notes:

^In FY 2023-24, 5,38,344KL Rainwater harvested and consumed.

For India PPP conversion factor is 22.4 & 22.17 for the year 2024 and 2023 respectively as per Implied PPP conversion rate available at https://www.imf.org/ external/datamapper/PPPEX@WEO/OEMDC/IND

No independent assessment/ evaluation/assurance has been carried out by an external agency.

4. Provide the following details related to water discharged [GRI 303-4]:

Provide the following details related to water discharged[GRI 303-4]:
Parameter	FY 2023-24	FY 2022-23
Water discharge by destination and level of treatment(in Kiloliters) ~~-----------~~	~~--~~	~~--~~
(i) To Surface water
• No treatment	-	-
• With treatment – TertiaryTreatment	5,02,700	5,11,237
(ii) To Groundwater	-	-
• No treatment	-	-
• With treatment –please specifythe level of treatment	-	-
(iii) To Seawater	-	-
• No treatment	-	-
• With treatment –please specifythe level of treatment	-	-
(iv) Sent to thirdparties	-	-
• No treatment	-	-
• With treatment –please specifylevel of treatment	-	-
(v) Others	-	-
• No treatment	-	-
• With treatment	-	-
Total water discharged(in Kiloliters)	5,02,700	5,11,237
Total Water Treated & Reused in Process(in Kiloliters)	10,28,681	12,90,434

Notes:

No independent assessment/ evaluation/assurance has been carried out by an external agency.

5. Has the entity implemented a mechanism for Zero Liquid Discharge? If yes, provide details of its coverage and implementation [GRI 303-1, GRI 303-2]

Yes. The waste water generated by the Chhindwara Plant is being reused/recycled for production, gardening and other purposes and the plant is in the final phases of obtaining ZLD.

Vapi Plant has the Effluent treatment plant in place including primary, secondary & tertiary treatment and water is discharged following the Gujarat Pollution Control Board norms.

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6. Please provide details of air emissions (other than GHG emissions) by the entity [GRI 305-7]:

Parameter	FY 2023-24 Total	FY2022-23 Total
NOx(�g/m3)	1,21,150.37	1,81,299.82
SOx(�g/m3)	2,15,263.72	3,41,052.36
Particulate matter(PM) (�g/m3)	1,31,487.44	2,28,045.20
Persistent organicpollutants(POP) (�g/m3)	-	-
Volatile organic compounds(VOC) (�g/m3)	-	-
Hazardous airpollutants(HAP) (�g/m3)	-	-
Carbon Mono oxide(CO) (�g/m3)	0.81	-
Total	4,67,902.34	7,50,397.38

Notes:

No independent assessment/ evaluation/assurance has been carried out by an external agency.

7. Provide details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) & their intensity [GRI 305-1, GRI 305-2, GRI 305-3, GRI-305-4]:

[GRI 305-1, GRI 305-2, GRI 305-3, GRI-305-4]:
Parameter	FY 2023-24	FY 2022-23^
Total Scope 1 emissions (tCO2e)	1,09,392.51 CO2 1,09,063.92 CH4 4.08 N2O 0.81 69,261.07 1,78,654.15 0.27	1,11,440.86 CO2 1,11,106.04 CH4 4.16 N2O 0.82
Total Scope 2 emissions(tCO2e)		75,214.23
Total Scope 1 and Scope 2 Emissions(tCO2e)		1,86,655.60
Total Scope 1 and Scope 2 Emissions per lakh rupee of turnover (Total Scope 1 and Scope 2 GHG emissions/ turnover)		0.32
Total Scope 1 and Scope 2 Emissions per lakh rupee of turnover adjusted for Purchasing Power Parity (PPP)* (Total Scope 1 and Scope 2 GHG emissions/ Revenue from operations in lakh INR adjusted for PPP)	6.07	7.16
Total Scope 1 and Scope 2 Emissions intensity in terms of physical output (Total Scope 1 and Scope 2 GHG emissions/ Total Fabricproduced in meters)	0.0056	0.0055
Total Scope 1 and Scope 2 Emissions intensity per employee (Total Scope 1 and Scope 2 GHG emissions/ Total employees)	83.76	95.18

Notes:

No independent assessment/ evaluation/assurance has been carried out by an external agency.

^Deviation from BRSR 2023 due to accounting of other businesses part of consolidated business in BRSR 2023.

*For India PPP conversion factor is 22.4 & 22.17 for the year 2024 and 2023 respectively as per Implied PPP conversion rate available at https://www.imf.org/external/datamapper/PPPEX@WEO/OEMDC/IND

8. Does the entity have any project related to reducing Green House Gas emission? If yes, then provide detail [GRI 305-5]

Chhindwara: Installed energy-efficient lighting systems with LED lighting, adopted Operations & Maintenance best practices in electrical systems, and utilized Rice Husk as a renewable fuel in boilers for steam generation, significantly reducing Greenhouse Gas emissions. Also, Variable Frequency Drives on Machines, energy-efficient fans, and motors on Humidification Towers have been implemented.

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Vapi: Vapi has taken significant steps towards sustainability by establishing a diversified 52% Renewable Energy Portfolio, incorporating solar, wind, and hybrid solutions. The key components of this initiative include:

640 kW Rooftop Solar Plant: A state-of-the-art solar facility aimed at harnessing clean energy from the sun.
Purchase of Cheaper Renewable Power: Through Open Access, Vapi has entered Power Purchase Agreements to acquire affordable renewable energy, contributing to a reduction in overall CO2 emissions. Reduction in CO2 emission Approximately 12% compared to FY22-23
Energy Conservation Projects Implementation:
Waste Heat Recovery from Dyeing Effluents
Energy-Efficient Pumps and Motors
Flash Steam and Condensate Recovery System
Energy-Efficient Compressors and Chillers
Waste Heat Recovery and Oil Separation (Polygee) from Stenter: This innovative system ensures air quality by separating oil from emissions before release into the atmosphere.

Jalgaon:

100% Fossil Fuel Diesel Substitution: Replaced all Diesel Forklifts with battery-operated alternatives for material handling inside the plant, ensuring a cleaner energy source.
Efficient Centrifugal Compressor Replacement: Replaced a 40-year-old 1000CFM centrifugal compressor with a more efficient model. In 4 Months, 57500 KWH energy saved.
Roof-Top Solar Installation: Set up a 70 kWh rooftop solar system at Raymond’s Residential Colony in Opex.
Motor Upgrades: Replaced old and inefficient motors with IE-4 motors in both loom and Zinser Prep.

9. Provide details related to waste management by the entity [GRI 306-3, GRI 306-4, GRI, GRI 306-5, GRI 306-4-5, GRI 306-5]:

Parameter	FY 2023-24^	FY 2022-23^
Total Waste generated (in Metric Tonnes)
Plastic waste(A)	62.92	62.43
E-waste(B)	3.00	0.20
Bio-medical waste(C)	0.03	0.03
Construction and demolition waste(D)	47,724	36,396
Battery waste(E)	1.98	3.76
Radioactive waste(F)	-	-
Other Hazardous waste(G)	284.72	255.33
Used Oil	10.58	15.45
Sludge	269.65	235.48
Container	3.45	4.40
Contaminated Rags	1.05	-
Other Non-hazardous wastegenerated(H)	5,231.40	4,898.89
FlyAsh	4,144.00	3,818.06
Noils of wool	144.00	198.39
Textileprocess waste(Fabric Waste,Fibre Waste,Yarn Waste,etc.)	943.40	882.44
Total(A+B+C+D+E+F+G+H)	53,308.05	41,616.64
Waste intensity per lakh rupee of turnover (Total wastegenerated / Revenue from operations in lakh)	0.08	0.07
Waste intensity per lakh rupee of turnover adjusted for Purchasing Power Parity (PPP)* (Total waste consumption / Revenue from operations in lakh INR adjusted for PPP)	1.81	1.60
Waste intensity in terms of physical output (Total waste consumption / Total Fabricproduced in meters)	0.0017	0.0012
Waste intensity per employee (Total waste consumption / Total permanent employees)	24.99	21.22

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For each category of waste generated, total waste recovered through recycling, re-using or other recovery operations (in Metric Tonnes)

Metric Tonnes)
Category of Waste ~~-------~~	FY 2023-24 ~~---~~	FY 2022-23 ~~---~~
(i)Recycled	4,752.79	4,492.29
(ii)Re-used	52.54	53.02
(iii)Other recoveryoperations	-	-
Total	4,805.37	4,545.31
For each category of waste generated, total waste disposed by nature of disposal method (in		Metric Tonnes)
Category of Waste ~~-------~~	FY 2023-24 ~~---~~	FY 2022-23 ~~---~~
(i)Incineration	1.07	0.03
(ii)Landfilling	185	136.17
(iii)Other disposal operations	48,316.40	36,935.15
Total	48,502.48	37,071.35

Notes:

No independent assessment/ evaluation/assurance has been carried out by an external agency.

^Deviation from BRSR 2023 due to accounting of other businesses part of consolidated business in BRSR 2023.

For India PPP conversion factor is 22.4 & 22.17 for the year 2024 and 2023 respectively as per Implied PPP conversion rate available at https://www.imf.org/ external/datamapper/PPPEX@WEO/OEMDC/IND

10. Briefly describe the waste management practices adopted in your establishments. Describe the strategy adopted by your company to reduce the usage of hazardous and toxic chemicals in your products and processes and the practices adopted to manage such wastes [GRI 306-2, GRI 3-3]

Chhindwara:

Exporting noil waste from the Combing Section.
Substituting smaller packaging for dyes and chemicals with bulk packaging.
Storing chemicals (such as Caustic Soda) used in large quantities in substantial tanks, significantly reducing or eliminating smaller drums and carboys from our supply chain.
Selling Chindi waste, plastic drums, broken corrugated boxes, HDPE sheets, and wooden waste.
Jalgaon: In Jalgaon, where no boiler operations are currently in progress, there is no generation of fly ash. An effective waste management and disposal system has been implemented to manage process waste.

Vapi: Our focus in Vapi includes the segregation of hazardous and non-hazardous wastes. Specifically, all fabric-related wastes are directed to the carpet and blanking making industry. Hazardous wastes from the Effluent Treatment Plant (ETP) are sent to authorized vendors.

Other waste management practices include:

E-Waste: Electrical and Electronic equipment is to be directed to authorized collection centers, registered dismantlers, recyclers, or returned to producers’ designated pick-up services. The Head of Department for IT (HOD-IT) maintains records of e-waste generation, and facilitate access to these records for scrutiny by pertinent environmental regulatory bodies. Furthermore, it is upon HOD-IT to ensure the acquisition of acknowledgment of receipt and confirmation of effective disposal from the designated agency upon relinquishing e-waste to authorized recyclers.
Hazardous Waste: Hazardous waste within departments are segregated and stored in labeled bins. Waste with oil goes to Stores for disposal, while hazardous waste-contaminated containers is washed at the Effluent Treatment Plant (ETP) before storage. Washed water goes to ETP for treatment, and sludge is disposed of via PCB authorized agency.
Other waste: Other waste is managed through a structured process: dry cotton waste and yarn/fabric waste go to the Raw Material Godown, while other waste is sent to the scrap yard. At the scrap yard, items are segregated and stored separately, protected from weather conditions. Special precautions are taken for hazardous items like Fluorescent Tubes and CFL bulbs. Solid waste is disposed of according to company norms, typically through sale to scrap dealers, with detailed records kept by the originating department.

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11. If the entity has operations/offices in/around ecologically sensitive areas (such as national parks, wildlife sanctuaries, biosphere reserves, wetlands, biodiversity hotspots, forests, coastal regulation zones etc.) where environmental approvals / clearances are required, please specify details [GRI 304-1]:

Not applicable as none of our operations and offices are in/around any ecologically sensitive areas.

12. Details of environmental impact assessments of projects undertaken by the entity based on applicable laws, in the current financial year [GRI 304, GRI 413-1, GRI 303-1]

Not applicable

13. Is the entity compliant with the applicable environmental law/ regulations/ guidelines in India; such as the Water (Prevention and Control of Pollution) Act, Air (Prevention and Control of Pollution) Act, Environment protection act and rules thereunder? If not, provide details of all such non-compliances [GRI 2-27]:

Yes, the Company is compliant with the applicable environmental laws/ regulations/ guidelines in India.

Leadership Indicators

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1. Water withdrawal, consumption and discharge in areas of water stress (in Kilolitres) [ GRI 303-3, GRI 303-4]:

None of our factories or offices withdraw, consume and discharge water in areas of water stress.

2. Please provide details of total Scope 3 emissions & its intensity [GRI 305-3, GRI 305-4]: Not Tracked

3. With respect to the ecologically sensitive areas reported at Question 11 of Essential Indicators above, provide details of significant direct & indirect impact of the entity on biodiversity in such areas along-with prevention and remediation activities [GRI 304-2, GRI 304-3]: Not Applicable

4. If the entity has undertaken any specific initiatives or used innovative technology or solutions to improve resource efficiency or reduce impact due to emissions / effluent discharge / waste generated, please provide details of the same as well as the outcome of such initatives [GRI 3-3]:

S. No.	Initiative undertaken	Details of the initiative	Outcome of the initiative
1	Decanter	Decanting of water from sludge	Moisture reduction from sludge
2	Clarifier	For cleaning of water softening plant’s backwash turbid water	Reuse of clear water
3	Mechanical Vapor Re- compression Evaporator (MVRE)	For concentration of spent salt solution from softener regeneration	Reuse as regeneration solution hence new salt quantity reduced
4	Purchase of Renewable Power	Power Purchase Agreements to acquire affordable renewable energy	Approximately 12% reduction in CO2as compared to FY22-23
5	Efficient Centrifugal Compressor Replacement	Replaced a 40-year-old 1000CFM centrifugal compressor with a more efficient model	57500 KWH energy saved in 4 months
6	Water Reuse	Water is being reused after treatment for production process, reuse in gardening, Firefighting, Dust Suppression, Civil construction, etc	10,28,681 KL
7	Fly Ash	Reuse of fly ash generated from Boiler and Thermopac by utilizing it in brick-making processes	100% reuse in Chhindwara

5. Does the entity have a business continuity and disaster management plan? Give details in 100 words/ web link.

The Company has implemented a robust disaster management plan that outlines standard operating procedures (SOP) to be followed during various events or incidents as outlined in the plan. All individuals responsible for different roles are thoroughly acquainted with the plan. The disaster plan encompasses preparatory and preventive measures, emergency response protocols, rescue and evacuation procedures, and post-incident investigation and assessment. It delineates the members of the disaster management team along with their respective responsibilities and outlines emergency procedures to be adhered to. Moreover, it includes protocols for visitor awareness and recovery mechanisms tailored to address different types of disasters.

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6. Disclose any significant adverse impact to the environment, arising from the value chain of the entity. What mitigation or adaptation measures have been taken by the entity in this regard [GRI 308-2]:

No assessment has been carried out

7. Percentage of value chain partners (by value of business done with such partners) that were assessed for environmental impacts [GRI 308-1, GRI 308-2]:

No assessment has been carried out

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PRINCIPLE BUSINESSES WHEN ENGAGING IN INFLUENCING PUBLIC AND REGULATORY POLICY,
7 SHOULD DO SO IN A MANNER THAT IS RESPONSIBLE AND TRANSPARENT
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Essential Indicators

1. a) Number of affiliations with trade and industry chambers/ associations.

  - 15

b) List the top 10 trade and industry chambers/ associations (determined based on the total members of such body) the entity is a member of/ affiliated to [GRI 2-28]

S. no N 1 Bu 2 Ja 3 G 4 Fe 5 Th 6 Vi 7 Co 8 Te 9 Ad 10 In	ame of the trade and industry chambers/ associations	Reach of trade and industry chambers/ associations (State/National)
	reau of EnergyEfficiency	National
	lgaon Industrial Association	State
	ujarat Chamber of Commerce & Industry	State
	deration of Indian Chambers of Commerce and Industry	National
	e Indian Societyof Advertisers	National
	dharba Industrial Association	National
	nfederation of Indian Industry	National
	xtile Sector Skill Council	National
	vertisingStandard Council of India	National
	dian Technical Textile Association	National

2. Provide details of corrective action taken or underway on any issues related to anti-competitive conduct by the entity, based on adverse orders from regulatory authorities [GRI 206-1, GRI 3-3]

Not Applicable

Leadership Indicators

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1. Details of public policy positions advocated by the entity [GRI 2-28, GRI 415]

The Company is not currently engaged in public policy advocacy.

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PRINCIPLE
8
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BUSINESSES SHOULD PROMOTE INCLUSIVE GROWTH AND EQUITABLE DEVELOPMENT.

Essential Indicators

1. Details of Social Impact Assessments (SIA) of projects undertaken by the entity based on applicable laws, in the current financial year [GRI 413-1, GRI 203-1]

Not applicable on the entity based on applicable laws.

2. Provide information on the project(s) for which ongoing Rehabilitation and Resettlement (R&R) is being undertaken by your entity [GRI 413-1, GRI 413-2]:

There were no projects which needed Rehabilitation and Resettlement (R&R).

3. Describe the mechanisms to receive and redress grievances of the community [GRI 3-3, GRI 2-25, GRI 413-1]

Jalgaon: Raymond, Jalgaon is in the MIDC area surrounded by factories. For addressing this issue, Raymond’s representative visits neighboring industries every six months. Feedback/complaints/suggestions are taken in a prescribed format.

Chhindwara: Raymond Chhindwara plant is member of “Boregaon Industrial Association” (BIA) w.e.f. January 2011, which serves as a platform for addressing grievances and issues related to all industries and nearby villages. Grievances are addressed in collaboration with the Internal Complaints Committee on a quarterly basis.

Vapi: Raymond Ltd, Khadki is surrounded by factories and residential areas and there could be grievances raised by the community. The plant tracks, records, monitors and resolves the complaints raised by the community.

Further, plants regularly interact and contribute to the local community by way of training, local employment, religious rituals and festivals.

4. Percentage of input material (inputs to total inputs by value) sourced from local or small-scale suppliers [GRI 204-1]:

Particulars	FY 2023-24	FY 2023-24	FY 2022-23*	FY 2022-23*
Business Segment	Apparel	Realty	Apparel*	Realty
Directly sourced from MSMEs/ Smallproducers	2.49%	18.44%	3.74%	13.31%
Sourced directly from within India	72.26%	98.02%	76.96%	98.15%

Notes:

*Deviation from BRSR 2023 due to accounting of other businesses part of consolidated business in BRSR 2023.

5. Job creation in smaller towns – Disclose wages paid to persons employed (including employees or workers employed on a permanent or non-permanent / on contract basis) in the following locations, as % of total wage cost

��	FY2023-24 %	FY2022-23 %
Rural	0.00%	0.00%
Semi-urban	0.30%	0.27%
Urban	40.14%	45.33%
Metropolitan	59.56%	54.40%

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Leadership Indicators

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1. Provide details of actions taken to mitigate any negative social impacts identified in the Social Impact Assessments (Reference: Question 1 of Essential Indicators above) [GRI 3-3, GRI 413-1, GRI 203-1]:

Not Applicable

2. Provide the following information on CSR projects undertaken by your entity in designated aspirational districts as identified by government bodies [GRI 413-1, GRI 203-1]:

Currently, no aspirational districts are included in our CSR endeavors.

3. (a) Do you have a preferential procurement policy where you give preference to purchase from suppliers comprising marginalized /vulnerable groups? [GRI 3-3, GRI 203-1, GRI 204-1]:

  - While there is no preferential procurement policy, Raymond follows business practices that enable the stakeholders to be part of our sustainability journey.

(b) From which marginalized /vulnerable groups do you procure? [GRI 3-3, GRI 203-1, GRI 204-1] None
(c) What percentage of total procurement (by value) does it constitute? None

4. Details of the benefits derived and shared from the intellectual properties owned or acquired by your entity (in the current financial year), based on traditional knowledge [GRI 201-1]

Not Applicable

5. Details of corrective actions taken or underway, based on any adverse order in intellectual property-related disputes wherein usage of traditional knowledge is involved [GRI 3-3]

Not Applicable

6. Details of beneficiaries of CSR Projects [GRI 413-1, GRI 203-1]

S. No.	CSR Project	No of persons benefited from CSR Projects	% Of beneficiaries from vulnerable and marginalizedgroup
1	Support of Services for Marginalised Children and Children with disabilities	25	100%
2	Children Home: SponsoringEducation,Health,LivingExpenses of Children	50+	100%
3	NAGRIKSATTA: Creating and sustaining School Enrichment Programme for the underprivileged	2460	100%
4	Jeevan Disha Foundation: Higher education in Semi Urban and Rural areas for Underprivileged and rural backgrounds	93	100%
5	Heart surgeryof children with congenital heart ailments	50	100%

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----- Start of picture text -----

PRINCIPLE BUSINESSES SHOULD ENGAGE WITH AND PROVIDE VALUE TO THEIR CONSUMERS IN
9 RESPONSIBLE MANNER
----- End of picture text -----

Essential Indicators

1. Describe the mechanisms in place to receive and respond to consumer complaints and feedback [GRI 2-25, GRI 2-29]

The CARE mechanism is followed by the lifestyle business for consumer complaints and feedback. CARE stands for Customer-first, Aggregation, Resolution and Elimination. The consumer complaints in this process are tracked by primary (via escalations, legal notice, social media feedback etc.) and secondary sources (call center and Raymond website). Registered cases are then channelized to their respective stakeholders and the actions are tracked and monitored. For realty business, all walk in and emails are captured in the SFDC tools, these queries also include complaints. Automatically a case is generated and assigned to an RM (Relationship manager).

Raymond Limited provides six channels for customer feedback: Email, Call Centre, Website, Management Escalations, Legal Complaints, and Store Product Complaints. Our CRM Team promptly addresses issues raised through Email, Call Centre, or Website, while Management Escalations and Legal Complaints are handled by the Retail CE team. Store Product Complaints are managed via our CCMS Portal. Responses are guaranteed within 24 hours for Email, Call Centre, and Website feedback, within 72 hours for Management Escalations, and within 24 hours for Legal Complaints. Store Product Complaints trigger immediate resolution through our QRP, showcasing Raymond’s dedication to customer satisfaction and service excellence.

2. Turnover of products and/ services as a percentage of turnover from all products/service that carry information. [GRI 417-1]

[GRI 417-1]
	As a percentage to total turnover	Remarks
Environment and Social parameters	0%	As a B2B business primarily engaging with dealers and wholesalers,
relevant toproduct		none of our products carry information on environmental and social
Safe and responsible usage	0%	parameters, including safe and responsible usage, recycling, and/or
Recycling and/or safe disposal	0%	safe disposal. Therefore, the turnover percentage for such products
		is 0%

3. Number of consumer complaints [GRI 418-1]:

		FY 2023-24			FY 2022-23
	Received during the year	Pending resolution at the end of year	Remarks	Received during the year	Pending resolution at the end of year	Remarks
ataprivacy	0	-	-	-	-	-
dvertising	0	-	-	-	-	-
yber-security	0	-	-	-	-	-
eliveryof essential services	0	-	-	-	-	-
estrictive Trade Practices	0	-	-	-	-	-
nfair Trade Practices	0	-	-	-	-	-
thers	2117*	1	One complaint is pending as the matter is yet to be scheduled for hearing	2276*	1	One complaint is pending as the matter is yet to be scheduled for hearing

Notes:

The Company is working on bifurcating queries and complaints. Hence, FY 2022-23 and FY 2023-24 contains queries along with complaints regarding tailoring, services and quality.

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4. Details of instances of product recalls on account of safety issues [GRI 416-2]

Particulars	Number	Reason for recall
Voluntary recalls	Nil	Not Applicable
Forced recalls	Nil	Not Applicable

5. Does the entity have a framework/ policy on cyber security and risks related to data privacy? If available, provide a web link to the policy [GRI 2-23, GRI 3-3, GRI 418]

Raymond has an internal IT information security policy, it covers all employees, contractors, outsourced parties, and all equipment whether owned or leased. The policy covers all the usage and practices which are acceptable and non-acceptable. Some general guidelines included in the policy are password protection, software and internet usage, email usage etc. The policy also states that there is a help desk available which provides support on a first come first served basis.

The privacy policy of Raymond Limited, applicable to www.myraymond.com, emphasizes user trust and consent regarding the collection and usage of information. It covers personally identifiable information, non-personal information, usage information, and other data, detailing how it’s used and protected. Users have the responsibility to ensure data security and can opt out of non-essential communications. The policy also addresses data retention, user access to information, age restrictions, and consent for information sharing, with provisions for amendments and addressing concerns through contact with support services. The privacy policy is available at : https://myraymond.com/pages/privacy-policy.

6. Provide details of any corrective actions taken or underway on issues relating to advertising, and delivery of essential services; cyber security and data privacy of customers; re-occurrence of instances of product recalls; penalty / action taken by regulatory authorities on the safety of products / services [GRI 3-3]

No such incident related to the mentioned topics has been reported

7. Provide the following information relating to data breaches [GRI 418-1]:

a. Number of instances of data breaches along with impact: NIL
b. Percentage of data breaches involving personally identifiable information of customers: Not Applicable
c. Impact, if any, of the data breaches: Not Applicable

Leadership Indicators

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1. Channels / platforms where information on products and services of the entity can be accessed (provide a web link, if available) [GRI 2-6]

www.raymond.in; www.raymondrealty.in

2. Steps taken to inform and educate consumers about safe and responsible usage of products and/or services [GRI 417, GRI 3-3]:

Not applicable, since we majorly operate as a B2B business and only engage with dealers and wholesalers.

3. Mechanisms in place to inform consumers of any risk of disruption/discontinuation of essential services: Not applicable

4. Does the entity display product information on the product over and above what is mandated as per local laws? If yes, provide details in brief. Did your entity carry out any survey with regard to consumer satisfaction relating to the major products / services of the entity, significant locations of operation of the entity or the entity as a whole? [GRI 417-1]

Yes, the product description is displayed on all the products as per the local law. The entity also carries out consumer surveys via an SMS link, which helps the consumer to provide feedback after the purchase of the product or services. The Customer NPS Score for FY 2023-24 was 73%.

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Annexure D

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The information under Section 134 (3) (m) of the Companies Act, 2013 read with rule 8 (3) of the Companies (Accounts) Rules, 2014 for the year ended March 31, 2024, is given below and forms part of the Board’s Report.

A. CONSERVATION OF ENERGY

I. Steps taken or impact on conservation of energy:

The company is making continuous efforts on ongoing basis for energy conservation by adopting innovative measures to reduce wastage and optimise consumption. Some of the specific measures undertaken by the Company in this direction at its textile units located at Chhindwara, Vapi and Jalgaon are as under:

Chhindwara plant

Installation of VFD in low-pressure air compressor.
Replacement of old air compressor with new energy efficient compressor.
Installation of IE3/IE4 Motor on Boiler & SAF motor on AWT & Boiler.
Energy saving by Generation of Hot Water from Compressors Waste Heat recovery unit.
Replacement of 3 diesel operated forklifts with battery operated forklifts.

II. The steps taken by the company for utilising alternate sources of energy:

Used Rice Husk blend with Coal in Boiler House in Chhindwara Plant.
Installation of 70 kWp roof top solar system at Raymond’s Residential Colony in Opex.

III. The Capital investment on energy conservation equipment’s:

Capital investment on energy conservation equipment in Chhindwara plant is H 85 lakhs during the financial year 2023-2024.

Capital investment on energy conservation equipment in Vapi plant is H 30 lakhs during the financial year 2023-2024.

Vapi Plant

Installation of Dyeing Effluent Waste Heat recovery unit and reusing the Hot water in Dyeing process to save Thermal energy.
Installation of Energy Efficient Pumps in TFO chiller.
Installation of energy efficient motors in Air washer towers and Calico machine in Piece Dyeing.

Jalgaon plant

Replacement of Old un-efficient Motors with IE-4 motors in loom.
Replacement of Old un-efficient Motors with IE-4 motors in Zinser Prep. Gill Box.
Replacement of Old un-efficient Motors with IE-4 motors in 5700 RF.
Replacement of 40-year-old centrifugal compressor with efficient compressor and segregation of 4 bar and 6 bar air pressure band.

B. TECHNOLOGY ABSORPTION

IV. The efforts made towards technology absorption:

1 Initiated Online Air Generation monitoring system with auto report generation is done to get benefits in monitoring and controlling in Chhindwara.
2 Automation and Technical Upgradation of Brazzoli Machines in Piece Dyeing done in Chhindwara.
3 Automation of Jigger Automation Machines in Piece Dyeing & Finishing done in Chhindwara.
4 Replacement of old Machine DO6 & RSB Machine with new Breaker & Finisher machine at PV Spinning.
5 Replacement of old Machine Blow room Machine with new Blow room MBO PV Spinning.
6 Installation of Digital water flow meters and steam flow meters in Vapi plant.
7 Installation of online vibration monitoring system and online steam trap monitoring system for predictive maintenance in Vapi plant.

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V. The benefits derived like product improvement, cost reduction, product development or import substitution:

In-House Repairing of Mechanical, Electrical, Electronic card & Instrumentation parts in Chhindwara plant amounting to cost saving of H 122.146 Lakhs.
VI. In case of imported technology (imported during the last three years reckoned from the beginning of the financial year):
- No imported technology deployed during FY2023-24.
VII. Expenditure incurred on research and development: H 34.49 Lakhs
Cost reduction by Energy & Water Saving projects of H 169.53 lakhs.

C. FOREIGN EXCHANGE EARNINGS AND OUTGO

In-House Repairing of Electronic card & Instrumentation parts in Vapi plant amounting to cost saving of H 133 lakhs.

		(Hin crore)
Particulars ~~---~~	FY 2022-23 ~~--~~	FY 2023-24 ~~--~~
Foreign Exchange Earned	191.74	191.95
Foreign Exchange Used	480.33	506.77

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Annexure E

STATEMENT OF DISCLOSURE OF REMUNERATION

(Pursuant to Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014)

Sr. No.	Requirements	Disclosure
1	The ratio of the remuneration of each director to the median remuneration of all the employees of the Company for the financial year1.
		Name of the Director	Ratio (in x times)
		Mr. Gautam Hari Singhania	474.25
		Mr. K Narasimha Murthy	9.56
		Mr. Ashish Kapadia	9.56
		Mr. Dinesh Lal	9.56
		Mrs. Mukeeta Jhaveri	9.56
		Mrs. Nawaz Singhania	9.56
		Mr. SL Pokharna	-

a. The median remuneration of all the employees of the Company was H 4.18 Lakh;
b. Figures have been rounded off wherever necessary.
2 The percentage increase in remuneration of each Director, Chief Financial Officer and Company Secretary in the financial year[1] .
3 The percentage increase/decrease in the median remuneration of employees in the financial year.
4 The number of permanent employees on the rolls of Company. 5 The Average percentage increase already made in the salaries of employees other than the managerial personnel in the last financial year and its comparison with the percentage increase in the managerial remuneration and justification thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration.
6 Affirmation that the remuneration is as per the remuneration policy of the Company

Name of the Director	% increase in Remuneration
Mr. Gautam Hari Singhania	22.37
Mr. K Narasimha Murthy2	-
Mr. Ashish Kapadia	60
Mr. Dinesh Lal	60
Mrs. Mukeeta Jhaveri	60
Mrs. Nawaz Singhania	60
Mr. Amit Agarwal – CFO3	16.64
Mr. Rakesh Darji - CS3	7.55

During FY2024, the percentage decrease in the median remuneration of employees as compared to previous year was approximately22.29%
There were 6704 employees as on March 31,2024
Average increase in remuneration is 5.72% for Employees other than Managerial Personnel and 22.37% for Managerial Personnel4.
It is affirmed that the remuneration paid is as per the Nomination, Remuneration and Board Diversity Policy of the Company.

Notes:

For this purpose, Sitting Fees paid to the Directors has not been considered as remuneration.
Mr. K Narasimha Murthy was appointed as Independent Director w.e.f. April 21, 2023. Accordingly, percentage increase in remuneration is not applicable.
Annual increment on CTC basis.
Managerial Personnel includes Chairman and Managing Director.

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Corporate Governance Report

The Board of Directors present the Company’s Report on Corporate Governance pursuant to the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended (the “Listing Regulations”) for the financial year ended March 31, 2024.

I. RAYMOND’S PHILOSOPHY ON CORPORATE GOVERNANCE

Governance reflects the culture and values of a Company’s board and management. For years, Raymond Limited (“the Company” or “Raymond”) has promoted practices, standards, and resources to maximize the shareholder value legally, ethically and on a sustainable basis while ensuring fairness, transparency and accountability to benefit all stakeholders comprising customers, vendors, investors, regulators, employees and the society at large.

The Company believes that good governance in a Company enhances the confidence, trust, and enthusiasm of its stakeholders. In dealing with external stakeholders, the Company believes in maintaining complete transparency with timely exchange of information. The leadership in the Company sets the tone through their actions and this ensures that the organisation remains true to its culture and values in letter and spirit. The Company has a strong legacy of fair, transparent and ethical governance practices and continues to make progressive actions that promote excellence within our business and the marketplace.

Our Board recognizes the importance of maintaining high standards of corporate governance, which underpins our ability to deliver consistent financial performance and value to our stakeholders. In line with the above philosophy, the Company continuously strives for excellence and focuses on enhancement of long-term stakeholder value through adoption of best governance and disclosure practices.

The Company not only adheres to the prescribed Corporate Governance practices as per the Listing Regulations but is also committed to sound Corporate Governance principles and practices. The Company’s Code of Business Conduct and Ethics, Internal Code of Conduct for Regulating, Monitoring and Reporting of Trades by Designated Persons as framed under the SEBI (Prohibition of Insider Trading) Regulations, 2015 demonstrates our values and commitment to ethical business practices, integrity and regulatory compliances.

The Company maintains a comprehensive set of compliance policies and procedures which assist us in complying with the law and conducting our business in an honest, ethical, and principled way.

At Raymond, we believe good corporate governance is an essential part of well-managed, successful business enterprise that delivers value to the shareholders. Our robust governance framework is based on the following principles:

Fairness and equitable treatment towards stakeholders to encourage active co-operation between the Company and its stakeholders.
Timely and accurate disclosure of all material matters relating to the Company, including the financial situation, performance, ownership, and governance of the Company is ensured.
Board members act on a fully informed basis, in good faith, with due diligence and care, and in the best interest of the Company in addition to the shareholders coupled with the intention of ensuring appropriate composition and size of the Board.
Channels for disseminating information provide for equal, timely and cost-efficient access to relevant information by users.
Continually reinforcing a culture across the organisation for acting lawfully, ethically and responsibly.
Establishing a sound risk management framework and periodically reviewing the effectiveness of that framework.
As part of Corporate Social Responsibility, believing in working and supporting sustainable projects both for people & planet and providing valuable contribution to social and economic development; and
Continuous and on-going focus on training, development and integration of employees across all levels to achieve Company’s objectives.

Raymond continues to focus its resources, strengths and strategies to achieve the vision of becoming a leader in Textiles, Apparel, Garmenting and Lifestyle brands while upholding the core values of Quality, Trust, Leadership

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and Excellence. The Company continues to herald pioneering innovations to consolidate its strong leadership position and constantly strives to adopt the best emerging practices being followed worldwide.

The Company’s vision embraces challenges and provides the impetus in setting highest corporate governance standards.

II. BOARD OF DIRECTORS AND COMMITTEES OF THE BOARD

Board of Directors

The Board at Raymond is diverse, comprising of highly experienced individuals and persons with eminent expertise who are entrusted with the responsibility of the Management, directions and performance of the Company. Raymond recognizes that an independent, dynamic and well-informed Board is essential to ensure the highest standards of Corporate Governance. The Board’s primary role is fiduciary. The Board also requests special invitees to attend the meetings, as appropriate.

The Board provides leadership, strategic guidance, objective and an independent view to the Company’s management while discharging its responsibilities and ensures that the management adheres to ethics, transparency and disclosures which ultimately serves the long-term goals of all its stakeholders along with achieving the Company’s objectives and sustainable profitable growth. The Board Members strive to meet the expectations of operational transparency to stakeholders, whilst simultaneously maintaining confidentiality of information to the extent required. The Board ensures that the management is accountable for attaining the longterm goals of the Company and also ensures compliance with the applicable Acts.

Committees of the Board

The Board has constituted the following Committees viz., Audit Committee, Nomination and Remuneration Committee (“NRC”), Corporate Social Responsibility (“CSR”) Committee, Committee of Directors (Stakeholders’ Relationship Committee) and Risk Management & ESG Committee (“RM & ESGC”). Each Committee is mandated to operate within a well-defined Charter which is re-visited by the Board periodically. Each Committee contributes and assists the Board, resulting in

an effective discharge of roles and responsibilities by the Directors of the Company.

Composition and category of Directors

Raymond Board comprises of optimum combination of Independent and Non-Independent Directors, including Woman Director in line with the provisions of the Companies Act, 2013 (the “Act”) and the Listing Regulations. The Board of the Company has a good and diverse mix of Executive and Non-Executive Directors with majority of the Board Members comprising of Independent Directors. The composition of the Board represents an optimal combination of professionalism, knowledge and experience and enables the Board to discharge its responsibilities and provide effective leadership to the business.

The Board of the Company is broad-based and consists of eminent individuals from Industrial, Managerial, Technical, Financial, Costing, Marketing backgrounds. The composition and strength of the Board is reviewed from time to time to ensure that it remains aligned with statutory as well as business requirements.

Composition of the Board and category of the Directors as on March 31, 2024

As on March 31, 2024, the Board comprised of 7 Directors, 4 of which are Non – Executive Independent Directors (Including One Independent Woman Director), 2 are Non-Executive Directors (Including One Promoter Woman Director) and 1 Executive Promoter Director.

Directors’ Directorships/Committee Memberships

In accordance with Regulation 26 of the Listing Regulations, none of the Directors are members in more than 10 committees excluding membership in private limited companies, foreign companies, high value debt listed entities and companies under Section 8 of the Act or acts as Chairperson of more than 5 committees across all listed entities in which he/she is a Director. The Audit Committee and Stakeholders’ Relationship Committee are only considered in computation of limits. Further all the Directors have informed about their directorships and committee memberships/chairmanships including any change in their positions. The number of directorships, committee membership(s)/chairmanship(s) of all Directors is within respective limits prescribed under the

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Act and the Listing Regulations. The details of the Board of Directors as on March 31, 2024 and memberships/chairmanships in committes are given below:

Name of Director	Executive/ Non- Executive/ Independent	Date of Appoi- ntment	No. of positions held in other Public Companies	No. of positions held in other Public Companies	No. of positions held in other Public Companies	Directorship in Listed Company(ies)	Directorship in Listed Company(ies)
			Board	Committee		Name of the Company	Position Held
				Chairperson	Member
Mr. Gautam Hari Singhania (DIN: 00020088)	Promoter – Chairman & Managing Director	April 01, 1990	6	NIL	1	-	-
Mrs. Nawaz Singhania (DIN: 00863174)	Promoter – Non-Executive Director	April 30, 2014	2	NIL	NIL	-	-
Mr. Dinesh Lal (DIN: 00037142)	Independent Director	August 01, 2019	2	1	3	Allcargo Gati Limited	Independent Director
Mr. K Narasimha Murthy (DIN: 00023046)	Independent Director	April 21, 2023	8	3	7	Max Financial Services Limited, Nelco Limited, Max Healthcare Institute Limited	Independent Director
Mr. Ashish Kapadia (DIN: 02011632)	Independent Director	November 26,2019	2	NIL	1	Delta Corp Limited	Managing Director
Mrs. Mukeeta Jhaveri (DIN: 00709997)	Independent Director	August 01, 2019	NIL	NIL	NIL	-	-
Mr. Shantilal Pokharna (DIN: 01289850)	Non-Executive Director	August 03, 2021	6	2	3	Peoples Investments Limited	Non-Executive Director

Notes:

Chairmanship and Membership of Committee only includes Audit Committee and Stakeholders’ Relationship Committee in Indian Public Limited Companies other than Raymond Limited.
Mr. Gautam Hari Singhania and Mrs. Nawaz Singhania are related to each other. None of the other Directors are related inter-se.
Details of Director retiring or being re-appointed is given in Notice of the Annual General Meeting.
The Board of Directors have noted the declaration received from the Independent Directors pursuant to the Act and Listing Regulations with regard to their Independence and are of the opinion that the Independent Directors fulfil the conditions of independence and are independent of the management of the Company.
Brief profiles of each of the above Directors are available on the Company’s website: www.raymond.in.
Maximum tenure of Independent Directors is in accordance with the Act and Rules made thereunder.
The Company has no convertible instruments. None of the Directors hold any convertible instruments of the Company.
Mr. Shiv Surinder Kumar (DIN: 08144909), Independent Director, retired effective from February 14, 2024 on account of completion of first term as an Independent Director of the Company.

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Board Meetings

The Board meets at regular intervals to discuss and decide on business strategies/policies and review the financial performance of the Company and its subsidiaries, apart from other statutory matters as required to be deliberated and approved by the Board.

The notice and detailed agenda along with the relevant notes and other material information are sent in advance separately to each Director and in exceptional cases tabled at the Meeting with the approval of the Board. The information as specified in Schedule II to the Listing Regulations is regularly made available to the Board, whenever applicable, for discussion and consideration. Video-conferencing facility as per procedure mandated under the Act, is also provided to facilitate the Directors participating in the meetings conveniently. The Board Agenda includes an Action Taken Report comprising of actions arising from the Board Meetings and status updates thereof.

During the Financial Year 2023-24, the Board of Directors met nine times i.e., on April 27, 2023, May 09, 2023, June 21, 2023, August 11, 2023, October 03, 2023, November 03, 2023, November 08, 2023, February 01, 2024 and March 22, 2024. All meetings were held with a gap of less than 120 days. The Company follows the applicable Secretarial Standards in relation to the board meetings.

Attendance of Directors at the Board Meetings and at the last Annual General Meeting (“AGM”)

Sr. No.	Name of Directors	No. of Board Meetings	No. of Board Meetings	No. of Board Meetings	Attendance at the AGM held on July 11, 2023
		Held	Eligible to attend	Attended
1.	Mr. Gautam Hari Singhania	9	9	9	Present
2.	Mrs. Nawaz Singhania	9	9	8	Present
3.	Mr. Dinesh Lal	9	9	8	Present
4.	Mr. Shiv Surinder Kumar	9	8	7	Present
5.	Mrs. Mukeeta Jhaveri	9	9	8	Present
6.	Mr. Ashish Kapadia	9	9	9	Present
7.	Mr. K Narasimha Murthy	9	9	8	Present
8.	Mr. Shantilal Pokharna	9	9	9	Present

The AGM of the Company was held on July 11, 2023 through Video Conference (VC)/Other Audio Video Means (OAVM) as permitted by circulars issued by MCA from time to time.

Familiarisation Programme for Directors

The Company provides every opportunity to all the Directors to familiarize themselves with the Company, its management, its operations and above all, the industry perspective and issues. Directors regularly interact with the senior management personnel to acquaint themselves with all important matters and proactively provide them with relevant information, news, views and updates on the Company and sector. A formal appointment letter issued to Independent Director(s) (IDs), inter-alia explains the role, function, duties and responsibilities as expected from a Director of the Company. The Director is also explained in detail, the Compliance required from him/ her under the Act, the Listing Regulations and various statutes applicable to the Company. The Chairman and Managing Director also have a one-to-one discussion with the newly appointed Director to familiarize him / her with the Company’s operations. The induction process for IDs includes interaction with the business CEOs and

functional heads and plant visit for detailed understanding of manufacturing process / activities of the Company. A shared folder on Directors’ Orientation Program has been created on e-meeting portal of the Company containing comprehensive information about all the group structure, organization structure, business segments, subsidiary companies, financial information, statutory information, disclosures and historical information about the Company for the benefit of Independent Directors.

Further, on an ongoing basis as a part of Agenda of Board / Committee Meetings, presentations are regularly made to the Independent Directors on various matters inter-alia covering the Company’s and its subsidiaries/ associate’s businesses and operations, industry and regulatory updates, strategies, finance, risk management framework, role, rights, responsibilities of the Independent Directors under various statutes and other relevant matters. The details of the programme for familiarisation of Independent Directors with the working of the Company are available on the website of the Company and can be accessed on https://www.raymond.in/investor/ disclosures-under-regulation-46-of-the-lodr/corporategovernance/details-of-familiarization-program-impartedto-independent-directors

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Core Skills / Expertise / Competencies available with the Board

The Board evaluates its composition to ensure that it has the appropriate mix of skills, experience, independence and knowledge to ensure its continued effectiveness. The Board Members should, at a minimum, have background that when combined, provides a portfolio of experience and knowledge that will serve Raymond’s governance and strategic needs. The Directors have demonstrated experience and ability that is relevant to the Board's oversight role with respect to Raymond’s business and affairs.

In terms of Listing Regulations, the following skills, expertise and competencies have been identified by

the Board of Directors as required in the context of its business and sector for it to function effectively:

Industry knowledge
Leadership and Entrepreneurship
Strategic Planning
Business Management
Corporate Governance
Financial and Risk Management
Sales, Marketing and Retail

The Board as a whole possesses abovementioned skills / expertise and competencies.

The table below describes the specific areas of expertise of individual Board members:

Name of the Director			Area of Expertise	Area of Expertise	Area of Expertise
	Industry knowledge	Leadership and Entrepreneurship	Strategic Planning	Business Management	Corporate Governance	Financial and Risk Management	Sales, Marketing and Retail
Mr. Gautam Hari Singhania	0	(ii	(ii	0	0	0	0
Mrs. Nawaz Singhania	0	(ii	(ii	0	0	0	0

Mr. Dinesh Lal	®	(ii	(ii	0	0	0	0

Mrs. Mukeeta Jhaveri	®	(ii	(ii	0	0	0	0

Mr. Ashish Kapadia	0	(ii	(ii	0	0	0	0

Mr. K Narasimha Murthy	0	®	(ii	0	0	0	®
Mr. Shantilal Pokharna	0	(ii	(ii	0	0	0	0

Role of Chairman and Managing Director

The primary role of Chairman and Managing Director is to provide leadership to the Board in achieving goals of the Company. His role, inter-alia, includes the following:

Provide leadership to the Board and preside over all Board & General Meetings;
Achieve goals in accordance with Company’s overall vision;
Ensure that Board decisions are aligned with Company’s strategic policies;
Ensure to place all relevant matters before the Board and encourage active participation by all Directors to enable them to provide their expert guidance; and
Lead and monitor the core management team.

Role of Non-Executive Directors (including Independent Directors)

Non-Executive Directors play a critical role in balancing the functioning of the Board by providing their independent judgements on various matters discussed in the Board meetings like formulation of business strategies, monitoring of performances, etc. Their role, inter-alia, include the following:

Striking balance with the overall Board by providing independent judgement;
Providing valuable suggestions / opinions on Company’s strategies, overall performance; and
Scrutinizing the performance of the management.

Directorship of Independent Directors and disclosures

As per Regulation 17A of the Listing Regulations, Independent Directors of the Company do not serve as Independent Director in more than seven listed

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companies. Further, other than Mr. Ashish Kapadia, no other Independent Director of the Company serves as a Whole-Time Director / Managing Director in any other listed entity. Also, if any Director on the Board of the Company is serving as a Whole-Time Director / Managing Director in any other listed entity, then such Director does not hold the position of Independent Director in more than three listed companies. None of the Independent Directors of the Company have resigned during financial year 2023-24. Thus, disclosure of detailed reasons for their resignation along with their confirmation that there are no material reasons other than those provided by them is not applicable.

Confirmations by the Independent Directors

All Independent Directors have provided their annual declarations stating that they meet the criteria of independence as laid down under Section 149(6) of the Act and Regulation 16(1)(b) of the Listing Regulations. They have also given declaration under Rule 6(3) of the Companies (Appointment and Qualification of Directors) Rules, 2014 confirming compliance with Rule 6(1) and (2) of the said Rules that their names are registered in the databank as maintained by the Indian Institute of Corporate Affairs (“IICA”).

Basis the declaration as submitted by the Independent Directors and due assessment of the veracity undertaken by the Board, in terms of Regulation 25(9) of the Listing Regulations, the Board opined that the Independent Directors fulfil the conditions of independence specified in Section 149(6) of the Act and Regulation 16(1)(b) of the Listing Regulations and are independent from the management. A formal letter of appointment to Independent Directors as provided in the Act has been issued at the time of appointment and disclosed on the website of the Company viz., www.raymond.in

Directors and Officers Insurance

The Company has undertaken Directors and Officers Liability Insurance (‘D & O insurance’) for all its Directors, including Independent Directors, for quantum and risks

as determined appropriate by the Board of Directors of the Company.

COMMITTEES OF THE BOARD

The Board of Directors has constituted Board Committees to deal with specific areas and activities which concern the Company and requires a closer review. The Board Committees are formed with the approval of the Board and function within their respective Charters. These Committees play a pivotal role in the overall Management of day-to-day affairs and governance of the Company. The Board Committees meet at regular intervals and take necessary steps to perform their duties entrusted by the Board. The Minutes of the Committee Meetings are placed before the Board for noting.

During the year under review, all the committees were re-constituted to only include Independent Directors as members of the Committees.

The Company has five Board Level Committees:

A) Audit Committee;
B) Nomination and Remuneration Committee;
C) Committee of Directors (Stakeholders’ Relationship Committee);
D) Risk Management & ESG Committee; and
E) Corporate Social Responsibility Committee.
A) Audit Committee

Composition

The Audit Committee of the Board of Directors is entrusted with the responsibility of supervising the Company’s financial reporting process and internal controls. The composition, quorum, powers, role and scope are in accordance with Section 177 of the Act and the provisions of Regulation 18 read with Part C of Schedule II of the Listing Regulations. All members of the Audit Committee are financially literate and bring in expertise in the fields of Finance, Taxation, Economics, Risk and International Finance. It functions in accordance with its charter that defines its authority, responsibility, and reporting function.

As on March 31, 2024 the composition of Audit Committee was as under:

Sr. No.	Name of the Director	Position	Category	Date of Appointment	Date of Cessation
1.	Mr. K Narasimha Murthy*	Chairman	Independent Director	April 21,2023	-
2.	Mr. Dinesh Lal	Member	Independent Director	September 13,2021	-
3.	Mr. Ashish Kapadia	Member	Independent Director	January17,2022	-
4.	Mr. Shantilal Pokharna	Member	Non-Executive Director	August 03,2021	March 23,2024

*Mr. K Narasimha Murthy has been inducted as Chairman of the Audit Committee w.e.f. April 21, 2023

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Meetings and Attendance

The Audit Committee met six times during the Financial Year 2023-24. The maximum gap between two Meetings was less than 120 days. The Committee met on April 27, 2023, May 09, 2023, August 10, 2023, November 03, 2023, November 07, 2023 and January 31, 2024. The requisite quorum was present at all the Meetings. The Directors who acted as the Chairperson for the Audit Committee meetings held during the year were Independent Directors and were present at the last Annual General Meeting of the Company held on July 11, 2023. During the year under review, the representatives of the Statutory Auditors attended all the Audit Committee meetings, where Financial Results were approved.

The table below provides the attendance of the Audit Committee members:

Sr. No.	Name of the Director		No. of Meetings
		Held	Eligible to attend	Attended
1.	Mr. K Narasimha Murthy	6	6	5
2.	Mr. Dinesh Lal	6	6	5
3.	Mr. Ashish Kapadia	6	6	6
4.	Mr. Shantilal Pokharna	6	6	6

Role and Terms of Reference

The Board has framed the Audit Committee charter for the purpose of effective compliance with the provisions of Section 177 of the Act and Regulation 18 of the Listing Regulations. The Audit Committee inter-alia performs the following functions:

Oversight of the Company’s financial reporting process and the disclosure of its financial information to ensure that the financial statement is correct, sufficient and credible;
Recommending to the Board, the appointment, re-appointment, terms of appointment and, if required, the replacement or removal of the Statutory Auditor and the fixation of audit fees;
Approval of payment to Statutory Auditors for any other services rendered by the Statutory Auditors;
Reviewing, with the management, the annual financial statement before submission to the Board for approval, with particular reference to:
a) matters required to be included in the Director’s responsibility Statement which forms part of the Directors’ Report pursuant to Clause (c) of subsection 3 of Section 134 of the Companies Act, 2013;
b) changes, if any, in accounting policies and practices and reasons for the same;
c) major accounting entries involving estimates based on the exercise of judgment by management;
d) significant adjustments made in the financial statements arising out of audit findings;
e) compliance with listing and other legal requirements relating to financial statements;
f) disclosure of any related party transactions and
g) modified opinion(s) in the draft audit report.
Reviewing with the management, the quarterly financial statements before submission to the Board for approval;
Reviewing, with the management, the statement of uses/application of funds raised through an issue (public issue, rights issue, preferential issue, etc.) the statement of funds utilised for purposes other than those stated in the offer document/prospectus/notice and the report submitted by the monitoring agency monitoring the utilisation of proceeds of a public or rights issue and making appropriate recommendations to the Board to take up steps in this matter;
Review and monitor the auditor’s independence and performance and effectiveness of audit process;
Approval or any subsequent modification of transactions of the Company with related parties;

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Scrutiny of inter-corporate loans and investments;
Valuation of undertakings or assets of the Company, wherever it is necessary;
Evaluation of internal financial controls and risk management systems;
Reviewing with the management, performance of statutory and internal auditors, adequacy of the internal control systems;
Reviewing the adequacy of internal audit function, if any, including the structure of the internal audit department, staffing and seniority of the official heading the department, reporting structure coverage and frequency of internal audit;
Discussion with internal auditors on any significant findings and follow up thereon;
Reviewing the findings of any internal investigations by the internal auditors into matters where there is suspected fraud or irregularity or a failure of internal control systems of material nature and reporting the matter to the Board;
Discussion with statutory auditors before audit commences, about the nature and scope of audit as well as post-audit discussion to ascertain any area of concern;
To look into the reasons for substantial defaults in the payment to the depositors, debenture holders, shareholders (in case of non-payment of declared dividends) and creditors;
To review the functioning of the Whistle blower mechanism;
Approval of appointment of CFO (i.e., the whole-time Finance Director or any other person heading the finance function or discharging that function) after assessing the qualifications, experience and background, etc. of the candidate;
reviewing the utilization of loans and/ or advances from/investment by the Company in the subsidiary Company exceeding rupees 100 crore or 10% of the asset size of the subsidiary, whichever is lower including existing loans / advances / investments existing as on the date of coming into force of this provision;
review compliance with the provisions of SEBI (Prohibition of Insider Trading) Regulations, 2015 with reference to events which were regarded as UPSI, whether such UPSI were shared in the manner expected, instances of leaks, if any, instance of breaches of the Code, efficiency of sensitization process, etc. at least once in a financial year and shall verify that the systems for internal control are adequate and are operating effectively; and
The Committee shall also consider and comment on rationale, cost-benefits and impact of schemes involving merger, demerger, amalgamation etc., on the Company and its shareholders.

In fulfilling the above role, the Audit Committee has powers to investigate any activity within its terms of reference, to seek information from employees and to obtain outside legal and professional advice.

Internal Controls and Governance Processes

The Company continuously invests in strengthening its internal control and processes. The Audit Committee along with the CFO formulates a detailed plan for the Internal Auditors for the financial year, which is reviewed subsequently at the Audit Committee Meetings. The Internal Auditors attend the Meetings of the Audit Committee at regular intervals and submit their recommendations to the Audit Committee and provide a road map for the future.

B) Nomination and Remuneration Committee

Composition

The composition of Nomination and Remuneration Committee (“NRC”) is in accordance with the provisions of Section 178(1) of the Act and Regulation 19 of the Listing Regulations.

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As on March 31, 2024 the composition of the NRC comprises of three Directors as under:

Sr. No.	Name of the Directors	Position	Category	Date of Appointment	Date of Cessation
1.	Mr. Dinesh Lal*	Chairperson	Independent Director	March 14,2024	-
2.	Mr. Shiv Surinder Kumar	Chairperson	Independent Director	January23,2019	February14,2024
3.	Mrs. Nawaz Singhania	Member	Non-executive Director	January17,2022	March 23,2024
4.	Mr. Ashish Kapadia	Member	Independent Director	September 13,2021	-
5.	Mrs. Mukeeta Jhaveri	Member	Independent Director	March 23,2024	-

*Mr. Dinesh Lal was inducted as a Chairman of the Nomination and Remuneration Committee w.e.f March 14, 2024

Meeting and Attendance

The NRC met twice during the year on May 09, 2023 and May 13, 2023. The requisite quorum was present at the said Meetings. The Chairperson of the NRC was present at the last Annual General Meeting of the Company held on July 11, 2023. The table below provides the attendance of the NRC members:

Sr. No.	Name of the Directors		No. of Meetings
		Held	Eligible to attend	Attended
1.	Mr. Dinesh Lal	-	-	-
2.	Mr. Shiv Surinder Kumar	2	2	2
3.	Mrs. Nawaz Singhania	2	2	1
4.	Mr. Ashish Kapadia	2	2	2
5.	Mrs. Mukeeta Jhaveri	-	-	-

Note: Due to business exigencies, three resolutions were passed through Circulation and the said resolutions were noted at the subsequent committee meetings.

Management (within the appropriate limits as defined in the Act );

to create an evaluation framework for Independent Directors and the Board;

Terms of Reference

The broad terms of reference of the NRC, as approved by the Board, are in compliance with Section 178 of the Act and Regulation 19 of the Listing Regulations, and are as follows:

to help the Board in determining the appropriate size, diversity and composition of the Board;
to recommend to the Board appointment/ re-appointment and removal of Directors and Senior Management;
to frame criteria for determining qualifications, positive attributes and independence of Directors;
to recommend to the Board, remuneration payable to the Directors and Senior
to provide necessary reports to the Chairman after the evaluation process is completed by the Directors;
to recommend whether to extend or continue the term of appointment of the independent director, on the basis of the report of performance evaluation of independent directors;
to assist in developing a succession plan for the Board and Senior Management;
to assist the Board in fulfilling responsibilities entrusted from time-to-time; and
delegation of any of its powers to any Member of the Committee or the Compliance Officer.

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Remuneration Policy

The Company has formulated Nomination, Remuneration and Board Diversity Policy, which is available on the Company’s website viz., https:// www.raymond.in/investor/disclosures-underregulation-46-of-the-lodr/corporate-governance/ code-of-conduct-policies.

During the year 2022-23, vide Postal Ballot Notice dated February 17, 2023, the approval of the Members was sought to grant 16,80,588 stock options to the eligible employees of the Company and its Group Company(ies) including its Holding / Subsidiary / Associate Company(ies) (Present and Future, if any) under the Raymond Employee Stock Option Plan 2023 ("ESOP 2023"). The approval of the shareholders for the said ESOP 2023 was received on March 27, 2023.

During the year under review, the Company has granted stock options to eligible employees as mentioned below:

Sr. No.	Date of the grant	No. of stock optionsgranted*
1	May13,2023	13,80,586
2	July07,2023	22,300

*5,01,941 options granted to eligible employees were lapsed during the year due to resignation of employees.

Performance Evaluation

Pursuant to the provisions of the Act and Regulation 17 of the Listing Regulations, the Board has undertaken an evaluation of its own performance, the performance of its committees and of all the

individual Directors including Independent Directors and the Chairman of the Board of Directors. A structured questionnaire was prepared covering various aspects of the Board’s functioning such as adequacy of the composition of the Board and its Committees, Board culture, execution and performance of specific duties, obligations and governance. Suggestions received from the Independent Directors were reviewed and noted by the Board.

The performance evaluation of the Chairman and Managing Director and Non-Independent Directors was carried out by the Independent Directors. The Independent Directors at their separate meeting reviewed quality and timeliness of flow of information, recommended measures for corporate governance etc. The Directors expressed their satisfaction with the evaluation process.

The performance evaluation criteria for Independent Directors along with the evaluation framework is determined by the Nomination and Remuneration Committee, basis which the performance of the Independent Directors is evaluated.

C) Committee of Directors (Stakeholders’ Relationship Committee)

Composition

Pursuant to provisions of Section 178(5) of the Act read with Regulation 20 of the Listing Regulations, Committee of Directors (Stakeholders Relationship Committee) of the Board has been constituted. This Committee comprises of three Directors. Mr. Dinesh Lal acts as the Chairperson of the Committee.

As on March 31, 2024 the composition of the Committee of Directors (Stakeholders’ Relationship Committee) is as under:

Sr. No.	Name of the Director	Position	Category	Date of Appointment	Date of Cessation
1.	Mr. Dinesh Lal	Chairperson	Independent Director	November 26,2019	-
2.	Mr. Ashish Kapadia	Member	Independent Director	September 13,2021	-
3.	Mrs. Mukeeta Jhaveri	Member	Independent Director	March 23,2024	-
4.	Mr. Shantilal Pokharna	Member	Non-Executive Director	August 03,2021	March 23,2024

Meeting and Attendance

The Committee of Directors (Stakeholders’ Relationship Committee) met once during the Financial Year 2023-24. The Committee met on December 22, 2023. The requisite quorum was present at the Meeting. The Chairperson of the Stakeholders’ Relationship Committee was present at the last Annual General Meeting of the Company held on July 11, 2023.

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The table below highlights the composition and attendance of the Members of the Committee. The requisite quorum was present at the Meeting:

Sr. No.	Name of the Directors		No. of Meetings
		Held	Eligible to attend	Attended
1.	Mr. Dinesh Lal	1	1	1
2.	Mr. Ashish Kapadia	1	1	1
3.	Mrs. Mukeeta Jhaveri	-	-	-
4.	Mr. Shantilal Pokharna	1	1	1

Note: Due to business exigencies, five resolutions were passed through Circulation and the said resolutions were noted at the subsequent meeting of the Committee.

Mr. Rakesh Darji, Company Secretary acts as Secretary to the Committee and is also designated as Compliance Officer pursuant to the requirements of Listing Regulations.

Terms of Reference

The Board approved ‘Terms of Reference’ of the Committee of Directors (Stakeholders Relationship Committee) in compliance with Section 178 of the Act and Regulation 20 read with Part D of Schedule II of the Listing Regulations. The Committee looks into the matters of Shareholders/Investors grievances along with other operational matters listed below:

to consider and resolve the grievances of security holders of the Company including complaints related to transfer/transmission of shares, non-receipt of annual report, nonreceipt of declared dividends, issue of new/ duplicate certificates, general meetings etc.;
to consider and approve demat/ remat of shares/split/consolidation/sub-division of share/debenture certificates;
to consider and approve issue of share certificates (including issue of renewed or duplicate share certificates), transposition of names, deletion of names transfer and transmission of securities, etc.;
to oversee and review all matters connected with the transfer of the Company’s securities;
to consider and approve opening/modification of operation and closing of bank accounts;
to grant special/general Power of Attorney in favour of employees of the Company from time to time in connection with the conduct of the business of the Company particularly with Government and QuasiGovernment Institutions;
to fix record date/book closure of share/ debenture transfer book of the Company from time to time;
to appoint representatives to attend the General Meeting of other companies in which the Company is holding securities;
to change the signatories for availment of various facilities from Banks/ Financial Institution;
to grant authority to execute and sign foreign exchange contracts and derivative transactions;
to monitor implementation and compliance with the Company’s Code of Conduct for Prohibition of Insider Trading;
to review measures taken for effective exercise of voting rights by shareholders;
to review adherence to the standards adopted by the Company in respect of various services being rendered by the Registrar and Share Transfer Agent;
to review the measures and initiatives taken by the Company for reducing the quantum of unclaimed dividends and ensuring timely receipt of dividend warrants/annual reports/ statutory notices by the shareholders of the Company;
to assist the Board in reviewing and implementing policies under the Business Responsibility Reporting of the Company as may be delegated by the Board;
to carry out any other function as prescribed under the SEBI (Listing Obligation and Disclosure Requirement) Regulation, 2015, the

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Companies Act, 2013 and other applicable laws as amended from time to time;

to grant authority for matters relating to GST, PF, etc.;
to designate/ authorize/ appoint officials of the Company as representatives of the Company as required under various laws;
to review and approve statutory, mandatory or regulatory matters relating to subsidiary companies of the Company; and
to carry out any other duties that may be delegated to the Committee by the Board of Directors from time-to-time.

The Secretarial Department of the Company and the Registrar and Share Transfer Agent, Link Intime India Private Limited attend to all grievances of the shareholders received directly or through SEBI, Stock Exchanges, Ministry of Corporate Affairs, Registrar of Companies, etc. The Minutes of the Committee of Directors (Stakeholders Relationship Committee) Meetings are circulated to the Board and noted by the Board of Directors.

Continuous efforts are made to ensure that grievances are more expeditiously redressed to the complete satisfaction of the investors. Shareholders are requested to furnish their updated telephone numbers and e-mail addresses to facilitate prompt action.

31, 2024. Shareholders’/Investors’ complaints and other correspondence are normally attended to within 7 (seven) working days except those which are constrained by disputes or legal impediments.

The details of complaints received, resolved, pending during the FY 2023-24 is given below:

Complaintspendingas on April 1,2023	0
Complaints received duringtheyear	45
Complaints resolved duringtheyear	44
Complaints pending as on March 31, 2024	1

The above table includes Complaints received by the Company from SEBI SCORES, Online Dispute Resolution Portal (ODR) and through Stock Exchanges where the securities of the Company are listed.

D) Risk Management & ESG Committee

Composition

The composition of the Risk Management & ESG Committee is in conformity with the requirements of Listing Regulations, with majority of members being Directors of the Company. The Risk Management and ESG Committee was re-constituted on April 21, 2023. The nomenclature of ‘Risk Management Committee’ was changed to ‘Risk Management and ESG Committee’ w.e.f. April 21, 2023 to include the review of all Environmental, Social and Governance perspective matters and disclosures to be made in Business Responsibility and Sustainability Report (‘BRSR’) report and guide the Board on ESG matters.

Details of Shareholders’ Complaints

The total number of complaints received and resolved during the year ended March 31, 2024 were 44. There was 1 complaint outstanding as on March

Also, the Terms of Reference for the Risk Management & ESG Committee were amended to include terms of reference relating to ESG matters on the same date.

As on March 31, 2024 the composition of the Risk Management & ESG Committee are as under:

Sr. No.	Name of Director	Position	Category	Date of Appointment	Date of cessation
1.	Mr. Dinesh Lal	Chairperson	Independent Director	February14,2022	-
2.	Mrs. Mukeeta Jhaveri	Member	Independent Director	September 13,2021	-
3.	Mr. Shantilal Pokharna	Member	Non-Executive Director	August 03,2021	March 23,2024
4.	Mr. K Narasimha Murthy	Member	Independent Director	April 21,2023	-

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Meetings and Attendance:

The Committee met three times during the year on April 26, 2023, September 01, 2023 and October 27, 2023. The maximum gap between two Meetings was less than 120 days. The requisite quorum was present at the said meeting. The table below provides the attendance of the Risk Management & ESG Committee members:

Sr. No.	Name of Directors		No. of Meetings
		Held	Eligible to attend	Attended
1.	Mr. Dinesh Lal	3	3	3
2.	Mrs. Mukeeta Jhaveri	3	3	3
3.	Mr. Shantilal Pokharna	3	3	2
4.	Mr. K Narasimha Murthy	3	3	3

Role and Terms of Reference

The terms of reference of Risk Management & ESG Committee are as under:

To formulate and monitor the implementation of Risk Management Policy of the Company and periodical review of the same, which shall include:
a. a framework for identification of internal and external risks specifically faced by the Company, in particular including financial, operational, sectoral, sustainability (particularly, ESG related risks), information, cyber security risks or any other risk as may be determined by the Committee.
b. Measures for risk mitigation including systems and processes for internal control of identified risks.
c. Business continuity plan
To put in place mechanism for ensuring cyber security;
To assist the Audit Committee with regard to the identification, evaluation, classification and mitigation of business, operational, strategic, financial, credit, market, liquidity, security, property, IT, legal, regulatory, reputational and any other internal or external risks and assess management actions to mitigate the risk;
To review effectiveness of risk management and control system;
To implement proper internal checks and balances and review the same periodically;
To achieve prudent balance between risk and reward in both ongoing and new business activities;
To coordinate its activities with the Audit Committee in instances where there is any overlap with audit activities;
To continually obtain reasonable assurance from management that all known and emerging risks and contingencies have been identified and mitigated;
To build risk awareness culture within the Company to ensure that employees at all levels understand the Company’s approach to risk as well as its risk-related goals;
To review the steps taken by management to ensure adequate independence of the risk management function and the processes for resolution and escalation of differences that might arise between risk management and business functions;
To review internal systems of formal and informal communication across divisions and control functions to encourage the prompt and coherent flow of risk-related information within and across business units and, as needed, the prompt escalation of information to Board/ Committees of Board as appropriate;
To provide assurance to the Audit Committee that risk management and processes for control over risks are effective;
The appointment, removal and terms of remuneration of the Chief Risk Officer shall be subject to review by the Risk Management Committee.
To monitor progress on adherence to mitigation plans / additional controls / recommend additional mitigation plans;
To consider any material design or operational issues raised by an incident, fraud or regulatory review;

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To assess new initiatives, projects, business models or other strategic decisions and advise;
To review and reassess charter and policy annually, including by considering the changing industry dynamics and evolving complexity;
To initiate immediate actions to control the impact of a materialized risk event;
To carry out such functions as listed under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015;
To look after such other functions as may be delegated to it by the Board, from time to time;
Approve the ESG strategy and provide oversight to the execution of the Company’s ESG initiatives including the short-term and longterm commitments or targets;
Periodically review implementation, execution and progress of the Company’s ESG initiatives;
Identify and recommend to the Board / Risk Management Committee on matters relating to ESG risk and associated mitigation plans, emerging trends in ESG, effectiveness of Company’s ESG plans etc.;
Review the ESG reporting, policies and disclosures in accordance with the applicable laws, regulations and other national/ international standards;
To advise the Board on stakeholder proposals and other significant stakeholder concerns relating to ESG Matters; and
Do such other acts, deeds and things as deemed necessary for achievement of ESG goals, targets and strategy of the Company.

E) Corporate Social Responsibility Committee

Composition

The Composition of Corporate Social Responsibility (“CSR”) Committee is in accordance with the provisions of Section 135 of the Act and the Companies (Corporate Social Responsibility Policy) Rules, 2014. As on March 31, 2024 the Committee comprises of three Directors as under:

Sr. No.	Name of Director	Position	Category	Date of Appointment	Date of Cessation
1.	Mrs. Nawaz Singhania	Chairperson	Non-Executive Director	April 30,2014	March 23,2024
2.	Mr. Ashish Kapadia	Chairperson	Independent Director	March 23,2024	-
3.	Mrs. Mukeeta Jhaveri	Member	Independent Director	September 13,2021	-
4.	Mr. Shantilal Pokharna	Member	Non-Executive Director	February14,2022	March 23,2024
5.	Mr. Dinesh Lal	Member	Independent Director	March 23,2024	-

*Mr. Ashish Kapadia was designated as the Chairperson of the CSR Committee w.e.f. March 23, 2024.

As per the requirement of Section 135 of the Act, the CSR expenditure required to be incurred by the Company for FY 2023-24 was H 263.14 lakhs, which was fully spent by the Company.

The Company has formulated CSR Policy and the said policy is uploaded on the website of the Company viz., www.raymond.in

Terms of Reference

The brief terms of reference of CSR Committee are as under:

To review the existing CSR Policy and to make it more comprehensive so as to indicate the activities to be undertaken by the Company as specified in Schedule VII of the Act; and
To provide guidance on various CSR activities to be undertaken by the Company and to monitor process.

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Meetings and Attendance:

The Committee met twice during the year on July 28, 2023 and March 22, 2024. The requisite quorum was present at the said meeting. The table below provides the attendance of the Corporate Social Responsibility Committee members:

Sr. No.	Name		No. of Meetings
		Held	Eligible to attend	Attended
1.	Mrs. Nawaz Singhania	2	2	2
2.	Mrs. Mukeeta Jhaveri	2	2	2
3.	Mr. Shantilal Pokharna	2	2	2
4.	Mr. Ashish Kapadia	2	-	-
5.	Mr. Dinesh Lal	2	-	-

F) Independent Directors’ Meeting

Pursuant to requirements of the Act and Listing Regulations the Company’s Independent Directors met four times during the Financial Year without the presence of Non–Executive Directors, Executive Directors or Management to discuss the matters as laid out therein for such meetings and exigency matters. Further, interactions outside the Board meeting take place between the Chairman and Independent Directors on a regular basis.

Meetings and Attendance:

During the year, the Independent Directors met four times on November 30, 2023 , December 01, 2023, December 14, 2023 and March 29, 2024. The table below provides the attendance of the Independent Directors Meetings:

Sr. No.	Name	Held	No. of Meetings
			Eligible to attend	Attended
1.	Mr. Ashish Kapadia	4	4	3
2.	Mrs. Mukeeta Jhaveri	4	4	4
3.	Mr. Dinesh Lal	4	4	4
4.	Mr. K Narasimha Murthy	4	4	4
5.	Mr. Shiv Surinder Kumar	4	3	1

The Independent Directors of the Company met on March 29, 2024, without the presence of Non-Independent Directors and members of the management to review the performance of Non-Independent Directors and the Board of Directors as a whole, to review the performance of the Chairman and Managing Director of the Company and to assess the quality, quantity and timeliness of flow of information between the management and the board of directors.

G) Particulars of Senior Management:

Details of Senior Management as on March 31, 2024:

Sr. No.	Name of Senior Management Personnel	Designation
1	Mr. Amit Agarwal	Group– CFO
2	Mr. K A. Narayan	President- HR
3	Mr. Sunil Kataria	CEO – Lifestyle
4	Mr. Harmohan Sahni	CEO – Realty
5	Mr. Jatin Khanna	Head – Corporate Development
6	Mr. Sanjiv Sarin	Vice President – Corporate Affairs
7	Mr. Rakesh Darji	CompanySecretary
8	Mr. Ravi RajHudda	Chief Digital Officer - Lifestyle Business

*Mr. Atul Singh, Vice Chairman ceased to be a Senior Management Personnel w.e.f. August 14, 2023

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At the Cusp of a New Beginning

III. REMUNERATION OF DIRECTORS

A. Remuneration to Non-Executive Directors (including Independent Directors)

The Non-Executive Directors are paid remuneration by way of sitting fees and commission. The NonExecutive Directors are paid Sitting Fees for each Meeting of the Board or Committee attended by them. The total amount of sitting fees paid to Non-Executive Directors during the Financial Year �� Independent Directors do not have any pecuniary relationship or transactions with the Company. In addition, professional fees for consultancy services can be paid to the Non-Executive Directors with the prior approval of the Nomination and Remuneration Committee, Audit Committee and the Board.

B. Remuneration to Executive Director

The appointment and remuneration of Executive Director i.e. Chairman and Managing Director is governed by the recommendation of the NRC, Resolutions passed by the Board of Directors and Shareholders of the Company and Agreement executed between him and the Company. The remuneration package of Chairman and Managing Director comprises salary, perquisites, allowances, contributions to Provident and other Retirement Benefit Funds as approved by the shareholders at the General Meetings. Annual increments are linked to performance and are decided by the NRC and recommended to the Board for approval thereof.

Details of Remuneration paid to Directors for the year ended March 31, 2024

(a) Non-Executive Directors

The details of Sitting Fees and Commission paid/payable to Non-Executive Directors for the Financial Year 2023-24 are as under:

Name of the Director	�� Raymond Limited	��	No. of Shares/convertible instruments held
Mrs. Nawaz Singhania	10,00,000	40,00,000	2550 EquityShares
Mr. Shiv Surinder Kumar*	10,00,000	36,67,000	-
Mr. Dinesh Lal	20,50,000	40,00,000	-
Mrs. Mukeeta Jhaveri	16,00,000	40,00,000	-
Mr. Ashish Kapadia	20,50,000	40,00,000	-
Mr. Shantilal Pokharna	-	-	-
Mr. K Narasimha Murthy	20,00,000	40,00,000	-

*Mr. Shiv Surinder Kumar ceased to be Director of the Company w.e.f. February 14, 2024 on completion of his tenure.

Notes:

Criteria for making payment to Non-executive Directors as specified in Nomination, Remuneration and Board Diversity Policy of the Company are available on the website of the Company and can be accessed through the web link at https:// www.raymond.in/investor/disclosures-under-regulation-46-of-the-lodr/corporate-governance/code-of-conduct-policies

(b) Executive Director

( D in Lakh)

Mr. Gautam Hari Singhania, Chairman and Managing Director*	Mr. Gautam Hari Singhania, Chairman and Managing Director*
Present Term of Appointment	5years from July1,2019 to June 30,2024
Salaryand Allowances	803.67
Commission	770
Variable Pay	-
Perquisites	239.05
Retirement Benefits$	171.54
SittingFees	9.00
SittingFees from SubsidiaryCompanies	0.50
Minimum Remuneration	Mr. Gautam Hari Singhania is entitled to minimum remuneration comprising of salary, perquisites and benefits as per the applicable provisions of the Companies Act,2013 in the event of inadequacy/absence ofprofits
Notice Period and Severance Fees	Six months’ notice or six months’ salaryin lieu thereof
No. of Shares held	29 Equity Shares

$ This amount does not include amount in respect of gratuity and leave entitlement (both of which are ascertained actuarially) as the same would be determined on retirement.

Remuneration is within limits recommended by NRC and approved by Board for the period July 01, 2022 to June 30, 2024 and approved by the Members of the Company vide Special Resolution passed on July 14, 2022.

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IV. General Body Meetings

Details of Last Three Annual General Meetings Held

AGM	Financial Year	Date and Time	Venue	Details of Special Resolution Passed
96th	2020-21	August 02, 2021 3:30 PM	Through Video Conferencing / Other Audio Visual Means	• Enabling resolution to authorise borrowings by way of Issuance of Non-Convertible Debentures / Bonds / Other instruments uptoH700 Crore.
97th	2021-22	July 14, 2022 12:00 PM	Through Video Conferencing / Other Audio Visual Means	• To approve payment of remuneration to Mr. Gautam Hari Singhania, Chairman and Managing Director for the period July 1, 2022 to June 30, 2024. • To authorize borrowings by way of Issuance of Non- Convertible Debentures/Bonds/Other instruments up toH600 crores.
98th	2022-23	July 11, 2023 02:00 PM	Through Video Conferencing / Other Audio Visual Means	• To approve payment of Commission to Non-Executive Directors based on Net Profits of the Company.

Postal Ballot

During the year, the following Resolutions were passed by the Company through Postal Ballot the results of which were declared on June 19, 2023:

Special Resolution:

(i) Appointment of Mr. K Narasimha Murthy (DIN: 00023046) as an Independent Director of the Company;
(ii) To authorize borrowings by way of issuance of Non-Convertible Debentures on a Private Placement Basis.

Ordinary Resolution:

(i) Material Related Party Transactions with Raymond Consumer Care Limited.

Procedure for Postal ballot:

Pursuant to the provisions of Section 110 of the Act read with Rule 22 of Companies (Management and Administration) Rules, 2014 (Management Rules), as amended, the Company had issued Postal Ballot Notice dated May 09, 2023 to the Members, seeking their consent with respect to the above mentioned Resolutions.

In compliance with provisions of Section 108 and Section 110 and other applicable provisions of the Act read with the Management Rules and relevant MCA Circulars, the Company had provided remote e-voting facility to all the Members of the Company. The Company engaged the services of National Securities Depository Limited, for facilitating e-voting to enable the Members to cast their votes electronically. The voting period commenced on Sunday, May 21, 2023 at 9.00 a.m. (IST) and ended on Monday, June 19, 2023 at 5.00 p.m. (IST). The cut-off date, for the purpose of determining the number of Members eligible to recieve Postal Ballot Notice was Friday, May 12, 2023.

A summary of the voting results is as follows:

Sr. No.	Resolution Details	Type of Resolution	No. of Votes polled	Votes cast in favour	Votes cast in favour	Votes cast in against	Votes cast in against
				No. of Votes	%	No. of Votes	%
1.	Appointment of Mr. K Narasimha Murthy (DIN: 00023046) as an Independent Director of the Company.	Special	4,42,33,244	4,35,48,692	98.45	6,84,552	1.55
2.	Material Related Party Transactions with Raymond Consumer Care Limited.	Ordinary	1,16,98,509	1,16,96,522	99.98	1,987	0.02
3.	To authorize borrowings by way of issuance of Non-Convertible Debentures on a Private Placement Basis.	Special	4,42,32,441	4,38,65,681	99.17	3,66,760	0.83

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At the Cusp of a New Beginning

Mr. Dinesh Deora, (Membership No. F5683, COP No.: 4119), Company Secretary in Practice and Partner at DM & Associates Company Secretaries LLP, was appointed as the Scrutinizer for carrying out the Postal Ballot process through remote e-voting in a fair and transparent manner.

The Scrutinizer, after the completion of scrutiny, submitted his report to Mr. Rakesh Darji, Company Secretary, who was duly authorised by the Chairperson to accept, acknowledge and countersign the Scrutinizer’s Report as well as declare the voting results in accordance with the provisions of the Act, the Rules framed thereunder and the Secretarial Standard - 2 issued by the Institute of Company Secretaries of India. The consolidated results of the voting by Postal Ballot and e-voting were announced on June 19, 2023. The results were also displayed on the website of the Company at www.raymond.in and on the website of Link Intime India Private Limited and communicated to BSE Limited (BSE), National Stock Exchange of India Limited (NSE).

The Company may consider if any Resolution(s) is required to be passed by Postal Ballot during FY 2024-25, as per the prescribed procedure.

Extra Ordinary General Meeting

During the year under review, no Extra Ordinary General Meeting was held.

NCLT Convened Meeting

Pursuant to Order of the Hon’ble NCLT dated January 17, 2024, Shareholders’ and Unsecured Creditors Meeting for approval of Composite Scheme of Arrangement between Raymond Limited (‘Company’ or the ‘Demerged Company’) and Raymond Lifestyle Limited (formerly known as “Raymond Consumer Care Limited”) (‘Resulting Company’ or the ‘Transferee Company’) and Ray Global Consumer Trading Limited (‘Transferor Company’) and their respective shareholders (‘Scheme’) under Sections 230-232 read with Section 66 of the Companies Act, 2013 was held on February 26, 2024 at 11.00 A.M. and 3.00 P.M. respectivly through Video Conferencing (‘VC’) or Other Audio-Visual Means (‘OAVM’).

Means of Communication to Shareholders

(i) The Un-audited quarterly/ half yearly results are announced within forty-five days of the close of the quarter (or such other extended timeline as may be allowed by SEBI and MCA). The audited annual results are announced within sixty days from the closure of the financial year (or such other extended

timeline as explained above) as per the requirement of the Listing Regulations.

(ii) The approved financial results are forthwith sent to the Stock Exchanges and are published in Business Standard (English newspaper) and Ratnagiri Times (Marathi newspaper), within forty-eight hours of approval thereof. Presently the same is not sent to the shareholders separately.
(iii) The Company’s financial results and official press releases are displayed on the Company’s websitewww.raymond.in
(iv) Presentations made to the institutional investors or/ and analysts are intimated to the Stock Exchanges within the prescribed time specified under the Listing Regulations and hosted on the Company’s website simultaneously.
(v) The Annual Report containing inter-alia the Audited Standalone and Consolidated Financial Statements, Auditors’ Report thereon, Directors Report, Corporate Governance Report and Management Discussion and Analysis report is circulated to the Members and others entitled thereto. The Annual Report is also available on the website of the Company and on the website of the Stock Exchanges where the Company’s shares are listed.
(vi) The quarterly results, shareholding pattern, quarterly compliances and all other corporate communication to the Stock Exchanges are filed electronically. The Company has complied with filing submissions through BSE Listing Centre provided by BSE. Likewise, the said information is also filed electronically with NSE through NEAPS portal provided by NSE.
(vii) A separate dedicated section under “Investors”, on the Company’s website gives information on unclaimed dividends, shareholding pattern, quarterly/half yearly results and other relevant information of interest to the investors/public.
(viii) SEBI processes investor complaints in a centralized web-based complaints redressal system i.e. SCORES. Through this system a shareholder can lodge complaint against the Company for his/ her grievance. The Company uploads the action taken on the complaint which can be viewed by the shareholder. The Company and shareholder can seek and provide clarifications online through SEBI.

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(ix) The Company has designated the email id: [email protected] exclusively for investor relation, and the same is prominently displayed on the Company’s website www.raymond.in.

V. SHAREHOLDER INFORMATION

Annual General Meeting (“AGM”) for the Financial Year 2023-24

DAY AND DATE Thursday, June 27, 2024 TIME 03:00 P.M. MODE / VENUE Through Video Conferencing / Other Audio-Visual Means as set out in the Notice convening the Annual General Meeting. BOOK CLOSURE DATE FOR AGM Friday, June 14, 2024 to Thursday, June 27, 2024 FINANCIAL YEAR April 1, 2023 to March 31, 2024

Tentative Calendar for Financial Year ending March 31, 2025

The tentative dates for Board Meetings for consideration of quarterly financial results are as follows:

Sr. No.	Particulars of Quarter	Tentative dates*
1.	First Quarter Results	On or before August 14,2024
2.	Second Quarter & Half YearlyResults	On or before November 14,2024
3.	Third Quarter & Nine-months ended Results	On or before February14,2025
4.	Fourth Quarter & Annual Results	On or before May 30, 2025

*or such other date as may be allowed by SEBI and the MCA.

Dividend

Considering the profits of the Company and the fact that the next year would be a centenary year, the Board of Directors has recommended a dividend of H 10/- per Equity Share of face value of H 10/- each for the Financial Year ended March 31, 2024, subject to approval of the shareholders at the ensuing 99[th] Annual General Meeting. The dividend, if approved by the shareholders will be paid on or after June 27, 2024.

Dividend History for the last 10 Financial Years

Below table highlights the history of Dividend declared by the Company in the last 10 financial years:

Sr. No.	Financial Year	Date of Declaration of Dividend	Dividend declared per share
1.	2013-14	June 10,2014	��
2.	2014-15	June 8,2015	��
3.	2015-16	June 7,2016	��
4.	2016-17	June 5,2017	��
5.	2017-18	June 2,2018	��
6.	2018-19	June 5,2019	��
7.	2019-20	No dividend Declared	Nil
8.	2020-21	No dividend Declared	Nil
9.	2021-22	July14,2022	��
10.	2022-23	July11,2023	��

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Statutory Reports

At the Cusp of a New Beginning

Dividend History

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�� 3.00 3.00 3.00 3.00 3.00 3.00
��
�� 2.00
��
�� 1.25
��
��
0.00 0.00
��
2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23
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Unclaimed Dividend/Shares

Pursuant to the provisions of Section 124(5) of the Act, if the dividend transferred to the Unpaid Dividend Account of the Company remains unpaid or unclaimed for a period of seven consecutive years from the date of such transfer then the said unclaimed or unpaid dividend amount shall be transferred by the Company along with interest accrued, if any, to the Investor Education and Protection Fund (“the IEPF”), a fund established under sub-section (1) of Section 125 of the Act.

Before transferring the unclaimed dividends to IEPF, individual letters are sent to those Members whose unclaimed dividends are due for transfer to enable them to claim the dividends before the due date for such transfer. The details of unclaimed/unpaid dividend are available on the website of the Company viz., www.raymond.in.

In terms of SEBI Circular No. SEBI/HO/MIRSD/DOP1/ CIR/P/2018/73 dated April 20, 2018, the bankers to the dividend accounts opened by the Company for the earlier years have credited back the amount of dividend lying unpaid in demand drafts beyond the validity period into the relevant bank accounts.

Share Transfer to Investor Education and Protection Fund Account (IEPF) where the dividend is unpaid or unclaimed for seven or more consecutive years.

In terms of Section 124(6) of the Act read with Rule 6 of the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 (as amended from time to time) (IEPF Rules) shares on which dividend has not been paid or claimed by a shareholder for a period of seven consecutive years or more shall be credited to the Investor Education and Protection Fund (IEPF) within a period of thirty days of such shares becoming due to be so transferred. Upon transfer of such shares, all benefits (like bonus, dividend etc.), if any, accruing on such shares shall also be credited to such IEPF and the voting rights on such shares shall remain frozen till the rightful owner claims the shares.

Shares which are transferred to IEPF can be claimed back by the shareholders from Investor Education and Protection Fund Authority (IEPFA) by following the procedure prescribed under the aforesaid rules. The detailed procedure is also available on the website of the Company i.e. www.raymond.in

The Company has sent reminders to all the concerned Members on March 11, 2024 and simultaneously published notice in Business Standard (English newspaper) and Ratnagiri Times (local language Marathi newspaper) asking them to claim their dividend amount to avoid transfer of the said unclaimed dividend and respective shares to IEPF.

Details of Unclaimed Dividend as on March 31, 2024 and due dates for transfer are as follows:

Sr. No.	Financial Year	Date of Declaration of Dividend	Unclaimed Amount ��	Due Date for transfer to IEPF Account
1.	2016-17	June 5,2017	13,15,561.25	July11,2024
2.	2017-18	June 2,2018	30,17,106	July09,2025
3.	2018-19	June 5,2019	21,22,887	July11,2026
4.	2019-20	Not declared	NA	NA
5.	2020-21	Not declared	NA	NA
6.	2021-22	July14,2022	19,78,042	August 21,2029
7.	2022-23	July11,2023	17,72,884	August 18,2030

147 194

Raymond Limited

�� Protection Fund which was declared in FY 2015-16.

Distribution of Shareholding as on March 31, 2024

No. of equity Shares	No. of shareholders	% of shareholders	No. of shares held	% of Shareholding
1 to 500	1,75,092	97.41	85,92,313	12.91
501 to 1000	2,811	1.56	20,67,350	3.10
1001 to 2000	1,031	0.57	14,48,842	2.18
2001 to 3000	288	0.16	7,27,381	1.09
3001 to 4000 ~~========~~	120 ~~===---~~	0.07 ~~---~~	4,25,965 ~~---~~	0.64 ~~---~~
4001 to 5000	86	0.05	4,05,198	0.61
5001 to 10000 ~~========~~	144 ~~===---~~	0.08 ~~---~~	10,30,063 ~~---~~	1.55 ~~---~~
10001 and above	171	0.10	5,18,76,619	77.92
GRAND TOTAL	1,79,743	100	6,65,73,731	100

Shareholding Pattern as on March 31, 2024

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28.23%
49.11%
1.60%
14.50%
5.73%
0.82% 0.01%
----- End of picture text -----

shareholders have an option to dematerialize their shares with either of the Depositories.

Shareholders who continue to hold shares in physical form are requested to dematerialize their shares at the earliest and avail benefits of dealing in shares in demat form. For convenience of shareholders, the process of getting the shares dematerialized is given hereunder:

a) Demat account should be opened with a Depository Participant (“DP”).
b) Shareholders should submit the Dematerialization Request Form (“DRF”) along with share certificates in original, to their DP.
c) DP will process the DRF and will generate a Dematerialization Request Number (“DRN”).
Promoter Group
Domestic/Insurance Companies
Nationalised Bank/FI/UTI
Mutual Funds
Foreign Institutional Investors (FII)
Non-Resident Individual/Companies
d) DP will submit the DRF and original share certificates to the Registrar and Transfer Agents (“RTA”), i.e. Link Intime India Private Limited.
e) RTA will process the DRF and update the status to DP/ depositories.
f) Upon confirmation of request, the shareholder will get credit of the equivalent number of shares in his demat account maintained with the DP.
Public/Others

Dematerialization of Shares and Liquidity

As on March 31, 2024, 98.68% of the equity shares of the Company are in dematerialized form (NSDL 89.49% and CDSL 9.19%) and 1.32% are in physical form. The Company has entered into agreements with National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL) whereby

g) As required under SEBI Circular no. SEBI/HO/ MIRSD/MIRSD_RTAMB/P/CIR/2022/8 and to enhance ease of dealing in securities markets by investors, listed companies are required to issue securities in dematerialized form only. As per the referred circular Form ISR-4 required to be submitted by securities holder/claimant has been hosted on the website of the Company at https://www.raymond.in/investor/ investor-information/investor-toolkit/investor-toolkit

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At the Cusp of a New Beginning

The Company has further authorised its RTA to issue ‘Letter of confirmation’ in lieu of physical securities certificate(s) within 30 days of its receipt of such request after removing objections and complied with other requirements as stated in the Circular.

Consolidation of Folios and Avoidance of Multiple Mailing

In order to enable the Company to reduce costs and duplicity of efforts for providing services to investors, members who have more than one folio in the same order of names are requested to consolidate their holdings under one folio. Members may write to the RTA indicating the folio numbers to be consolidated along with the original share certificates.

Reconciliation of Share Capital Audit Report

As stipulated by SEBI, a qualified Practicing Company Secretary carries out Share Capital Audit to reconcile the total admitted capital with National Securities Depository Limited (“NSDL”) and Central Depository Services (India) Limited (“CDSL”) and the total issued and listed capital. This audit is carried out every quarter and the report thereon are submitted to the Stock Exchanges where the Company’s shares are listed. The audit confirms that the total Listed and Paid-up Capital is in agreement with the aggregate of the total number of shares in dematerialized

form (held with NSDL and CDSL) and total number of shares in physical form.

Compliance with Secretarial Standards

The Company has complied with the applicable Secretarial Standards issued by the Institute of Company Secretaries of India.

Outstanding GDRs/ Warrants and Convertible Bonds, conversion date and likely impact on equity

During the year under review 30,970 outstanding GDRs representing 61,940 equity shares, 0.10% of the total share Capital of the Company were paid off. As on March 31, 2024 there were no Outstanding GDRs.

The Company’s Equity shares are listed on the following Stock Exchanges and the listing fees have been paid to the Exchanges:

Stock Exchange	Scrip Code
BSE Limited (“BSE”) P.J. Towers, Dalal Street,Mumbai – 400 001	500330
National Stock Exchange of India Limited (“NSE”) Exchange Plaza, 5thFloor, Bandra- Kurla Complex, Bandra (E), Mumbai– 400051	RAYMOND

Secured Redeemable Non-Convertible Debentures (NCDs)

�� each have been listed/ continue to be listed on the Negotiated Trade Reporting Platform of National Stock Exchange of India Limited:

Series	Coupon Rate % (p.a.)	ISIN	Principal Amount ��	Date of Maturity	Debenture Trustee	Present Credit Rating
P	9.00	INE301A07060	200	February9,2031 December 26, 2024	Axis Trustee Services Limited	CARE AA-
Q	7.60	INE301A07078	100			CARE AA-

During the year, the Company had issued Unsecured 17,000 NCDs amounting to H 1700 Crore to its associate Company, Raymond Lifestyle Limited (formerly known as “Raymond Consumer Care Limited”).

Share Price Data

Share Price Data
MONTH		BSE			NSE
	��	��	VOLUME(Nos.)	��	��	VOLUME(Nos.)
April 2023	1755.35	1178.05	8,15,997	1756.00	1181.00	1,46,62,508
May2023	1640.85	1508.00	2,21,276	1629.50	1492.05	32,47,395
June 2023	1785.00	1554.15	3,08,719	1786.60	1551.50	45,45,467
July2023	1951.00	1688.05	2,27,783	1952.00	1687.05	51,74,611
August 2023	2030.00	1824.00	2,11,705	2029.00	1825.10	37,80,272
September 2023	2240.00	1721.65	4,73,354	2029.00	1825.10	76,77,019
October 2023	1842.30	1602.55	2,65,459	1844.00	1602.00	42,13,202
November 2023	1923.55	1500.00	5,72,626	1922.80	1499.30	80,95,013
December 2023	1794.70	1487.00	8,14,595	1922.80	1499.30	1,03,19,831
January2024	1867.85	1701.25	3,70,976	1868.00	1705.00	57,09,319
February2024	1942.80	1668.45	4,27,799	1943.90	1669.90	80,67,688
March 2024	1887.95	1591.10	1,68,283	1868.00	1590.00	28,55,691

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Closing share price and Market Capitalisation

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Particulars BSE NSE
�� 1,808.5 1,808.30
�� 12,039.86 12,038.52
Raymond share price versus BSE Sensex Raymond share price versus NIFTY 500
2400 80000 2,400 22000
2200 2,200 20500
75000
19000
2000 2,000
70000 17500
1800 1,800
16000
1600 65000 1,600
14500
1400 1,400 13000
60000
1200 1,200 11500
1000 55000 1,000 10000
BSE Closing Price BSE Sensex NSE Closing Price Nifty 500
Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24
----- End of picture text -----

Share Transfer System

Trading in equity shares of the Company is permitted only in dematerialized form. In terms of Regulation 40(1) of SEBI Listing Regulations, as amended from time to time, transfer, transmission and transposition of securities shall be effected only in dematerialized form. Accordingly, shareholders holding equity shares in physical form are urged to have their shares dematerialized to be able to freely transfer them and participate in various corporate actions.

Pursuant to SEBI Circular dated January 25, 2022, the listed companies shall issue the securities in dematerialized form only, for processing any service requests from shareholders viz., issue of duplicate share certificates, endorsement, transmission, transposition, etc. After processing the service request, a letter of confirmation will be issued to the shareholders and shall be valid for a period of 120 days, within which the shareholder shall make a request to the Depository Participant for dematerializing those shares.

If the shareholders fail to submit the dematerialisation request within 120 days, then the Company shall credit those shares in the Suspense Escrow Demat account held by the Company. Shareholders can claim these shares transferred to Suspense Escrow Demat account on submission of necessary documentation.

‘SWAYAM’ is a secure, user-friendly web-based application, developed by “Link Intime India Pvt Ltd.”, our Registrar and Share Transfer Agents, that empowers shareholders to effortlessly access various services. We request you to get registered and have first-hand experience of the portal.

This application can be accessed at https://swayam. linkintime.co.in

Effective Resolution of Service Request -Generate and Track Service Requests/Complaints through SWAYAM.
Features - A user-friendly GUI.
Track Corporate Actions like Dividend/ Interest/Bonus/split.
PAN-based investments - Provides access to linked PAN accounts, Company wise holdings and security valuations.
Effortlessly Raise request for Unpaid Amounts.
Self-service portal – for securities held in demat mode and physical securities, whose folios are KYC compliant.
Statements - View entire holdings and status of corporate benefits.
Two-factor authentication (2FA) at Login - Enhances security for investors.

During the year under review 189 shares of the Company were transferred in the aforesaid account.

150 Annual Report 2023-24

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Statutory Reports

At the Cusp of a New Beginning

Nomination

Individual shareholders holding shares in physical form either singly or jointly can nominate a person in whose name the shares shall be transferable in case of death of the registered shareholder(s). Nomination facility in respect of shares held in electronic form is also available with the Depository Participants as per the by-laws and business rules applicable to NSDL and CDSL. Nomination forms can be obtained from the Company’s Registrar and Share Transfer Agent.

Service of documents through electronic mode

As a part of Green Initiative, the members who wish to receive the notices/documents through e-mail, may kindly intimate their e-mail addresses to the Company’s Registrar and Share Transfer Agent, Link Intime India Private Limited at [email protected].

Address for Correspondence:

Compliance Officer	Registrar and Share Transfer Agent	Company	Debenture Trustee
Mr. Rakesh Darji Company Secretary & Compliance Officer, Pokhran Road No.1, Jekegram, Thane (W) - 400 606. Tel: 022-40367000 [email protected]	Link Intime India Private Limited Unit: Raymond Limited C-101, 247 Park, L.B.S Marg, Vikhroli (West), Mumbai - 400 083 Tel: 022-49186000/ 49186200 Fax: 022-49186060 [email protected]	Raymond Limited, Secretarial Department, Pokhran Road No.1, Jekegram, Thane (W) - 400 606. Tel: 022-40367000 corp.secretarial@ raymond.in	Axis Trustee Services Limited Axis House, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai - 400 025. Tel: 022-62260054 Fax: 022-43253000 [email protected]

Plant Locations:

The Company has the following manufacturing and operating Divisions:

Textile Division:
Jalgaon	No.E-1 and E-11,MIDC Area,Phase II,Ajanta Road,Jalgaon,Maharashtra-425003.
Chhindwara	B 1, A.K.V.N., Boregaon Industrial Growth Centre, Kailash Nagar, Tehsil Sauser, Dist. Chhindwara,Madhya Pradesh – 480001.
Vapi	N. H. No.8,Khadki - Udwada,Taluka Pardi,District Valsad,Gujarat - 396185.

Apparel, Real Estate & Aviation:
Thane	Jekegram,Pokhran Road No.	1,Thane(West)–	400	606.

VI. GOVERNANCE CODES

Code of Business Conduct & Ethics

The Company has adopted Code of Business Conduct and Ethics (“the Code”) which is applicable to the Board of Directors and all Employees of the Company. The Board of Directors and the members of Senior Management Team of the Company are required to affirm on annual basis compliance of this Code. A declaration signed by the Chairman and Managing Director of the Company to this effect is placed at the end of this Report. The Code requires Directors and Employees to act honestly, fairly, ethically, and with integrity, conduct themselves in professional, courteous and respectful manner and not to allow their independent judgement to be subordinated.

Conflict of Interest

Each Director informs the Company on an annual basis about the Board and the Committee positions he/she occupies in other companies including Chairmanships and notifies changes therein during the year, if any. The Members of the Board, while discharging their duties, avoid conflict of interest in the decision-making process. The Members of Board restrict themselves from participating in any discussions and voting on transactions in which they are concerned or interested.

Insider Trading Code

The Company has adopted an ‘Internal Code of Conduct for Regulating, Monitoring and Reporting of Trades by Designated Persons (“the Code”) in accordance with the

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SEBI (Prohibition of Insider Trading) Regulations, 2015 (“the PIT Regulations”).

The Code is applicable to Promoters, Member of Promoter’s Group, all Directors and Designated Persons as defined in the Code. The Company Secretary is the Compliance Officer for monitoring adherence to the said PIT Regulations. The Code is suitably amended, from time to time to incorporate the amendments carried out by SEBI to PIT Regulations.

The Company has put in place adequate and effective system of internal controls to ensure compliance with the requirements of the PIT Regulations. The Company has already implemented an online module for enabling the Promoters, Promoter’s Group, Directors and Designated Persons to submit their Disclosures and take requisite approvals under the PIT Regulations. This online module also facilitates updating of their shareholding in the Company as well as details of their immediate relatives and the persons with whom they share material financial relationship in a seamless manner.

The Audit Committee reviews cases of non-compliances, if any, and makes necessary recommendations to the Board w.r.t. action taken against such defaulters. The said non-compliances are promptly intimated to Stock Exchanges in the prescribed format and penalty, if any, is being recovered and deposited with SEBI’s Investor Protection and Education Fund.

The Company has also formulated a Policy for determination of ‘legitimate purposes’ as a part of the Code of Practices and Procedures for Fair Disclosure of UPSI as per the requirements of the PIT Regulations. The Company Secretary is the Compliance Officer for ensuring implementation of the code for fair disclosure and conduct. The Board and designated persons have affirmed compliance with the Code.

VII. SUBSIDIARY COMPANIES

The minutes of the Board Meetings of the subsidiary companies are shared with the Board of Directors on a quarterly basis. The financial statements of the subsidiary companies are presented to the Audit Committee.

The Board of Directors of the Company has approved a Policy for determining Material Subsidiaries which is in line with the Listing Regulations as amended. The said policy has been uploaded on the website of the Company at https://www.raymond.in/investor/disclosures-underregulation-46-of-the-lodr/corporate-governance/codeof-conduct-policies. For the financial year 2023-24, the Company did not have any material subsidiary as per the thresholds laid down under the Listing Regulations.

VIII. AFFIRMATIONS AND DISCLOSURES:

a. Related Party Transactions

In line with the requirements under Regulation 23(1) of the Listing Regulations, the Company has formulated a Policy on Related Party Transactions (“Policy”) which is also available on Company’s website at https://api.raymond.in/uploads/ investor/1675436356278Related%20Party%20 Transaction%20Policy.pdf

The objective of the Policy is to ensure proper approval, disclosure, and reporting of transactions as applicable, between the Company or its subsidiary and any of its related parties.

The Audit Committee of the Company grants omnibus approval for the Related Party Transactions (RPTs) which are of repetitive nature and / or entered in the Ordinary Course of Business and are at Arm’s Length. All transactions entered into by the Company with the Related Parties as defined under the Act and Regulation 2(1)(zb) of the Listing Regulations during the financial year were on arm’s length basis and were in compliance with the requirements of provisions of Section 188 of the Act.

During the year under review, various transaction(s) were entered with Raymond Lifestyle Limited (Formerly known as Raymond Consumer Care Limited), viz. issue of Non-Convertible Debentures (‘NCDs’), interest payable on such NCDs, purchase and sale of goods, receiving and rendering of services, receipt/ payment of lease rent and other transactions related to immovable properties, inter corporate deposit(s), reimbursements receivable/ payable, royalty which together can be considered as material Related Party Transactions under Listing Regulations. Related party transactions are disclosed under significant accounting policies and notes forming part of the Financial Statements in accordance with Ind AS 24 ‘Related Party Disclosures’. A statement in summary form of transactions with Related Parties is periodically placed before the Audit Committee and the Board for review/ approval / noting on quarterly basis. The said statements are also reviewed and certified by an independent Chartered Accountant Firm and placed before the Audit Committee and Board for noting.

None of the transactions with Related Parties were in conflict with the interest of Company. All the transactions are carried out on an arm’s length or fair value basis.

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b. Details of non-compliance by the Company, penalties, and strictures imposed on the Company by Stock Exchanges or SEBI or any statutory authority, on any matter related to capital markets, during last three Financial Years

The Company has complied with all requirements specified under the Listing Regulations as well as other regulations, circulars and guidelines issued by the SEBI. There were no strictures or penalties imposed by either SEBI or Stock Exchanges or MCA or any other regulatory/ statutory authority for non-compliance of any matter related to the capital markets during the last three financial years.

c. Vigil Mechanism / Whistle Blower Policy

Pursuant to Section 177(9) and (10) of the Act, and Regulation 22 of the Listing Regulations, the Company has formulated Whistle Blower Policy for vigil mechanism of Directors and employees to report concern about unethical behavior, actual or suspected fraud or violation of Company’s code of conduct and ethics. The Whistle Blower Policy was revised by the Board at its meeting held on February 01, 2023 based on the recommendations of the Audit Committee to make it more transparent for handling of whistle blower complaints by third party independent professional agency with dedicated helpline, formation of Ethics Committee and nomination of Chief Ethics Officer. The mechanism provides for adequate safeguards against victimization of employees and Directors who use such mechanism and makes provision for direct access to the Chairman of the Audit Committee in exceptional cases.

To further strengthen the same, the Company has announced the launch of the Whistle-Blower Hotline. It is a third-party service managed by KPMG International Limited. This Hotline provides a simple and easy to use anonymous employee hotline service that will facilitate reporting any violations of Company’s Code of Conduct and Ethics or behaviors that are not in line with professional standards.

None of the personnel of the Company have been denied access to the Audit Committee. The Whistle Blower Policy is displayed on the Company’s website - viz., https://www.raymond.in/investor/disclosures under-regulation-46-of-the-lodr/corporategovernance/code-of-conduct-policies .

d. Commodity price risk or foreign exchange risk and hedging activities

The Company has managed the foreign exchange risk with appropriate hedging activities in accordance

with policies of the Company. The Company has adequate risk assessment and minimization system in place including for commodities. The Company does not have material exposure of any commodity and accordingly, no hedging activities for the same are carried out. Accordingly, there is no disclosure to offer in terms of SEBI circular no. SEBI/HO/CFD/CMD1/CIR/P/2018/0000000141 dated November 15, 2018.

e. Details of utilization of funds raised through preferential allotment or qualified institutions placement as specified under Regulation 32 (7A) of the Listing Regulations

During the year under review, the Company has not raised any funds either through preferential allotment or qualified institutions placement therefore disclosure of this information is not applicable to the Company.

f. A certificate from a Company Secretary in practice that none of the Directors on the Board of the Company have been debarred or disqualified from being appointed or continuing as directors of Companies by the Board/Ministry of Corporate Affairs or any such statutory authority.

The certificate issued by DM & Associates Company Secretaries LLP is annexed herewith as a part of the Report.

g. Where the Board had not accepted any recommendation of any committee of the Board, which is mandatorily required, in the relevant Financial Year

During the year under review, all recommendations made by the Committee(s) of the Board which were mandatorily required have been accepted by the Board.

h. Total fees for all services paid by the listed entity and its subsidiaries, on a consolidated basis, to the statutory auditors and all entities in the network firm/network entity of which the statutory auditor is a part

Details relating to fees paid to the Statutory Auditors of the Company are given in Note No.33C to the Standalone Financial Statements and Note No. 27(c) to the Consolidated Financial Statements.

i. Disclosures in relation to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013

The details of number of complaints filed, disposed of during the year and pending as on March 31, 2024 are given in the Directors’ report.

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j. Compliances with Governance Framework The Company is in compliance with all mandatory requirements under the Listing Regulations.

k. Disclosure by listed entity and its subsidiaries of Loans and advances in the nature of loans to firms/companies in which directors are interested by name and amount

Details are given in Note No.43 to the Standalone Financial Statements and Note No. 33 to the Consolidated Financial Statements.

l. Details of material subsidiary of the listed entity; including the date and place of incorporation and the name and date of appointment of the statutory auditors of such subsidiary

Nil.

N. Disclosure of Compliance with Corporate Governance Requirements specified in Regulation 17 to 27 and Regulation 46(2) of the Listing Regulations

The Company has complied with all the mandatory corporate governance requirements under the Listing Regulations. The Company confirms compliance with corporate governance requirements specified in Regulation 17 to 27 and sub-regulation (2) of Regulation 46 of the Listing Regulations.

o. Chief Executive Officer (CEO) and Chief Financial Officer (CFO) certification

As required by Listing Regulations, the CEO and CFO certification on the Financial Statements, the Cash Flow Statement and the Internal Control Systems for financial reporting for FY 2023 – 24 is enclosed to this Report.

m. Non-mandatory requirements

Adoption of non-mandatory requirements of the Listing Regulations is reviewed by the Board from time-to-time. The status of compliance with the nonmandatory requirements of the Listing Regulations is provided below:

p. Disclosure of Accounting Treatment

In the preparation of the financial statements, the Company has followed Indian Accounting Standards referred to in Section 133 of the Act. The significant accounting policies which are consistently applied are set out in the Notes to the Financial Statements.

The Board

The requirement relating to maintenance of office and reimbursement of expenses of Non-Executive Chairman is not applicable to the Company since the Chairman of the Company is an Executive Director.

q. Risk Management

Business risk evaluation and Management is an ongoing process within the Company. The assessment is periodically examined by the Risk Management & ESG Committee and Board.

Shareholders Rights

The quarterly financial results are published in the newspapers of wide circulation and not sent to individual shareholders. Quarterly Financial Results as approved by the Board are disseminated to Stock Exchanges and updated on the website of the Company.

Modified opinion(s) in audit report

During the year under review, the Auditors have expressed an unmodified opinion on the Financial Statements. The Company continues to adopt best practices to ensure regime of financial statements with un-modified opinion.

Reporting of Internal Auditor

In accordance with the provisions of Section 138 of the Act, the Company has appointed an Internal Auditor who reports to the Audit Committee. Internal Auditor directly presents their Quarterly internal audit report to the Audit Committee for its consideration.

r. Credit Rating

As on March 31, 2024, CRISIL has given the credit rating of AA (Stable) for Long-Term Borrowing and A1+ (Reaffirmed) for Short Term Borrowing / Commercial Paper. CARE has given the credit rating of AA(Watch with Developing Implications) for Long term borrowing/Non-Convertible Debentures Rating and A1+ (Watch with Developing Implications) for Short Term Borrowing / Commercial Paper. The credit rating is displayed on the Company’s website viz., www.raymond.in.

During the year under review, CRISIL had upgraded its rating for Long Term facilities from AA- to AA (Stable).

s. Disclosure of certain type of agreements binding on the Company

There are no agreements impacting management or control of the Company or imposing any restriction or creating any liability upon the Company.

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t. Disclosure with respect to demat suspense account/ unclaimed suspense account

As per Regulation 34(3) read with Schedule V of the Listing Regulations, the details of the shares in the Suspense Account are as follows:

Aggregate Number of Shareholders and the Outstanding Shares in the suspense account lying at the beginning of the year	Number of shareholders who approached the Company for transfer of shares from suspense account during the year	Number of shareholders to whom shares were transferred from suspense account during the year	Aggregate number of shareholders and the outstanding shares in the suspense account lying at the end of theyear	That the voting rights on these shares shall remain frozen till the rightful owner of such shares claims the shares
(1)	(2)	(3)	(4)	(5)
370 number of shareholders and 15,265 EquityShares	3	3	357 number of shareholders and 15,061 EquityShares	15,061

Note 1: 47,697 shares have been transferred to IEPF during the year for which dividend was unpaid/unclaimed for a period of 7 consecutive years, which includes 10 shareholders holding 100 shares in demat suspense account.

Note 2: During the year under review, no Shares were credited by the Company to the said demat suspense account.

Declaration

Compliance with the Code of Business Conduct and Ethics

As provided under Regulation 26 (3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, all Board Members and Senior Management Personnel have affirmed annual compliance with Raymond Limited Code of Business Conduct and Ethics for the year ended March 31, 2024.

For Raymond Limited

Place: Mumbai Date: May 03, 2024

Gautam Hari Singhania Chairman and Managing Director

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Annexure to Corporate Governance Report

CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS

[Pursuant to Regulation 34(3) and Schedule V Para C clause (10) (i) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015]

To, The Members of RAYMOND LIMITED PLOT NO 156/H NO. 2 VILLAGE ZADGAON RATNAGIRI – 415612.

We have examined the relevant registers, records, forms, returns and disclosures received from the Directors of Raymond Limited having CIN: L17117MH1925PLC001208 and having its Registered Office at Plot No 156/H No 2, Village: Zadgaon, Dist. Ratnagiri, Maharashtra-415612 IN (hereinafter referred to as ‘the Company’), produced before us by the Company for the purpose of issuing this Certificate, in accordance with Regulation 34(3) read with Schedule V Para-C Sub clause 10(i) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

In our opinion and to the best of our information and according to the verifications (including Directors Identification Number (DIN) status at the portal www.mca.gov.in) as considered necessary and explanations furnished to us by the Company and its officers, we hereby certify that none of the Directors on the Board of the Company as stated below for the Financial Year ended on 31[st] March, 2024 have been debarred or disqualified from being appointed or continuing as Directors of companies by the Securities and Exchange Board of India, Ministry of Corporate Affairs or any such other Statutory Authority.

SR NO	NAME OF DIRECTOR	DIN	DATE OF APPOINTMENT
1	MR. GAUTAMHARI VIJAYPAT SINGHANIA	00020088	01/07/2009
2	MRS. NAWAZ GAUTAM HARI SINGHANIA	00863174	30/04/2014
3	MR. DINESH KUMAR LAL	00037142	01/08/2019
4	MRS. MUKEETA PRAMIT JHAVERI	00709997	01/08/2019
5	MR. ASHISH KIRAN KAPADIA	02011632	26/11/2019
6	MR. SHANTILAL POKHARNA	01289850	03/08/2021
7	MR. KUMMAMURI NARASIMHA MURTHY	00023046	21/04/2023

Ensuring the eligibility for the appointment / continuity of every Director on the Board is the responsibility of the management of the Company. Our responsibility is to express an opinion on these based on our verification. This certificate is neither an assurance as to the future viability of the Company nor of the efficiency or effectiveness with which the management has conducted the affairs of the Company.

Signature:

Sd/-

Name: Dinesh Kumar Deora- Partner

Place: Mumbai Date : 02-05-2024

Firm Name: DM & Associates Company Secretaries LLP Firm Registration Number: L2017MH003500 Membership No.: FCS 5683 CP No.: 4119 UDIN: F005683F000281827

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CEO / CFO Certification

We, the undersigned, in our respective capacities as Managing Director and Chief Financial Officer of Raymond Limited (“the Company”) to the best of our knowledge and belief certify that:

a) We have reviewed financial statements (both Standalone and Consolidated) inculuding the cash flows and statement of change in equity for the year ended March 31, 2024 and that to the best of our knowledge and belief, we state that:
(i) these statements do not contain any materially untrue statement or omit any material fact or contain statements that might be misleading;
(ii) these statements together present a true and fair view of the Company’s affairs and are in compliance with existing accounting standards, applicable laws and regulations.
b) We further state that to the best of our knowledge and belief, no transactions are entered into by the Company during the year, which are fraudulent, illegal or violative of the Company’s Code of Conduct.
c) We are responsible for establishing and maintaining internal controls over financial reporting and that we have evaluated the effectiveness of internal control systems pertaining to financial reporting of the Company and have disclosed to the Auditors and the Audit Committee, deficiencies in the design or operation of internal controls, if any, of which we are aware and the steps we have taken or propose to take to rectify these deficiencies.
d) We have indicated to the Auditors and the Audit Committee:
(i) significant changes, if any, in internal control over financial reporting during the year;
(ii) significant changes, if any, in accounting policies during the year and that the same have been disclosed in the notes to the financial statements; and
(iii) instances of significant fraud of which we have become aware and the involvement therein, if any, of the management or an employee having a significant role in the Company’s internal control system over financial reporting.

For Raymond Limited

Gautam Hari Singhania Chairman and Managing Director

Amit Agarwal Chief Financial Officer

Mumbai, May 03, 2024

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Certificate of Compliance with the Corporate Governance Requirements

To,

The Members of

Raymond Limited

We have examined the compliance of conditions of corporate governance by Raymond Limited ( “the Company” ) for the year ended 31[st] March, 2024, as prescribed in Regulations 17 to 27, clauses (b) to (i) of sub-regulation (2) of regulation 46 and Para C, D and E of Schedule V to Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('SEBI Listing Regulations').

Management’s Responsibility:

The Compliance of the conditions of Corporate Governance is the responsibility of the Management.

Auditors’ Responsibility:

Our examination was limited to a review of procedures and implementation thereof, adopted by the Company for ensuring compliance with the conditions of the Corporate Governance. It is neither an audit nor an expression of opinion on the financial statements of the Company.

Conclusion:

In our opinion and to the best of our information and according to the examination of relevant records and the explanations given to us, we certify that the Company has complied with the conditions of Corporate Governance as stipulated in the aforesaid provisions of SEBI Listing Regulations.

We further state that such compliance is neither an assurance as to future viability of the Company nor of the efficiency or effectiveness with which the management has conducted the affairs of the Company.

For DM & Associates Company Secretaries LLP Company Secretaries ICSI Unique Code L2017MH003500

Dinesh Kumar Deora

Partner FCS NO 5683 CP NO 4119 UDIN: F005683F000296457 P.R. Certificate No.:758/2020

Place: Mumbai Date: May 02, 2024

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Independent Auditor’s Report

To the Members of Raymond Limited

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements of Raymond Limited (‘the Company’), which comprise the Standalone Balance Sheet as at 31 March 2024, the Standalone Statement of Profit and Loss (including Other Comprehensive Income), the Standalone Statement of Cash Flow and the Standalone Statement of Changes in Equity for the year then ended, and notes to the standalone financial statements, including material accounting policy information and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Companies Act, 2013 (‘the Act’) in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards (‘Ind AS’) specified under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015 and other accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March 2024, and its profit (including other comprehensive income), its cash flows and the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (‘ICAI’) together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements of the current period. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
We have determined the matters described below to be the key audit matters to be communicated in our report.

Key audit matter

Impairment testing of investments in and other recoverable

from a joint venture

Refer note 5(ii) to the accompanying standalone financial statements

As at 31 March 2024, the carrying amount of investment in Raymond UCO Denim Private Limited (the ‘joint venture’) is Rs.18,206.29 lakhs (net of provision for diminution in the value of investment of Rs. 17,700 lakhs).

Further, as at such date, the Company has loans, interest and other receivables aggregating Rs. 3,478.06 lakhs from the joint venture.

Management has considered that the losses suffered by the joint venture indicate possible impairment in the carrying values of these assets. Accordingly, the management has performed impairment assessment and has estimated the recoverable amount of its investment and other receivables in the joint venture using ‘Discounted Cash Flow valuation model’, which is inherently complex and involves the use of significant management estimates and assumptions that are dependent on expected future market and economic conditions.

How our audit addressed the key audit matter

Our procedures included, but were not limited to the following:

Obtained an understanding of management’s process and evaluated design and tested operating effectiveness of controls around identification of indicators of impairment under Ind AS, and around valuation of the business of the joint venture to determine recoverable value of the said investment and other assets;
Assessed the appropriateness of methodology and valuation model used by the management to estimate the recoverable value of investment in, and receivables from, the joint venture;
Assessed the professional competence, objectivity and capabilities of the valuation specialist engaged by the management;

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Key audit matter

As per such assessment done by the management, the carrying value of the investment was impaired by Rs.2,900 lakhs in the current year, as disclosed in note 34 to the standalone financial statements.

Considering the materiality of the carrying value of the amounts involved, the significant management judgement required in estimating the quantum of impairment in the value of these assets and such estimates and judgements being inherently subjective, and this matter requiring frequent discussions with those charged with governance, we have identified this as a key audit matter for the current year audit.

How our audit addressed the key audit matter

Performed inquires and evaluated whether the future cash flow projections considered by the management are reasonable and accordingly whether the method of valuation is appropriate by understanding the historical performance, expected growth and business plans for the joint venture. Considering the inherent subjectivity involved in the future cash flow projections, we assessed the valuation of the joint venture independently based on assumptions relating to revenue growth rate noted for comparable companies with the help of internal valuation specialists and performed sensitivity analyses;
Based on our procedures, we also considered the adequacy of disclosures in respect of investment in and other recoverable from, the said joint venture in note 5(ii) to the standalone financial statements.

Revenue recognition from real estate project under development

Refer note 25 to the accompanying standalone financial statements.

Revenue recognised from real estate project under development (‘construction project’) during the year ended 31 March 2024 amounts to Rs. 159,090.63 lakhs.

In accordance with Ind AS 115 ‘Revenue from Contracts with Customers’, the Company has assessed and concluded that its performance obligations arising from the construction project satisfy the criteria for recognition of revenue over time.

We focused on this area because significant management judgment was required in:

determining whether the criteria for satisfaction of performance obligation and recognition of revenue over time in terms of Ind AS 115 was met;
estimating total contract costs of the construction project, including contingencies that could arise from variations to the original contract terms, and
estimating the proportion of contract work completed for the construction project which requires estimates in relation to forecast contract revenue and total costs.

The estimates of various contract related costs and revenue can potentially be impacted on account of various factors and differ from the actual outcomes. Changes in these judgements and the related estimates as contracts progress, can result in material adjustments to revenue and margins. Considering the materiality of the amounts involved, and the significant judgements applied in determining the appropriate accounting treatment as mentioned above, this matter required significant auditor attention and therefore, has been identified as a key audit matter for the current year audit.

Our audit procedures included, but were not limited to the following:
Evaluated the appropriateness of the Company’s accounting policy for revenue recognition from real estate project;
Obtained an understanding of the management’s processes and evaluated the design and tested operating effectiveness of controls over the revenue recognition from construction project and estimation of total costs;
Evaluated the appropriateness of the management’s assessment that the performance obligations arising from the construction project satisfy the criteria for revenue recognition over time, in accordance with Ind AS 115;
On a sample basis, compared revenue transactions recorded during the year with the underlying agreement and invoices raised on customers.
Assessed the reasonableness of key inputs and assumptions used in the estimation of total contract costs;
Examined costs included within work-in-progress (WIP) balances on sample basis by verifying the supporting documents and further compared it with the budgeted cost to determine percentage of completion of project;
Tested the mathematical accuracy of the underlying calculations;
Evaluated the adequacy and appropriateness of the disclosures made in the standalone financial statements by the management with respect to revenue from construction project.

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Information other than the Standalone Financial Statements and Auditor’s Report thereon

The Company’s Board of Directors are responsible for the other information. The other information comprises the information included in the Management Discussion and Analysis Report, Report on Corporate Governance, Directors’ Report, etc., but does not include the standalone financial statements and our auditor’s report thereon.

Our opinion on the standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Standalone Financial Statements

The accompanying standalone financial statements have been approved by the Company’s Board of Directors. The Company’s Board of Directors are responsible for the matters stated in section 134(5) of the Act with respect to the preparation and presentation of these standalone financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, changes in equity and cash flows of the Company in accordance with the Ind AS specified under section 133 of the Act and other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the standalone financial statements, the Board of Directors is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors is also responsible for overseeing the Company’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Standards on Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial statements.
As part of an audit in accordance with Standards on Auditing, specified under section 143(10) of the Act we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls with reference to standalone financial statements in place and the operating effectiveness of such controls;
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management;

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Conclude on the appropriateness of Board of Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern;
Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures, and whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the standalone financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

As required by section 197(16) of the Act based on our audit, we report that the Company has paid remuneration to its directors during the year in accordance with the provisions of and limits laid down under section 197 read with Schedule V to the Act.
As required by the Companies (Auditor’s Report) Order, 2020 (‘the Order’) issued by the Central Government of

India in terms of section 143(11) of the Act we give in the Annexure A, a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

Further to our comments in Annexure A, as required by section 143(3) of the Act based on our audit, we report, to the extent applicable, that:
a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit of the accompanying standalone financial statements;
b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books except for the matter stated in paragraph 17(h)(vi) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 (as amended);
c) The standalone financial statements dealt with by this report are in agreement with the books of account;
d) In our opinion, the aforesaid standalone financial statements comply with Ind AS specified under section 133 of the Act;
e) On the basis of the written representations received from the directors and taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2024 from being appointed as a director in terms of section 164(2) of the Act;
f) The reservation relating to the maintenance of accounts and other matters connected therewith are as stated in paragraph 17(b) above on reporting under section 143(3)(b) of the Act and paragraph 17(h)(vi) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 (as amended);
g) With respect to the adequacy of the internal financial controls with reference to standalone financial statements of the Company as on 31 March 2024 and the operating effectiveness of such controls, refer to our separate report in Annexure B wherein we have expressed an unmodified opinion; and
h) With respect to the other matters to be included in the Auditor’s Report in accordance with rule 11 of the Companies (Audit and Auditors) Rules, 2014 (as amended), in our opinion and to the best of our information and according to the explanations given to us:
- i. The Company, has disclosed the impact of pending litigations on its financial position as at 31 March 2024 in the standalone financial statements;

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ii. The Company has made provision as at 31 March 2024, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts;
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company during the year ended 31 March 2024;
iv. a. The management has represented that, to the best of its knowledge and belief, no funds have been advanced or loaned or invested (either from borrowed funds or securities premium or any other sources or kind of funds) by the Company to or in any person(s) or entity(ies), including foreign entities (‘the intermediaries’), with the understanding, whether recorded in writing or otherwise, that the intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (‘the Ultimate Beneficiaries’) or provide any guarantee, security or the like on behalf the Ultimate Beneficiaries;
b. The management has represented that, to the best of its knowledge and belief, no funds have been received by the Company from any person(s) or entity(ies), including foreign entities (‘the Funding Parties’), with

the understanding, whether recorded in writing or otherwise, that the Company shall, whether directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (‘Ultimate Beneficiaries’) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and

c. Based on such audit procedures performed as considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the management representations under sub-clauses (a) and (b) above contain any material misstatement.
v. The final dividend paid by the Company during the year ended 31 March 2024 in respect of such dividend declared for the previous year is in accordance with section 123 of the Act to the extent it applies to payment of dividend.

As stated in note 55 to the accompanying standalone financial statements, the Board of Directors of the Company have proposed final dividend for the year ended 31 March 2024 which is subject to the approval of the members at the ensuing Annual General Meeting. The dividend declared is in accordance with section 123 of the Act to the extent it applies to declaration of dividend.

vi. As stated in note 53 to the standalone financial statements and based on our examination which included test checks, except for instance mentioned below, the Company, in respect of financial year commencing on 1 April 2023, has used an accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has been operated throughout the year for all relevant transactions recorded in the software. Further, during the course of our audit we did not come across any instance of audit trail feature being tampered with, other than the consequential impact of the exception given below:

Nature of exception noted Details of Exception Instances of accounting software for maintaining books of The audit trail feature was not enabled at the account for which the feature of recording audit trail (edit log) database level for accounting software to log any facility was not operated throughout the year for all relevant direct data changes, used for maintenance of all transactions recorded in the software. accounting records by the Company.

For Walker Chandiok & Co LLP Chartered Accountants Firm’s Registration No.: 001076N/N500013

Place: Mumbai Date: 03 May 2024

Adi P. Sethna Partner Membership No.: 108840 UDIN: 24108840BKFDPR1962

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Annexure A referred to in paragraph 16 of the Independent Auditor’s Report of even date to the members of Raymond Limited on the standalone financial statements for the year ended 31 March 2024

In terms of the information and explanations sought by us and given by the Company and the books of account and records examined by us in the normal course of audit, and to the best of our knowledge and belief, we report that:

(i) (a) (A) The Company has maintained proper records showing full particulars, including quantitative details and situation of property, plant and equipment, capital work-in-progress, investment property and relevant details of right-to-use assets.
- (B) The Company has maintained proper records showing full particulars of intangible assets.
(b) The Company has a regular programme of physical verification of its property, plant and equipment, capital work-in-progress, investment property and relevant details of right-of-use assets under which the assets are physically verified in a phased manner over a period of three years, which in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. In accordance with this programme, certain property, plant and equipment, capital work-in-progress, investment property and relevant details of right-of-use assets were verified during the year and no material discrepancies were noticed on such verification.
(c) The title deeds of all the immovable properties (including investment properties) held by the Company (other than properties where the Company is the lessee and the lease agreements are duly executed in favour of the lessee), disclosed in note 40 to the standalone financial statements, are held in the name of the Company.
(d) The Company has not revalued its Property, Plant and Equipment (including right-of-Use assets) or intangible assets during the year.
(e) No proceedings have been initiated or are pending against the Company for holding any benami property under the Prohibition of Benami Property Transactions Act, 1988 (as amended) and rules made thereunder.
(ii) (a) The management has conducted physical verification of inventory at reasonable intervals during the

year, except for goods-in-transit and inventory lying with third parties. In our opinion, the coverage and procedure of such verification by the management is appropriate and no discrepancies of 10% or more in the aggregate for each class of inventory were noticed as compared to book records. In respect of inventory lying with third parties, these have substantially been confirmed by the third parties and in respect of goods-in-transit, these have been confirmed from corresponding receipt and dispatch inventory records.

(b) As disclosed in note 20 to the standalone financial statements, the Company has been sanctioned a working capital limit in excess of Rs 5 crore by banks based on the security of current assets. The quarterly statements, in respect of the working capital limits have been filed by the Company with such banks and such statements are in agreement with the books of account of the Company for the respective periods, which were not subjected to audit.
(iii) (a) The Company has made investments (including deemed investments) in three subsidiaries, various mutual fund schemes, debentures, venture capital funds and commercial papers, during the year. The Company has provided loans (including debt component of preference shares) to 3 Subsidiaries during the year as per details given below:

	(Hin lakhs)
Particulars	Loans
Aggregate amount granted during the year: - Subsidiaries	57228.77
Balance outstanding as at balance sheet date in respect of above entities (including opening balances): - Subsidiaries	56284.91

The company did not provide any guarantee or security during the year.

(b) In our opinion, and according to the information and explanations given to us, the investments made, guarantees provided, and terms and conditions of the grant of all loans and guarantees provided (including in earlier years) are, prima facie, not prejudicial to the interest of the Company.

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(c) In respect of loans granted by the Company, the schedule of repayment of principal and payment of interest has been stipulated and the repayments/receipts of principal and interest are regular.
(d) There is no overdue amount in respect of loans granted to such companies as at 31 March 2024.
(e) The Company has granted loans which had fallen due during the year and such loans were renewed/extended during the year to settle the dues of the existing loans given to the same parties. The details of the same has been given below:

Name of the party	Total loan amount granted during the year ��	Aggregate amount of overdues of existing loans renewed or extended or settled by ��	Nature of extension (i.e. renewed/ extended/fresh loan �� ��	Percentage of the aggregate to the total loans or advances in the nature of loans granted during the year ��
Ten X RealtyLimited	23,962.57	3,225	Renewed	13.45%
Raymond Lifestyle Limited	Nil	520	Renewed	-

(f) The Company has not granted any loans or advances in the nature of loans, which are repayable on demand or without specifying any terms or period of repayment.
(iv) In our opinion, and according to the information and explanations given to us, the Company has complied with the provisions of sections 185 and 186 of the Act in respect of loans and investments made and guarantees and security provided by it, as applicable.
(v) In our opinion, and according to the information and explanations given to us, the Company has not accepted any deposits or there are no amounts which have been deemed to be deposits within the meaning of sections 73 to 76 of the Act and the Companies (Acceptance of Deposits) Rules, 2014 (as amended). Accordingly, reporting under clause 3(v) of the Order is not applicable to the Company.
(vi) The Central Government has specified maintenance of cost records under sub-section (1) of section 148 of the Act in respect of the products of the Company. We have broadly reviewed the books of account maintained by the Company pursuant to the rules made by the Central Government for the maintenance of cost records and are of the opinion that, prima facie, the prescribed accounts and records have been made and maintained. However, we have not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.
(vii) (a) In our opinion, and according to the information and explanations given to us, undisputed statutory dues including goods and services tax, provident fund, income-tax, duty of customs, cess and other material statutory dues, as applicable, have generally been regularly deposited with the appropriate authorities by the Company, though there have been slight delays in a few cases including delays in respect of undisputed amounts of advance income tax instalments due in the year, which are outstanding till date (Refer Note 50 in Standalone Financial statements). The amounts outstanding as at the year-end for a period of more than six months from the date they became payable are as follows:

Statement of arrears of statutory dues outstanding for more than six months:

Name of the statute	Nature of the dues	�� ��	Period to which the amount relates	Due Date	Remarks, if any
The Income Tax Act, 1962	Advance tax installment	1,296	Assessment year 2024-25	15 September 2023	Refer note 50 in standalone financial statements

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(b) According to the information and explanations given to us, there are no statutory dues referred in sub-clause (a) which have not been deposited with the appropriate authorities on account of any dispute except for the following:

Name of the statute	Nature of dues	Gross Amount ��	Amount paid under ��	Period to which the amount relates	Forum where dispute ispending
Central Excise Act	Excise Duty	1714.48	898.14	FY 1997-99, 2000-04	Supreme Court
		203.03	11.24	FY 1991-1994, 1998-04	Customs Excise and Service Tax Appellate Tribunal
		21.63	7.87	FY 1994-96, 1999-00	Commissioner
Finance Act,1994	Service Tax	80.44	80.44	May to July 2017	Customs Excise and Service Tax Appellate Tribunal
Customs Act	Custom Duty	530.37	121.89	FY 2007-09	Customs Excise and Service Tax Appellate Tribunal
Central Sales Tax Act and Local Sales Tax	Central Sales Tax and Local Sales Tax (Including Value Added)	17.57	11.27	FY 1999-2000	Supreme Court
		57.81	45.88	FY 1995-1998	High Court
		229.43	70.11	FY 1996-97,1999- 00,2007 -2013	Tribunal
		637.18	85.59	FY 1983-84, 1985-86,1989-90, 1992-00, 2001-06,2007-09, 2014-16,2017-18	Commissioner
Goods and Services Tax Act 2017	GST	289.73	45.59	FY 2017-18, 2020- 21	Appellate Authority
		144.54	13.14	FY 2017-18	Additional commissioner
		400.86	18.82	FY 2017-18	Joint Commissioner of State Tax
		1875.63	56.72	FY 2018-19	Deputy Commissioner of Commercial Taxes
		44.04	2.16	FY 2017-18	Assistant Commissioner of State Tax
The Income Tax Act, 1961	Income Tax	184.54	184.54	AY 2006-07, 2010- 12, 2015-19	Commissioner of Income Tax (Appeals)
Employee state Insurance Act, 1948	Employee State Insurance	11.91	-	FY 1981-88	High Court
The Madhya Pradesh Vidyut Shulk Adhiniyam,2012	Electricity Duty	673.31	562.96	FY 2012-16	High Court
The Indian Stamp DutyAct,1899	Stamp Duty	2957.66(*)	1478.83	FY 2000-01	High Court

(*) The Company has a contractual right towards reimbursement of 50% of the amount of demand finally determined.

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(viii) According to the information and explanations given to us, no transactions were surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961) which have not been previously recorded in the books of accounts.
(ix) (a) According to the information and explanations given to us, the Company has not defaulted in repayment of its loans or borrowings or in the payment of interest thereon to any lender.
(b) According to the information and explanations given to us including representation received from the management of the Company, and on the basis of our audit procedures, we report that the Company has not been declared a willful defaulter by any bank or financial institution or government or any government authority.
(c) In our opinion and according to the information and explanations given to us, money raised by way of term loans were applied for the purposes for which these were obtained.
(d) In our opinion and according to the information and explanations given to us, the Company has not raised any funds on short term basis during the year. Accordingly, reporting under clause 3(ix)(d) of the Order is not applicable to the Company.
(e) According to the information and explanations given to us and on an overall examination of the financial statements of the Company, the Company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries, associates or joint ventures.
(f) According to the information and explanations given to us, the Company has not raised any loans during the year on the pledge of securities held in its subsidiaries, joint ventures or associate companies.
(x) (a) The Company has not raised any money by way of initial public offer or further public offer (including debt instruments), during the year. Accordingly, reporting under clause 3(x)(a) of the Order is not applicable to the Company.
(b) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or (fully, partially or optionally) convertible debentures

during the year. Accordingly, reporting under clause 3(x)(b) of the Order is not applicable to the Company.

(xi) (a) To the best of our knowledge and according to the information and explanations given to us, no material fraud on the Company has been noticed or reported during the period covered by our audit.
(b) According to the information and explanations given to us including the representation made to us by the management of the Company, no report under subsection 12 of section 143 of the Act has been filed by the auditors in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014, with the Central Government for the period covered by our audit.
(c) According to the information and explanations given to us, the Company has received whistle blower complaints during the year, as shared with us by the management which have been considered by us while determining the nature, timing and extent of audit procedures.
(xii) The Company is not a Nidhi Company and the Nidhi Rules, 2014 are not applicable to it. Accordingly, reporting under clause 3(xii) of the Order is not applicable to the Company.
(xiii) In our opinion and according to the information and explanations given to us, all transactions entered into by the Company with the related parties are in compliance with sections 177 and 188 of the Act, where applicable. Further, the details of such related party transactions have been disclosed in the standalone financial statements, as required under Indian Accounting Standard (Ind AS) 24, Related Party Disclosures specified in Companies (Indian Accounting Standards) Rules 2015 as prescribed under section 133 of the Act.
(xiv) (a) In our opinion and according to the information and explanations given to us, the Company has an internal audit system which is commensurate with the size and nature of its business as required under the provisions of section 138 of the Act.
(b) We have considered the reports issued by the Internal Auditors of the Company till date for the period under audit.
(xv) According to the information and explanation given to us, the Company has not entered into any non-cash transactions with its directors or persons connected with its directors and accordingly, reporting under clause 3(xv) of the Order with respect to compliance with the provisions of section 192 of the Act are not applicable to the Company.

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(xvi) The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934. Accordingly, reporting under clauses 3(xvi) (a),(b) and (c) of the Order are not applicable to the Company.
(d) Based on the information and explanations given to us and as represented by the management of the Company, the Group (as defined in Core Investment Companies (Reserve Bank) Directions, 2016) does not have any CIC.
(xvii) The Company has not incurred any cash losses in the current financial year as well as the immediately preceding financial year.
(xviii) There has been no resignation of the statutory auditors during the year. Accordingly, reporting under clause 3(xviii) of the Order is not applicable to the Company.
(xix) According to the information and explanations given to us and on the basis of the financial ratios, ageing and expected dates of realisation of financial assets and payment of financial liabilities, other information in the standalone financial statements, our knowledge of the plans of the Board of Directors and management and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report indicating that Company is not capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year

from the balance sheet date. We, however, state that this is not an assurance as to the future viability of the company. We further state that our reporting is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the company as and when they fall due.

(xx) According to the information and explanations given to us, the Company does not have any unspent amounts towards Corporate Social Responsibility in respect of any ongoing or other than ongoing project as at the end of the financial year. Accordingly, reporting under clause 3(xx) of the Order is not applicable to the Company.
(xxi) The reporting under clause 3(xxi) of the Order is not applicable in respect of audit of standalone financial statements of the Company. Accordingly, no comment has been included in respect of said clause under this report.

For Walker Chandiok & Co LLP Chartered Accountants Firm’s Registration No.: 001076N/N500013

Adi P. Sethna

Partner Place: Mumbai Membership No.: 108840 Date: 03 May 2024 UDIN: 24108840BKFDPR1962

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Annexure B to the Independent Auditor’s Report of even date to the members of Raymond Limited on the standalone financial statements for the year ended 31 March 2024

Independent Auditor’s Report on the internal financial controls with reference to the standalone financial ��

In conjunction with our audit of the standalone financial statements of Raymond Limited (‘the Company’) as at and for the year ended 31 March 2024, we have audited the internal financial controls with reference to standalone financial statements of the Company as at that date.

Responsibilities of Management and Those Charged with Governance for Internal Financial Controls

The Company’s Board of Directors is responsible for establishing and maintaining internal financial controls based on internal financial controls with reference to standalone financial statements criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of the Company’s business, including adherence to the Company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.

Auditor’s Responsibility for the Audit of the Internal Financial Controls with Reference to Standalone Financial Statements

Our responsibility is to express an opinion on the Company's internal financial controls with reference to standalone financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India (‘ICAI’) prescribed under Section 143(10) of the Act, to the extent applicable to an audit of internal financial controls with reference to standalone financial statements, and the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (‘the Guidance Note’) issued by the ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether

adequate internal financial controls with reference to standalone financial statements were established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with reference to standalone financial statements and their operating effectiveness. Our audit of internal financial controls with reference to standalone financial statements includes obtaining an understanding of such internal financial controls, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the standalone financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company’s internal financial controls with reference to standalone financial statements.

Meaning of Internal Financial Controls with Reference to Standalone Financial Statements

A company's internal financial controls with reference to standalone financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of standalone financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal financial controls with reference to standalone financial statements include those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of standalone financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company's assets that could have a material effect on the standalone financial statements.

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Inherent Limitations of Internal Financial Controls with Reference to Standalone Financial Statements

Because of the inherent limitations of internal financial controls with reference to standalone financial statements, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to standalone financial statements to future periods are subject to the risk that the internal financial controls with reference to standalone financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

standalone financial statements and such controls were operating effectively as at 31 March 2024, based on internal financial controls with reference to standalone financial statements criteria established by the Company considering the essential components of internal control stated in the Guidance Note issued by the ICAI.

For Walker Chandiok & Co LLP Chartered Accountants Firm’s Registration No.: 001076N/N500013

Adi P. Sethna

Opinion

In our opinion, the Company has, in all material respects, adequate internal financial controls with reference to

Partner Place: Mumbai Membership No.: 108840 Date: 03 May 2024 UDIN: 24108840BKFDPR1962

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Standalone Balance Sheet

as at 31[st] March, 2024

Standalone Balance Sheet as at 31st March, 2024
			(Hin lakhs)
	Note No.	As at 31st March, 2024	As at 31st March, 2023
I ASSETS
� ��
(a)Property, plant and equipment	2A	157973.93	125526.88
(b)Capital work - in -progress	2B	3224.07	2415.77
(c)Investmentproperties	3	192.48	412.56
(d)Intangible assets	4A	167.69	20.60
(e)Intangible assets under development	4B	2804.24	475.00
(f)Financial assets
(i) Investments in Subsidiaries,Associates and Joint venture	5	50806.96	45747.08
(ii)Other investments	5(a)	32168.93	31478.94
(iii)Loans	6	45307.77	2153.73
(iv)Other financial assets	7	12712.63	7451.09
(g)Deferred tax assets(net)	35	19025.25	18661.44
(h)Income tax assets(net)		-	7056.29
(i) Other non - current assets	8	4320.26	4072.38
2 Current assets
(a)Inventories	9	201107.11	195055.58
(b)Financial assets
(i)Investments	10	105459.49	77309.07
(ii)Trade receivables	11	94025.24	57956.86
(iii)Cash and cash equivalents	12	11596.86	11193.04
(iv)Bank balances other than cash and cash equivalents	13	33025.56	14878.08
(v)Loans	14	14997.48	7620.00
(vi)Other financial assets	15	9342.05	6235.23
(c)Other current assets	16	65668.51	46385.05
TOTAL ASSETS		863926.51	662104.67
II EQUITY AND LIABILITIES
1 Equity
a) Equityshare capital	17 A	6655.14	6657.37
b)Other equity	17 B	275160.12	218591.92
2 Liabilities
��
(a)Financial liabilities
(i) Borrowings	18A	205422.40	90747.12
(ii)Lease liabilities	40	60861.29	30255.27
(iii)Other financial liabilities	18B	9946.26	9946.26
(b)Other non - current liabilities	19	1094.99	1289.24
3 Current liabilities
(a)Financial liabilities
(i) Borrowings	20	54830.16	93889.42
(ii)Lease liabilities	40	10382.48	8030.83
(iii)Tradepayables
Total outstandingdues of micro enterprises and small enterprises	21	14111.89	10333.43
Total outstanding dues of creditors other than micro enterprises and small enterprises		144322.54	122846.04
(iv)Other financial liabilities	22	33687.51	32119.93
(b)Other current liabilities	24	38163.52	32376.04
(c)Provisions	23	5158.00	5021.80
(d)Current tax liablities(Net)	35	4130.21	-
TOTAL EQUITY AND LIABILITIES		863926.51	662104.67
MATERIAL ACCOUNTING POLICIES	1

The accompanying notes are an integral part of these standalone financial statements This is the Standalone Balance Sheet referred to in our report of even date

For WALKER CHANDIOK & CO LLP

For and on behalf of Board of Directors

Chartered Accountants Firm's Registration Number: 001076N/N500013

Adi P. Sethna Partner Membership No. 108840 Mumbai, 03 May 2024

Amit Agarwal Chief Financial Officer

Gautam Hari Singhania Chairman and Managing Director DIN: 00020088

Rakesh Darji Company Secretary Mumbai, 03 May 2024

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Standalone Statement of Profit and Loss

for the year ended 31[st] March, 2024

Standalone Statement of Profit and Loss for the year ended 31st March, 2024
			(Hin lakhs)
Particulars	Note No.	Year ended 31st March, 2024	Year ended 31st March, 2023
I INCOME
Revenue from operations	25	659332.40	577956.23
Other income	26	28323.54	13361.03
Total Income		687655.94	591317.26
II EXPENSES
Cost of materials consumed	27	72119.67	73919.77
Purchases of stock-in-trade	28	168996.97	165924.63
Changes in inventories of finished goods, stock-in-trade, work-in-progress and property under development	29	(7970.68)	(41129.94)
Employee benefits expense	30	66701.64	56983.37
Finance costs	31	32882.94	22841.45
Depreciation and amortisation expense	32	20735.64	15911.74
Other expenses
(a)Manufacturingand operatingcosts	33 A	46763.30	46872.35
(b)Costs towards development ofproperty	33 B	102622.25	87060.64
(c)Other expenses	33 C	110669.40	96725.94
Total Expenses		613521.13	525109.95
III Profit before exceptional Items and tax		74134.81	66207.31
IV ��	34	3819.06	10117.78
V Profit before tax		70315.75	56089.53
VI ��	35
Current tax		15870.00	-
Deferred tax		1778.58	17786.72
Taxes in respect of earlieryear		-	(2743.03)
VII Profit for theyear		52667.17	41045.84
VIII Other Comprehensive Income
��
Changes in fair value of FVOCI equityinstruments		(4670.46)	(5750.14)
Measurements of defined employee benefitplans	41	(339.75)	165.80
��
Changes in fair value of FVOCI equityinstruments		534.30	657.80
Measurements of defined employee benefitplans		86.00	(41.78)
��		��	��
IX Total Comprehensive Income for theyear		57057.08	46014.16
X Earnings per equity share ofJ10 each :	36
Basic(H)		79.13	61.65
Diluted(H)*		79.13	61.65
*Anti-dilutive
XI MATERIAL ACCOUNTING POLICIES	1

The accompanying notes are an integral part of these standalone financial statements

This is the Standalone Statement of Profit and Loss referred to in our report of even date

For WALKER CHANDIOK & CO LLP

For and on behalf of Board of Directors

Chartered Accountants Firm's Registration Number: 001076N/N500013

Adi P. Sethna Partner Membership No. 108840 Mumbai, 03 May 2024

Amit Agarwal Chief Financial Officer

Gautam Hari Singhania Chairman and Managing Director DIN: 00020088

Rakesh Darji Company Secretary Mumbai, 03 May 2024

173

Raymond Limited 220

Standalone Statement of Cash Flow

for the year ended 31[st] March, 2024

Standalone Statement of Cash Flow for the year ended 31st March, 2024
		(Hin lakhs)
Particulars	Year ended 31st March, 2024	Year ended 31st March, 2023
CASH FLOW FROM OPERATING ACTIVITIES:
Profit before exceptional items and tax	74134.81	66207.31
Adjustments for:
Depreciation and amortisation expenses	20735.64	15911.74
Finance costs	32882.94	22841.45
Unrealised exchange difference	(179.16)	(104.48)
Dividend income	(26.80)	(25.56)
Interest income	(12296.26)	(5564.27)
Net(gain)on sale of investments in Subsidiary	(126.00)
Gain on extinguishment of lease liabilities	(178.65)	(151.77)
Net(gain)on sale / fair valuation of investments through Profit and Loss	(7957.87)	(2249.86)
Government Grant income	(170.18)	(187.67)
Provision for Bad debts	-	26.31
Provision for doubtful debts(net)	493.61	797.24
Provision for doubtful deposit	398.00	-
Provision towards slow movingand non movinginventory	1255.53	1926.17
(Gain)/ loss on disposal ofproperty, plant and equipment(net)	15.88	(44.60)
Employee Stock Option Expenses	1885.24
��
- VRSpayments	(919.06)	(85.49)
- Insurance claim received	-	1109.00
Operating profit before working capital changes	109947.67	100405.52
Adjustments for :
(Increase)/Decrease in trade and other receivables	(64746.11)	4600.92
(Increase)in inventories	(7307.06)	(44831.68)
Increase in trade and otherpayables andprovisions	36808.69	7776.76
	74702.19	67951.52
Less: Direct taxespaid(net)	4769.46	1187.11
Net cash flowsgenerated from operating activities	69932.73	66764.41
CASH FLOW FROM INVESTING ACTIVITIES:
Inflows
Saleproceeds from disposal ofproperty, plant and equipment	209.62	282.18
Interest received	10919.63	5063.49
Dividend received	26.80	25.56
Proceeds from redemption of non current investments in subsidiary	126.00	-
Fixed deposit with banks(net)	-	656.30
Sale of non current investments(net)	4251.01	2500.00
Repayment of loansgiven to Subsidiaries and Joint Venture	6693.52	18387.00
	22226.58	26914.53
Outflows
Purchase of property, plant and equipment/ intangible assets including Capital Work-in- Progress and intangible assets under development	(12717.60)	(7507.60)
Purchase of non current investments	(117.22)	(19480.71)
Purchase of current investments	(20341.87)	(17916.58)
Fixed deposit with banks(net)	(17865.38)	-
Investment in subsidiaries and Joint Venture	(1.00)	(2500.00)
Investment in 0.01%preference shares in subsidiaries	(17500.00)	-
Loansgiven to Subsidiaries and Joint Venture	(50081.00)	(20757.00)
Investment in treasuryshares byESOP Trust	(379.14)	-
	��	��
Net cash flows used in investing activities	��	��

174

Annual Report 2023-24

221

Financial Statements

At the Cusp of a New Beginning

Standalone Statement of Cash Flow

for the year ended 31[st] March, 2024

Standalone Statement of Cash Flow for the year ended 31st March, 2024
		(Hin lakhs)
Particulars	Year ended 31st March, 2024	Year ended 31st March, 2023
CASH FLOW FROM FINANCING ACTIVITIES:
Inflows
Proceeds from longterm borrowings	180000.00	31358.50
Proceeds from short term borrowings(net)	-	13352.36
	180000.00	44710.86
Outflows
Repayment of longterm borrowings	(85314.69)	(34183.23)
Repayment of short term borrowings(net)	(20111.80)	-
Repayment of lease obligations	(9659.95)	(7926.09)
Dividendpaid	(2009.23)	(2004.68)
Interest on lease liabilities	(4898.74)	(2656.86)
Finance costspaid	(30702.96)	(19694.26)
	��	��
��	27302.63	��
��	458.73	3762.79
Add: Cash and cash equivalents at beginningof theyear	11127.21	7364.42
Cash and cash equivalents at end of the year	11585.94	11127.21

		(Hin lakhs)
	As at 31st March, 2024	As at 31st March, 2023
Cash and Cash equivalents above comprises of the following
��	11596.86	11193.04
��	(10.92)	(65.83)
��	11585.94	11127.21

The accompanying notes are an integral part of these standalone financial statements.

Notes:

1 The cash flow statement has been prepared under the indirect method as set out in Indian Accounting Standards (Ind AS) 7, 'Statement of Cash flows'.

This is the Standalone Statement of Cash Flow referred to in our report of even date

For WALKER CHANDIOK & CO LLP

For and on behalf of Board of Directors

Chartered Accountants Firm's Registration Number: 001076N/N500013

Adi P. Sethna

Partner Membership No. 108840 Mumbai, 03 May 2024

Amit Agarwal Chief Financial Officer

Gautam Hari Singhania Chairman and Managing Director DIN: 00020088

Rakesh Darji Company Secretary

Mumbai, 03 May 2024

175

Raymond Limited

222

Standalone Statement of Changes in Equity

for the year ended 31[st] March, 2024

A. Equity Share Capital

A. Equity Share Capital
		(Hin lakhs)
	Notes 11	Amount
As at 1st April, 2022		6657.37
Add:- Changes duringtheyear	17 A 1	-
As at 31st March, 2023	1	6657.37
Add:- Changes duringtheyear	17 A 11	-
Less: 22300 EquityShares ofH10 each held in trust for employee under ESOP Scheme	1	(2.23)
As at 31st March, 2024		6655.14

��

��
									Equity Instruments through Other Comprehensive Income	(Hin lakhs)
				Reserve	s and Surplus					Total
	Securities Premium	Capital Reserve	Capital Reserve on merger	�� Incremental Net Assets account	Capital Redemption Reserve	Share Options Outstanding	General Reserves	Retained Earnings
Balance as at 1st April, 2022	47800.57	2131.95	33821.47	36651.26	1371.01	�	102612.34	��	2593.86	174574.97
Profit for theyear	-	-	-	-	-	-	-	41045.84	-	41045.84
Other Comprehensive Income for theyear	-	-	-	-	-	-	-	(124.02)	5092.34	4968.32
Total Comprehensive Income for theyear	-	-	-	-	-	-	-	40921.82	5092.34	46014.16
Dividendpaid	-	-	-	-	-	-	-	(1997.21)	-	(1997.21)
Balance as at 31st March, 2023	47800.57	2131.95	33821.47	36651.26	1371.01	�	102612.34	��	7686.20	218591.92
Profit for theyear	-	-	-	-	-	-	-	52667.17		52667.17
Other Comprehensive Income for theyear	-	-	-	-	-	-	-	253.75	4136.16	4389.91
Total Comprehensive Income for theyear	-	-	-	-	-	-	-	52920.92	4136.16	57057.08
Dividendpaid	-	-	-	-	-	-	-	(1997.21)	-	(1997.21)
Premium on Equity Shares held in trust for employee under ESOP the scheme	(376.91)	-	-	-	-	-	-	-	-	(376.91)
Employee Stock Option expense	-	-	-	-	-	1885.24	-	-	-	1885.24
Balance as at 31st March, 2024	47423.66	2131.95	33821.47	36651.26	1371.01	1885.24	102612.34	37440.83	11822.36	275160.12

The accompanying notes are an integral part of these standalone financial statements

This is the Standalone Statement of Changes in Equity referred to in our report of even date

For WALKER CHANDIOK & CO LLP

For and on behalf of Board of Directors

Chartered Accountants Firm's Registration Number: 001076N/N500013

Adi P. Sethna Partner Membership No. 108840 Mumbai, 03 May 2024

Amit Agarwal Chief Financial Officer

Gautam Hari Singhania Chairman and Managing Director DIN: 00020088

Rakesh Darji Company Secretary Mumbai, 03 May 2024

Financial Statements

At the Cusp of a New Beginning

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

1 STATEMENT OF MATERIAL ACCOUNTING POLICIES

I. Background

“Raymond Limited (‘RL’ or ‘the Company’)[CIN: L17117MH1925PLC001208] incorporated in India is a leading Indian Textile, Lifestyle and Branded Apparel Company. The Company has its wide network of operations in local as well foreign market. The Company sells its product through multiple channels including wholesale, franchisee, retail etc. The Company is also engaged in the business of real estate constructions/real estate development.”

The Company is a public limited company and is listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). During the earlier year, the outstanding Global Depository Receipt (GDR’s) has been delisted from Luxembourg Stock Exchange effective November 4, 2022.

The Company has its registered office at Plot No.156/H.No. 2, Village Zadgaon, Ratnagiri - 415 612, Maharashtra.

II. Material Accounting Policies followed by the Company

��

(i) Compliance with Ind AS

These standalone financial statements (‘financial statements’) have been prepared in accordance with the Indian Accounting Standards (hereinafter referred to as the ‘Ind AS’) as notified by Ministry of Corporate Affairs pursuant to Section 133 of the Companies Act, 2013 (‘Act’) read with of the Companies (Indian Accounting Standards) Rules, 2015, as amended, and other relevant provisions of the Act and guidelines issued by the Securities and Exchange Board of India (SEBI).

The accounting policies are applied consistently to all the periods presented in the financial statements.

(ii) Historical cost convention

The financial statements have been prepared on a historical cost basis, except for the following:

1) certain financial assets and liabilities that are measured at fair value;
2) assets held for sale - measured at lower of carrying amount or fair value less cost to sell;
3) defined benefit plans - plan assets measured at fair value;

(iii) Current and non-current classification

All assets and liabilities have been classified as current or non-current based on the Company’s normal operating cycle for each of its businesses, as per the criteria set out in the Schedule III to the Act.

(iv) Rounding of amounts

All amounts disclosed in the financial statements and notes have been rounded off to the nearest lakhs as per the requirement of Schedule III, unless otherwise stated.

��

The estimates and judgements used in the preparation of the financial statements are continuously evaluated by the Company and are based on historical experience and various other assumptions and factors (including expectations of future events) that the Company believes to be reasonable under the existing circumstances. Differences between actual results and estimates are recognised in the period in which the results are known/materialised.

The said estimates are based on the facts and events, that existed as at the reporting date, or that occurred after that date but provide additional evidence about conditions existing as at the reporting date.

��

The Company had applied for the one time transition exemption of considering the carrying cost on the transition date i.e. 1[st] April, 2015 as the deemed cost under IND AS, regarded thereafter as historical cost.

“Freehold land is carried at cost. All other items of property, plant and equipment are stated at cost less depreciation and impairment, if any. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Capital Work-in-progress includes expenditure incurred till the assets are put into intended use. Capital Work-in-Progress are measured at cost less accumulated impairment losses, if any.”

Raymond Limited 177 224

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognised when replaced. All other repairs and maintenance are charged to the Statement of Profit and Loss during the reporting period in which they are incurred.

Depreciation methods, estimated useful lives and residual value

Depreciation on Factory Buildings, Specific non factory buildings, Plant and Equipment, Aircrafts, is provided as per the Straight Line Method and in case of other assets as per the Written Down Value Method, over the estimated useful lives of assets. Leasehold land is amortised over the period of lease. Leasehold improvements are amortised over the period of lease or estimated useful life, whichever is lower.

The Company depreciates its property, plant and equipment (PPE) over the useful life in the manner prescribed in Schedule II to the Act. Management believes that useful life of assets are same as those prescribed in Schedule II to the Act, except for plant and equipment’s and aircraft wherein based on technical evaluation, useful life has been estimated to be different from that prescribed in Schedule II of the Act

Useful life considered for calculation of ��

Asset Classification	Useful life
FactoryBuilding	30years
Non- FactoryBuilding	60years
Plant and Equipment's	7 - 24years
Furniture and Fixtures	10years
Office Equipment	5years
Vehicles	8years
Boat and water equipment's	13years
Aircraft / Helicopter	11 - 20 years

The residual values are not more than 5% of the original cost of the asset. The assets residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.

Depreciation on additions / deletions is calculated pro-rata from the month of such addition / deletion, as the case maybe.

Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in the Statement of Profit and Loss.

��

Property that is held for long-term rental yields or for capital appreciation or both, and that is not occupied by the Company, is classified as investment property. Investment property is measured at its cost, including related transaction costs and where applicable borrowing costs less depreciation and impairment if any.

Depreciation on building is provided over it’s useful life using the written down value method, in a manner similar to PPE.

Useful life considered for calculation of depreciation for assets class are as follows-

Asset Classification	Useful life
Non- Factory Building	60 years

��

Intangible assets acquired separately are carried at cost less accumulated amortisation and accumulated impairment losses. Cost of a non-monetary asset acquired in exchange of another non-monetary asset is measured at fair value.

The Company amortizes computer software using the straight-line method over the period of 3 years is recognised in the statement of profit and loss under the head Depreciation and amortization expense.

Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in the Statement of Profit and Loss.

An intangible asset is derecognised upon disposal (i.e., at the date the recipient obtains control) or when

178

Annual Report 2023-24

225

Financial Statements

At the Cusp of a New Beginning

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

no future economic benefits are expected from its use or disposal.

��

The Company assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether: (i) the contract involves the use of an identified asset (ii) the Company has substantially all of the economic benefits from use of the asset through the period of the lease and (iii) the Company has the right to direct the use of the asset.

Company as a lessee

At lease commencement date, the Company recognises a right-of-use assets and a lease liabilities on the balance sheet. The right-of-use asset is measured at cost, which is made up of the initial measurement of the lease liabilities, any initial direct costs incurred by the Company and any lease payments made in advance of the lease commencement date.

The Company depreciates the right-of-use assets on a straight-line basis from the lease commencement date to the earlier of the end of the useful life of the right-of-use assets or the end of the lease term. The Company also assesses the right-of-use asset for impairment when such indicators exist.

At the commencement date of lease, the Company measures the lease liabilities at the present value of the lease payments to be made over the lease term, discounted using the interest rate implicit in the lease if that rate is readily available or the Company’s incremental borrowing rate. The Company cannot readily determine the interest rate implicit in the lease, therefore, it uses its incremental borrowing rate (IBR) to measure lease liabilities. Lease payments included in the measurement of the lease liability are made up of fixed payments (including in substance, fixed), and payments arising from options reasonably certain to be exercised. Subsequent to initial measurement, the liability will be reduced for payments made and increased for interest expenses. It is remeasured to reflect any reassessment or modification.”

When the lease liability is remeasured, the corresponding adjustment is reflected in the rightof-use asset or Statement of profit and loss, as the case may be.

The Company has elected to account for short-term leases and leases of low-value assets using the exemption given under Ind AS 116, Leases. Instead of recognising a right-of-use asset and lease liability, the payments in relation to these are recognised as an expense in profit or loss on a straight-line basis over the lease term or on another systematic basis if that basis is more representative of the pattern of the Company’s benefit.

Company as a lessor

Leases for which the Company is a lessor classified as finance or operating lease. Lease income from operating leases where the Company is a lessor is recognised in income on a straight-line basis over the lease term unless the receipts are structured to increase in line with expected general inflation to compensate for the expected inflationary cost increases. The respective leased assets are included in the balance sheet based on their nature.

��

Cash and cash equivalent in the balance sheet comprise cash at banks and on hand and short-term deposits with an original maturity of three months or less, that are readily convertible to a known amount of cash and subject to an insignificant risk of changes in value. For the purpose of presentation in the statement of cash flows, Cash and cash equivalents includes cash on hand, bank overdraft, deposits held at call with financial institutions, other short-term highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

��

Inventories of Raw Materials, Work-in-Progress, Stores and spares, Finished Goods, Stock-in-trade and Property under development are stated ‘at cost or net realisable value, whichever is lower’. Goods-inTransit are stated ‘at cost’. Cost comprise all cost of purchase, cost of conversion and other costs incurred in bringing the inventories to their present location and condition. Cost formulae used are ‘First-in-First-out’,

Raymond Limited 179 226

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

Weighted Average cost’ or ‘Specific identification’, as applicable. Due allowance is estimated and made for defective and obsolete items, wherever necessary. Property under development comprises cost of land, rates & taxes, construction costs, overheads and expenses incidental to the project undertaken by the Company. Costs towards development of property are charged to statement of profit and loss proportionate to area sold and when corresponding revenue is recognised.

�� and associates

Investments in subsidiaries, joint ventures and associates are recognised at cost as per Ind AS 27, as reduced by provision for impairment loss, if any. Except where investments accounted for at cost shall be accounted for in accordance with Ind AS 105, Non-current Assets Held for Sale and Discontinued Operations, when they are classified as held for sale.

��

(i) Classification

The Company classifies its financial assets in the following measurement categories:

(1) those to be measured subsequently at fair value (either through other comprehensive income, or through the Statement of Profit and Loss), and

for managing the asset and the cash flow characteristics of the asset. The Company classifies its debt instruments into following categories:

(1) Amortised cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. Interest income from these financial assets is included in other income using the effective interest rate method.
(2) Fair value through profit and loss: Assets that do not meet the criteria for amortised cost are measured at fair value through statement of Profit and Loss. Interest income from these financial assets is included in other income.

Equity instruments:

The Company measures its equity investment other than in subsidiaries, joint ventures and associates at fair value through profit and loss. However where the Company’s management makes an irrevocable choice on initial recognition to present fair value gains and losses on specific equity investments in other comprehensive income, there is no subsequent reclassification, on sale or otherwise, of fair value gains and losses to the Statement of Profit and Loss.

(2) those measured at amortised cost.

Compound financial instruments:

The classification depends on the Company’s business model for managing the financial assets and the contractual terms of the cash flows.

(ii) Measurement

At initial recognition, the Company measures a financial asset (excluding trade receivables which do not contain a significant financing component) at its fair value . Transaction costs of financial assets carried at fair value through the Profit and Loss are expensed in the Statement of Profit and Loss.

Debt instruments:

Subsequent measurement of debt instruments depends on the Company’s business model

Preference shares, which are nonconvertible and redeemable on a specific date, are classified as compound financial instruments. The fair value of the asset portion is determined using a market interest rate. This amount is recorded as a asset on an amortised cost basis until extinguished on redemption of the preference shares. The remainder of the proceeds is attributable to the equity component of the compound instrument. This is recognised and included in deemed equity investment, net of income tax effects, and not subsequently measured.

180

Annual Report 2023-24

227

Financial Statements

At the Cusp of a New Beginning

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

(iii) Impairment of financial assets

The Company measures the expected credit loss associated with its assets based on historical trend, industry practices and the business environment in which the entity operates or any other appropriate basis. The impairment methodology applied depends on whether there has been a significant increase in credit risk.

(iv) Income recognition

Interest income

Interest income from debt instruments is recognised using the effective interest rate method.

Dividends

Dividends are recognised in the Statement of Profit and Loss only when the right to receive payment is established.

��

Goodwill and intangible assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or group of assets (cash-generating units). Assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period.

��

Non-current assets are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use and a sale is considered highly probable. They are measured at the lower of their carrying amount and fair value less costs to sell,

except for assets such as deferred tax assets, assets arising from employee benefits, financial assets and contractual rights under insurance contracts, which are specifically exempt from this requirement.

Non-current assets are not depreciated or amortised while they are classified as held for sale.

��

Derivative financial instruments such as forward contracts, option contracts and cross currency swaps, to hedge its foreign currency risks are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value with changes in fair value recognised in the Statement of Profit and Loss in the period when they arise.

��

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker.

��

Borrowings are initially recognised at net of transaction costs incurred and measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in the Statement of Profit and Loss over the period of the borrowings using the effective interest method.

��

Borrowing costs consist of interest, ancillary costs and other costs in connection with the borrowing of funds and exchange differences arising from foreign currency borrowings to the extent they are regarded as an adjustment to interest costs.

Interest and other borrowing costs attributable to qualifying assets are capitalised upto the date such assets are ready for their intended use. Other interest and borrowing costs are charged to Statement of Profit and Loss.

��

Provisions are recognised when the Company has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Provisions are not recognised for future operating losses.

181

Raymond Limited

228

Notes to the Standalone Financial Statements for the year ended 31st March, 2024

Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value is a pre tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognised as interest expense.

Contingent Liabilities are disclosed in respect of possible obligations that arise from past events but their existence will be confirmed by the occurrence or non occurrence of one or more uncertain future events not wholly within the control of the Company or where any present obligation cannot be measured in terms of future outflow of resources or where a reliable estimate of the obligation cannot be made.

��

The Company derives revenues primarily from sale of manufactured goods, traded goods and related services. The Company is also engaged in real estate property development.

Revenue is recognized on satisfaction of performance obligation upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. Revenue is measured based on the transaction price (which is the consideration, adjusted to discounts, incentives and returns, etc., if any) that is allocated to that performance obligation. These are generally accounted for as variable consideration estimated in the same period the related sales occur. The methodology and assumptions used to estimate rebates and returns are monitored and adjusted regularly in the light of contractual and legal obligations, historical trends, past experience and projected market conditions.

The Company operates a loyalty programme for the customers and franchisees for the sale of goods. The customers accumulate points for purchases made which entitles them to discount on future purchases. A contract liability for the award points is recognized at the time of the sale. Revenue is recognized when the points are redeemed or on expiry. The expenditure of loyalty programme is netted-off to revenue.

The Company does not expect to have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, it does not adjust any of the transaction prices for the time value of money.

The Company satisfies a performance obligation and recognises revenue over time, if one of the following criteria is met:

The customer simultaneously receives and consumes the benefits provided by the Company’s performance as the Company performs; or
The Company’s performance creates or enhances an asset that the customer controls as the asset is created or enhanced; or
The Company’s performance does not create an asset with an alternative use to the Company and an entity has an enforceable right to payment for performance completed to date. For performance obligations where one of the above conditions are not met, revenue is recognised at the point in time at which the performance obligation is satisfied.

Revenue from sale of products and services are recognised at the time of satisfaction of performance obligation, except Revenue from real estate property development, where in revenue is recognised over the time, from the financial year in which the entity’s right to payment for performance completed, is established. In determining whether an entity has right to payment, the entity shall consider whether it would have an enforceable right to demand or retain payment for performance completed to date if the contract were to be terminated before completion for reasons other than entity’s failure to perform as per the terms of the contract. The revenue recognition of Real estate property under development requires forecasts to be made of total budgeted costs with the outcomes of underlying construction contracts, which further require assessments and judgements to be made on changes in work scopes and other payments to the extent they are probable and they are capable of being reliably �� estimated to exceed total revenues from the project,

182

Annual Report 2023-24

229

Financial Statements

At the Cusp of a New Beginning

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

the loss is recognized immediately in the Statement of Profit and Loss. “

actuarial assumptions are recognised in the Statement of Profit and Loss.

Revenue in excess of invoicing are classified as contract asset while invoicing in excess of revenues are classified as contract liabilities.

Other operating revenue - Export incentives

Export Incentives under various schemes are accounted in the year of export.

Trade receivables

Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business and reflects company’s unconditional right to consideration (that is, payment is due only on the passage of time). Trade receivables of the Company, are recognised initially at the transaction price as they do not contain significant financing components. The company holds the trade receivables with the objective of collecting the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method, less loss allowance.

��

(i) Short-term obligations

Liabilities for wages and salaries, including nonmonetary benefits that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognised in respect of employees’ services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled.

��

The liabilities for earned leave and sick leave that are not expected to be settled wholly within 12 months are measured as the present value of expected future payments to be made in respect of services provided by employees up to the end of the reporting period using the projected unit credit method. The benefits are discounted using the discount rates for Government Securities (G-Sec) at the end of the reporting period that have terms approximating to the terms of the related obligation. Remeasurement as a result of experience adjustments and changes in

��

The Company operates the following postemployment schemes:

(a) defined benefit plans such as gratuity, provident fund and pension; and
(b) defined contribution plans

Pension and gratuity obligations

The liability or asset recognised in the balance sheet in respect of defined benefit pension and gratuity plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated annually by actuaries using the projected unit credit method.

The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows by reference to market yields at the end of the reporting period on government bonds that have terms approximating to the terms of the related obligation.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is included in employee benefit expense in the Statement of Profit and Loss.

Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are recognised in the period in which they occur, directly in other comprehensive income. They are included in retained earnings in the statement of changes in equity and in the balance sheet.

Provident fund

Defined Contribution Plans such as Provident Fund etc., are charged to the Statement of Profit and Loss as incurred.

In accordance with the Employees’ Provident Fund and Miscellaneous Provision Act, 1952, for certain eligible employees of the Company are entitled to receive benefits under the

183

Raymond Limited

230

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

provident fund plan in which both the employee and employer (at a determined rate) contribute monthly to Raymond Limited Employee’s Provident Fund Trust”, a Trust set up by the Company to manage the investments and distribute the amounts to employees at the time of separation from the Company or retirement, whichever is earlier. This plan is a defined obligation plan as the Company is obligated to provide its members a rate of return which should, at a minimum, meet the interest rate declared by government administered provident fund. A part of the Company’s contribution is transferred to government-administered pension fund. The contributions made by the Company and the shortfall of interest, if any, are recognised as an expense in the profit or loss under “Employee benefits expense

Termination benefits

Termination benefits are payable when employment is terminated by the Company before the normal retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits. The Company recognises termination benefits at the earlier of the following dates: (a) when the Company can no longer withdraw the offer of those benefits; and (b) when the Company recognises costs for a restructuring that is within the scope of Ind AS 37 and involves the payment of terminations benefits. In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer. Benefits falling due more than 12 months after the end of the reporting period are discounted to present value.

(iv) Share based payments

Share-based compensation benefits are provided to employees via the “”Raymond Employee Stock Option Plan 2023”” (ESOP scheme). The fair value of options granted under the ESOP scheme is recognised as an employee benefits expense with a corresponding increase in equity. The total amount to be expensed is determined by reference to the fair value of the options granted:

including any market performance conditions (e.g., the entity’s share price)
excluding the impact of any service and non-market performance vesting conditions (e.g. profitability, sales growth targets and remaining an employee of the entity over a specified time period), and
including the impact of any non-vesting conditions (e.g. the requirement for employees to serve or hold shares for a specific period of time).

The total expense is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.

The Company has created a Raymond Limited ESOP Trust for implementation of the said ESOP scheme. The Company treats the ESOP trust as its extension and shares held by ESOP Trust are treated as treasury shares.

��

(i) Functional and presentation currency

The financial statements are presented in Indian rupee (INR), which is Company’s functional and presentation currency.

(ii) Transactions and balances

Transactions in foreign currencies are recognised at the prevailing exchange rates on the transaction dates. Realised gains and losses on settlement of foreign currency transactions are recognised in the Statement of Profit and Loss.

Monetary foreign currency assets and liabilities at the year-end are translated at the year-end exchange rates and the resultant exchange differences are recognised in the Statement of Profit and Loss.

Non-monetary assets and liabilities that are measured in terms of historical cost in foreign currencies are not translated thereafter.

��

The income tax expense or credit for the period is the tax payable on the current period’s taxable income based on the applicable income tax rate

184

Annual Report 2023-24

231

Financial Statements

At the Cusp of a New Beginning

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses.

��

Basic earnings per share

Basic earnings per share is calculated by dividing:

There are many transactions and calculations for which the ultimate tax determination is uncertain. The Company recognises liabilities for anticipated tax issues based on estimates of whether additional taxes will be due. The uncertain tax positions are measured at the amount expected to be paid to taxation authorities when the Company determines that the probable outflow of economic resources will occur. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the current and deferred income tax assets and liabilities in the period in which such determination is made.

Deferred income tax is provided in full, using the liability method on temporary differences arising between the tax bases of assets and liabilities and their carrying amount in the financial statement. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are excepted to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.

Deferred tax assets are recognised for all deductible temporary differences and unused tax losses, only if, it is probable that future taxable amounts will be available to utilise those temporary differences and losses.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are off set where the Company has a legally enforceable right to offset and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.

Current and deferred tax is recognised in the Statement of Profit and Loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.

the profit/loss attributable to owners of the Company
by the weighted average number of equity shares outstanding during the financial year, adjusted for bonus elements in equity shares issued during the year and excluding treasury shares.

Diluted earnings per share

Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account:

the after income tax effect of interest and other financing costs associated with dilutive potential equity shares, and
the weighted average number of additional equity shares that would have been outstanding assuming the conversion of all dilutive potential equity shares.

��

Grants from the government are recognised at their fair value where there is reasonable assurance that the grant will be received and the Company will comply with all attached conditions.

Government grants relating to the purchase of property, plant and equipment are included in noncurrent liabilities as deferred income and are credited to the statement of Profit and Loss on a straight - line basis over the expected lives of related assets and presented within other income.

�� towards development of property

The Company discloses separately manufacturing and operating expenses and costs towards development of property which are directly linked to respective activities, as a part of ‘Other expenses’.

��

When items of income and expense within statement of profit and loss from ordinary activities are of such

185 232

Raymond Limited

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

size, nature or incidence that their disclosure is relevant to explain the performance of the enterprise for the period, the nature and amount of such material items are disclosed separately as exceptional items.

the operations of these entities. The Company uses judgement to select from variety of methods and make assumptions which are mainly based on market conditions existing at the end of each reporting period.

��

The Company applied for the first time these amendments of Ind AS 8 , Ind AS 1 and Ind AS 12 and there is no material impact on financials.

Ministry of Corporate Affairs (“MCA”) notifies new standards or amendments to the existing standards under Companies (Indian Accounting Standards) Rules as issued from time to time. For the year ended March 31, 2024, MCA has not notified any new standards or amendments to the existing standards applicable to the Company.

��

The preparation of financial statements requires the use of accounting estimates which by definition will seldom equal the actual results. Management also need to exercise judgement in applying the Company’s accounting policies.

This note provides an overview of the areas that involved a higher degree of judgement or complexity, and items �� estimates and assumptions turning out to be different than those originally assessed. Detailed information about each of these estimates and judgements is included in relevant notes together with information about the basis of calculation for each affected line item in the financial statements.

The areas involving critical estimates or judgement are:

�� Denim Private Limited and Raymond Apparel ��

Determining whether the investments in subsidiaries and joint ventures are impaired requires an estimate in the value in use of investments. The Company reviews its carrying value of investments carried at cost annually, or more frequently when there is an indication for impairment. If the recoverable amount is less than its carrying amount, the impairment loss is accounted for. In considering the value in use, the Board of directors have anticipated the future market conditions and other parameters that affect

��

The Company reviews forecasts of total budgeted costs for changes in work scopes and other payments to the extent they are probable and they are capable of being reliably measured at the end of each ��

��

The Company reviews the useful lives of property, plant and equipment, Investment properties and intangible assets at the end of each reporting period. This reassessment may result in change in depreciation and amortisation expense in future periods.

��

The Company reviews the allowance for defective and obsolete items inventory, wherever necessary at the end of each reporting period.

��

The Company reviews the carrying amount of tax expenses, deferred tax assets and tax payable at the end of each reporting period.

��

Management has estimated the possible outflow of resources at the end of each annual reporting financial year, if any, in respect of contingencies/litigations against the Company as it is not possible to predict the outcome of pending matters with accuracy.

(vii) Estimation of Defined benefit obligation - Note 41

The cost of post-employment benefits is determined using actuarial valuations. The actuarial valuation involves making assumptions about discount rates, future salary increases and mortality rates. Due to the long term nature of these plans, such estimates are subject to significant uncertainty.

186

Annual Report 2023-24

233

Financial Statements

At the Cusp of a New Beginning

Notes to the Standalone Financial Statements for the year ended 31st March, 2024

��

The Company cannot readily determine the interest rate implicit in the lease, therefore, it uses its incremental borrowing rate (IBR) to measure lease liabilities. The IBR is the rate of interest that the Company would have to pay to borrow over a similar term, and with a similar security, the fund necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment.”

(ix) Allowance for doubtful debts

Trade receivables do not carry any interest and are stated at their nominal value as reduced by appropriate allowances for estimated irrecoverable amounts. Under Ind AS, impairment allowance has been determined based on Expected Credit Loss (ECL) model. Estimated irrecoverable amounts are based on the ageing of the receivable balance and historical experience. Individual trade receivables are written off if the same are not collectible.

(x) Sales Return

The Company accounts for sales returns accrual by recording an allowance for sales returns concurrent with the recognition of revenue at the time of a product sale. This allowance is based on the Company’s estimate of expected sales returns. The Company deals in various products and operates in various markets. Accordingly, the estimate of sales returns is determined primarily by the Company’s historical experience in the markets in which the Company operates.

(xi) Share-based payments

Estimating fair value for share-based payments requires determination of the most appropriate valuation model, which is dependent on the terms and conditions of the grant. The estimate also requires determination of the most appropriate inputs to the valuation model including the expected life of the option, volatility and dividend yield and making assumptions about them.

187 234

Raymond Limited

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

2A Property, Plant And Equipment

												(Hin lakhs)
	Freehold Land	Buildings	Leasehold Improvement	Plant and equipment	Furniture and fixtures	Vehicles	Office equipment	Boats and water Equipment	Aircraft	Right to	Use Assets	Total
										Leasehold Land	Leasehold Buildings
Gross Carrying amount
Balance as at 1st April, 2022	15258.08	57172.16	4305.02	58491.16	18211.39	1108.27	1681.77	2032.04	2077.16	344.64	42033.41	202715.10
Additions	-	270.46	1109.81	2088.36	1736.55	237.14	50.14	-	-	-	22976.29	28468.75
Disposals / adjustment	0.30	45.45	232.87	698.85	592.93	13.41	152.69	-	-	-	5413.51	7150.01
Reclassification [Refer Note (iii)]	2723.79	-	-	-	-	-	-	-	-	-	-	2723.79
Balance as at 31st March, 2023	12533.99	57397.17	5181.96	59880.67	19355.01	1332.00	1579.22	2032.04	2077.16	344.64	59596.19	221310.05
Additions	-	984.73	2442.71	3227.98	1934.43	572.30	266.31	-	-	-	44730.78	54159.24
Disposals / adjustment	8.76	9.96	-	216.35	6.86	162.12	39.23	21.28	-	-	1755.94	2220.50
Balance as at 31st March, 2024	12525.23	58371.94	7624.67	62892.30	21282.58	1742.18	1806.30	2010.76	2077.16	344.64	102571.03	273248.79
Accumulated Depreciation and amortisation
Balance as at 1st April, 2022	�	9585.64	3808.42	34306.85	11597.73	919.87	1429.86	1646.05	707.28	11.78	22074.89	86088.37
Charge for theyear	-	2064.33	354.01	3262.90	1925.07	71.63	111.93	8.94	116.08	5.28	7969.85	15890.02
Disposals	-	8.97	232.87	578.37	517.83	10.66	150.22	-	-	-	4696.30	6195.22
Balance as at 31st March, 2023	�	11641.00	3929.56	36991.38	13004.97	980.84	1391.57	1654.99	823.36	17.06	25348.44	95783.17
Charge for theyear	-	2613.25	536.20	3391.97	2047.26	213.86	127.87	6.45	116.08	5.28	11626.65	20684.87
Disposals	-	147.56	-	151.84	4.53	96.94	33.10	17.14	-	-	742.07	1193.18
Balance as at 31st March, 2024	�	14106.69	4465.76	40231.51	15047.70	1097.76	1486.34	1644.30	939.44	22.34	36233.02	115274.86
Net carrying amount
Balance as at 31st March, 2023	12533.99	45756.17	1252.40	22889.29	6350.04	351.16	187.65	377.05	1253.80	327.58	34247.75	125526.88
Balance as at 31st March, 2024	12525.23	44265.25	3158.91	22660.79	6234.88	644.42	319.96	366.46	1137.72	322.30	66338.01	157973.93

Notes:

(i) Refer Note 39 for disclosure of contractual commitments for the acquisition of property, plant and equipment .
(ii) Refer Note 37 For information on property, plant and equipment pledged as security by the Company.
(iii) During the previous year an amount of H2723.79 lakhs representing proportionate cost (including proportionate Urban Land Ceiling premium) of a part of such land which the Company intended to develop , had been reclassified and considered as 'Property under Development' under inventories.

Financial Statements

At the Cusp of a New Beginning

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

(iv) On 6[th] November 2007, the Company had entered into four separate tri-partite agreements with Pashmina Holdings Limited and each of the four sub-lessees of residential units in JK House (being Dr. Vijaypat Singhania, Mr. Gautam Hari Singhania, Mr. Akshaypat Singhania and Ms. Veenadevi Singhania along with Mr. Anant Singhania, who are considered to be related parties and said agreements were not acted upon. The said tri-partite agreements have been rejected by the shareholders of the Company at its meeting dated 5[th] June 2017. Dr. Vijaypat Singhania, Mr. Akshaypat Singhania and Ms. Veenadevi Singhania along with Mr. Anant Singhania had initiated the arbitration proceedings against the Company to secure the specific performance of the tripartite agreements. In the matter of Mr. Akshaypat Singhania and Ms. Veenadevi Singhania along with Mr. Anant Singhania, Hon Arbitration Tribunal has passed an Award and rejected the claims of specific performance of the tri-partite agreements and also denied any relief / damages / compensation in lieu thereof, except that the Company has been directed to only reimburse the stamp duty on sub-lease agreements, that were paid by these erstwhile sub-lessees, along with interest (refer note 34). Further, Mr. Akshaypat Singhania and Ms. Veenadevi Singhania along with Mr. Anant Singhania have filed petitions for setting aside the Award of the Hon Arbitration Tribunal before the Bombay High Court which is pending. In the matter of Dr. Vijaypat Singhania, the Award is pending till date.

��

��
	(Hin lakhs)
Balance as at 1st April, 2022	997.42
Additions	2501.94
Assets Capitalised	1083.59
Balance as at 31st March, 2023	2415.77
Additions	2233.29
Assets Capitalised	1424.99
Balance as at 31st March, 2024	3224.07

Note: CWIP ageing schedule

Project in Progress

Project in Progress
							(Hin lakhs)
Particulars				Amount in CWIP for a period of			Total
		Less than 1year		��	��	more than 3years
As at 31stMarch,2023			2089.18	6.96	-	319.63	2415.77
As at 31stMarch, 2024			2355.41	549.03	-	319.63	3224.07

Projects delayed as at 31 March 2024	(J��		Reason for delay
Textile Plant Upgradation	549.03		Capex related to plant upgradation to be done at suiting plants. Textile Plant Upgradation capex have multiple agencies associated for supplies of machineries and installation. Machinery and parts have long lead time and also need installation. Due to slow supplies of Machinery and installation projects are getting delayed from vendor. The Company expects all suchplant upgradations willget completed byend of financialyear 2024-25
SAP HANA	319.63		The Company is upgrading its ERP system by implementing S4 HANA (i.e. updated version of SAP). This project was kept on hold due to COVID 19 for two years, during the previous year, the Company have resumed this project and expects to get it completed by end of financialyear 2024-25.
Total	868.66

There are no Capital work-in-progress (CWIP) that are overdue or have exceeded their original plan/ budget

189

Raymond Limited

236

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

3 Investment Properties

3 Investment Properties
	(Hin lakhs)
Gross carrying amount	Total
Balance as at 1st April, 2022	574.83
Additions	-
Disposals	-
Balance as at 31st March, 2023	574.83
Additions	-
Disposals	315.09
Balance as at 31st March, 2024	259.74
Accumulated Depreciation
Balance as at 1st April, 2022	154.24
Chargeforthe year	8.03
Disposals	-
Balance as at 31st March, 2023	162.27
Chargeforthe year	8.03
Disposals	103.04
Balance as at 31st March, 2024	67.26
Net carrying amount
Balance as at 31st March, 2023	412.56
Balance as at 31st March, 2024	192.48
Fair value
As at 31st March, 2023	6189.18
As at 31st March, 2024	4803.48

		(Hin lakhs)
	Year Ended 31st March, 2024	Year Ended 31st March, 2023
Rental income derived from investmentproperties	458.57	478.37
Direct operatingexpenses(includingrepairs and maintenance) generatingrental income	16.44	16.44
Income arising from investmentproperties before depreciation	442.13	461.93
Depreciation	8.03	8.03
��	434.10	453.90

Premises given on operating lease:

The Company has given certain investment properties on operating lease. These lease arrangements range for a period between 2 and 5 years and include both cancellable and non-cancellable leases. Most of the leases are renewable for further period on mutually agreeable terms.

The total future minimum lease rentals receivable at the Balance Sheet date are as under:

		(Hin lakhs)
	As at 31st March, 2024	As at 31st March, 2023
For aperiod not later than fiveyear	111.12	489.22
For aperiod later than fiveyears	-	-

Estimation of fair value

The fair valuation is based on current prices in the active market for similar properties. The main inputs used are quantum, area, location, demand, restrictive entry to the complex, age of building and trend of fair market rent in village Panchpakhadi area.

This fair value is based on valuations performed by an registered independent valuer/ best evidence of fair value in an active market for similar properties. Fair valuation is based on replacement cost method. The fair value measurement is categorised in level 3 fair value hierarchy.

190

Annual Report 2023-24

237

Financial Statements

At the Cusp of a New Beginning

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

4A Intangible Assets

4A Intangible Assets
		(Hin lakhs)
Gross carrying amount	Computer Software	Total
Balance as at 1st April, 2022	644.32	644.32
Additions	30.84	30.84
Disposals	281.69	281.69
Balance as at 31st March 2023	393.47	393.47
Additions	189.83	189.83
Disposals	-	-
Balance as at 31st March 2024	583.30	583.30
Accumulated amortisation
Balance as at 1st April, 2022	640.87	640.87
Charge for theyear	13.69	13.69
Disposals	281.69	281.69
Balance as at 31st March, 2023	372.87	372.87
Charge for theyear	42.74	42.74
Disposals	-	-
Balance as at 31st March, 2024	415.61	415.61
Net carrying amount
Balance as at 31st March, 2023	20.60	20.60
Balance as at 31st March, 2024	167.69	167.69

4B Intangible assets under development

		(Hin lakhs)
	As at 31st March, 2024	As at 31st March, 2023
Balance at the beginning of theyear	475.00	475.00
Additions	2329.24	-
Assets Capitalised	-	-
Balance at the end of theyear	2804.24	475.00

��

Project in Progress*

Project in Progress*
							(Hin lakhs)
			Less than 1year	�� years	�� years	More than 3years	Total
As at 31stMarch,2023			-	-	-	475.00	475.00
As at 31stMarch,2024			2329.24	-	-	475.00	2804.24

Projects delayed as at 31 March 2024	(J��	Reason for delay
SAP HANA	2804.24	The Company is upgrading its ERP system by implementing S4 HANA (i.e. updated version of SAP). This project was kept on hold due to COVID 19 for two years, during the previous year, the Company have resumed this project and expects to get it completed by end of financialyear 2024-25.

There are no Intangible Asset under Development (IAUD) that are overdue or have exceeded their original plan/ budget

191

Raymond Limited

238

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

��

			(Hin lakhs)	(Hin lakhs)
	As at 31st March, 2024		As at 31st March, 2023
	No. of Units	Amount	No. of Units	Amount
A. Investment in subsidiaries
Unquoted
�� ��
Raymond Apparel Limited (Equity Shares ofH10 each) (refer note(iv))	-	-	601028915	66325.92
Less: Provision for diminution in value of Investment	-	-		(66325.92)
Raymond(Europe)Limited(EquityShares of £.1 each)	1000	0.03	1000	0.03
JaykayorgAG(EquityShares of Swiss Francs 100 each)	500	0.98	500	0.98
Pashmina Holdings Limited(EquityShares ofH10 each)	740000	724.00	740000	724.00
Everblue Apparel Limited(EquityShares ofH10 each)	11500000	1500.00	11500000	1500.00
Silver Spark Apparel Limited(EquityShares ofH10 each)	8964300	4700.00	8964300	4700.00
Celebrations Apparel Limited(EquityShares ofH10 each)	2710000	271.00	2710000	271.00
Raymond Woollen Outerwear Limited(EquityShares ofH10 each)	1931000	162.68	1931000	162.68
J K Files & Engineering Limited- (Erstwhile J K Files(India)Limited) (EquityShares ofH2 each)	52443948	1222.01	52443948	1222.01
Raymond Luxury Cottons Limited (Equity Shares ofH10 each) (refer note(i))	127680000	12768.00	127680000	12768.00
Raymond Lifestyle Limited(EquityShares ofH10 each)	150000	15.00	150000	15.00
Raymond Lifestyle (Bangladesh) Private Limited (EquityShares of BDT 10 each)	500000	42.87	500000	42.87
Ultrashore Realty Limited (erstwhile Colorplus Realty Limited) (EquityShares ofH100 each) (refer note(iv))	-	-	100000	6339.65
Less: Provision for diminution in value of Investment.	-	-		(6339.65)
JKFEL Tools and Technologies Limited(EquityShares ofH10 each)	10000	1.00	-	-
		21407.57		21406.57
ii. Deemed equity investment
J K Files & Engineering Limited (Erstwhile J K Files (India) Limited) (refer note(vi)&(vii))	-	6054.32	-	2884.11
Ten X RealtyLimited(refer note(vii))	-	4788.67	-	-
		10842.99		2884.11
��		32250.56		24290.68
B. Investment in associates
Unquoted
��
P.T. Jaykay Files Indonesia (EquityShares of Indon.Rp.4150 = US$10 each)	24000.00	23.99	24000	23.99
Radha Krshna Films Limited(EquityShares ofH10 each)	2500000.00	250.00	2500000	250.00
Less: Provision for diminution in value of Investments		(250.00)		(250.00)
J.K. Investo Trade(India)Limited(EquityShares ofH10 each)	3489878.00	156.54	3489878	156.54
Ray Global Trading Limited (Equity Shares ofH10 each) (refer note(v))	3487378.00	169.58	3487378	169.58
��		350.11		350.11
C. Investment injoint venture
Unquoted
�� ��
Raymond UCO Denim Private Limited: EquityShares ofH10 each#	102122219	27216.29	102122219	27216.29
Less: Provision for diminution in value of Investment(refer note(ii))		(17700.00)		(14800.00)
��
Raymond UCO Denim Private Limited	-	8690.00	-	8690.00
��		18206.29		21106.29
��		50806.96		45747.08
Aggregate amount of unquoted investments before impairment		68756.96		133462.65
Aggregate amount of impairment in the value of investment		(17950.00)		(87715.57)

During the previous year, the Company has invested H 2500 Lakhs, in Raymond UCO Denim 25000000 equity shares of H 10 Each.

192

Annual Report 2023-24

239

Financial Statements

At the Cusp of a New Beginning

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

Notes:

(i) During the earlier years, the Company invested an amount of C 6168 lakhs in the financial year ended 31[st] March, 2016 and C 2000 lakhs in the financial year ended 31[st] March, 2015 by subscription to the rights issue of equity shares of Raymond Luxury Cottons Limited (RLCL) a Subsidiary of the Company, enhancing the Company’s shareholding from 62% to 75.69%. In the year 2012-13, Cotonificio Honegger S.p.A (‘CH’), Italy, the erstwhile JV partner with Raymond Limited through one of its joint venture Company in India, Raymond Luxury Cottons Limited (RLCL) (Erstwhile known as Raymond Zambaiti Limited), had submitted request for voluntary winding up including composition of its creditors in the Court of Bergamo, Italy. Consequent to this, RLCL as at 31[st] March, 2013, had provided for its entire accounts receivable from CH of USD 1255058 and Euro 612831, equivalent Indian Rupee aggregating C 1122.24 lakhs. In the year 2013-14, RLCL had put up its claim of receivable from CH of C 1122.24 lakhs before the Judicial Commissioner of the Composition (the Commissioner) appointed by the Court of Bergamo, Italy. In protraction of matter with Cotonificio Honegger S.p.A (‘CH’), Italy, the Judicial Commissioner of the Composition (“the Commissioner”) appointed by the Court of Bergamo, Italy, has declared RLCL as unsecured creditor for the amount outstanding from ‘CH’. Further ‘CH’ had also sought permission from the Court of Bergamo, Italy, for initiating proceeding against RLCL in India.

RLCL had received a notice dated 23[rd] November, 2015 notifying that CH has filed a Petition against them before the Hon’ble Company Law Board (“CLB”), Mumbai Bench under Section 397 and 398 of Companies Act, 1956. RLCL responded to the petition filed by CH. The CLB in its order dated 26[th] November, 2015 has recorded the statement made by the counsel for RLCL that CH’s shareholding in RLCL shall not be reduced further and the fixed assets of RLCL also shall not be alienated till further order. Subsequently, the proceedings were transferred to the National Company Law Tribunal (“NCLT”), Mumbai bench and currently, the matter is pending before the said forum. RLCL has filed a Miscellaneous Application on 29[th] January, 2019 seeking part vacation of the interim order dated 26[th] November, 2015. The NCLT, Mumbai Bench has allowed the application filed by RLCL and had directed that the main company petition along with the application for vacating the stay be listed for hearing. The NCLT has heard the matter both side on 19[th] April, 2023 and passed an interim order for settlement and adjourn this matter to 9[th] June, 2023 for reporting settlement.

The interlocutory application was filed jointly by the parties seeking withdrawal of the Company Petition along with all pending applications in the matter. The matter was settled amicably by the parties by way of a Settlement Agreement dated January 17, 2023, for an amount of Euros 2,100,000 to be paid by RL to CH, for buyback of its shares in RLCL. Basis the said Settlement Agreement entered between the parties, the matter has been withdrawn by consent, as recorded by the NCLT, Mumbai Bench, in its Order dated June 9, 2023. Consequently, RLCL became a wholly-owned subsidiary of RL.

(ii) The management has considered that the losses suffered by Raymond UCO Denim Private Limited, a joint venture company (RUCO), indicate an impairment in the carrying value of the investment. In addition to the above investment, the Company also has also given loans C 2500 lakhs (31[st] March, 2023- C 2500 lakhs), interest receivable of C 65.21 lakhs (31[st] March, 2023- C 65.60 lakhs) and other receivable of C 912.85 lakhs (31[st] March, 2023- C 866.06 lakhs) as at 31[st] March, 2024.

The RUCO has also undertaken cost reduction measures as a mitigatory factor and basis its performance in the last quarter of the current financial year, has shown a marginal growth in the demand which management believes will further improve in the future quarters in the next year. Further, the Company along with its Joint venture Partner vide their letter of support, have committed necessary level of financial and other support to ensure that RUCO continues to operate as a going concern and to meet its liabilities as and when they fall due for payment for the year ending 31 March 2025.

However, the management with the help of a valuation specialist, has carried out an impairment assessment for the entire investment in and other receivables from RUCO and, on a conservative basis, has recognised an estimated provision of C 2900 lakhs (31[st] March, 2023- Nil) as diminution in the carrying value of its investment during the year.

Significant Estimates : The recoverable value of exposure in Raymond Uco Denim Private Limited is determined by an Independent Registered valuer. The Company uses judgement to select from variety of methods and make assumptions which are mainly based on market conditions existing at the end of each reporting period.

(iii) During the year ended 31[st] March 2020, pursuant to approval from National Company Law Tribunal (NCLT), to the JV company, Raymond UCO Denim Private Limited (RUDPL) towards reduction of its preference share capital, the investment of the Company

193

Raymond Limited

240

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

in preference share capital of RUDPL having a carrying value of H 8700 lakhs was settled at an aggregate consideration of H 10 Lakhs. Accordingly, the balance amount of H 8690 lakhs representing reduction in preference share capital investment, had been treated as deemed equity investments in RUDPL.

(iv) The Board of Directors of the Company at its meeting held on 27[th] September, 2021 had approved a Scheme of Arrangement (‘RAL Scheme’) between the Company and Raymond Apparel Limited (‘RAL’ or ‘Demerged Company’) (earlier, wholly owned subsidiary of the Company) for demerger of the business undertaking of RAL comprising of B2C business including Apparel business (and excluding balances identified as quasi equity) as defined in the RAL Scheme, into the Company on a going concern basis. RAL Scheme was approved by the Hon’ble National Company Law Tribunal vide its order dated 23[rd] March, 2022. The Appointed Date was 1[st] April, 2021. Accordingly, the Company has accounted for the Scheme of Arrangement under the ‘pooling of interests’ method in accordance with Appendix C of Ind AS 103 ‘Business Combinations’.Pursuant to the RAL Scheme, all assets and liabilities pertaining to business undertaking of the demerged company as defined in the RAL scheme have been transferred to the Company as defined in the RAL Scheme without any consideration. Further, on 23[rd] March, 2022, the balances recoverable towards ICDs, trade receivables and other financial assets, by Raymond from RAL, on implementation of the RAL Scheme, had been considered as quasi equity and hence re-classified under “Investment in subsidiaries” as “Deemed equity investment”. Since, these balances would continue to be retained in RAL, on the basis of the business potential of the remaining business in RAL, the aforesaid balances were not expected to be recoverable from RAL. Accordingly, provision for impairment had been recognised.

During the year ended 31 March 2024, the Company has sold its entire investment in wholly owned subsidiaries namely Raymond Apparel Limited and Ultrashore Realty Limited (erstwhile Colorplus Realty Limited) for a consideration of C 125 lakhs and C 1 Lakhs respectively. Accordingly, the Company has recognised surplus on sale of investment in subsidiaries of C126 lakhs (net of amounts fully provided in earlier year) during the year.

(v) During the Financial year 2019-2020, the Mumbai Bench of National Company Law Tribunal (“NCLT”) has vide its order dated 07[th] February, 2020 approved the Composite Scheme of Amalgamation and Arrangement between J. K. Helene Curtis Limited (JKHC), J. K. Investo Trade (India) Limited (JKIT), Raymond Care Private Limited (RCCPL), Ray Global Trading Limited (RGCTL) and Ray Universal Trading Limited (RUTL) and their respective shareholders ('the scheme'). Pursuant to said Scheme, RCCPL has been amalgamated with JKIT and FMCG business of JKHC has been transferred to JKIT. The Combined FMCG business has then been transferred to and vested in RUTL. In consideration for the transfer and vesting of the Combined FMCG Business Undertaking in RUTL, RGCTL has issued and allotted shares to all the shareholders of JKIT during the FY 2020-21.
(vi) The Company has transferred its entire shareholding in Scissors Engineering Products Limited (“SEPL”), a wholly-owned subsidiary of the Company to J K Files & Engineering Limited (“JKFE”) (Erstwhile J K Files (India) Limited), another wholly-owned subsidiary of the Company at Nil consideration. The transfer of shares in SEPS to JKFE has been considered as ‘deemed equity investment in J K Files & Engineering Limited’(“JKFE”) in earlier year.

The Board of Directors of the Company at its meeting held on 27 September 2021 had approved the consolidation of the Tools & Hardware business carried out by JK Files & Engineering Limited (Formerly known as JK Files (India) Limited) (wholly owned subsidiary of the Company, “JKFEL”) and Auto Components business carried out by Ring Plus Aqua Limited (step down subsidiary of the Company), During the year ended 31[st] March 2022, the Company had transferred its entire shareholding in Scissors Engineering Products Limited (holding company of Ring Plus Aqua Limited and wholly owned subsidiary of the Company) to JK Files & Engineering Limited (Formerly known as JK Files (India) Limited) by way of delivery under Section 123 of the Transfer of Property Act, 1882. Further, JKFEL had filed the Draft Red Herring Prospectus (DRHP) and Updated DRHP with the Securities and Exchange Board of India (SEBI) on 9 December 2021 and 4 April 2022, respectively, for an Initial Public Offer {‘‘IPO”} comprising of an Offer for Sale (‘OFS’). Based on the prevalent market conditions continuing to be restrained, with the validity of the Updated DRHP filed with SEBI becoming time barred during the previous year ended 31[st] March 2023, it was considered more favourable to defer further pursuit of JKFEL IPO, at 31 March 2023. Accordingly, the Company has recognised the expenses incurred towards the IPO process in the statement of Profit and Loss during the previous year.

(vii) The Company has made an investment in 12,500,000 0.01% Non- Convertible Redeemable Preference shares (‘NCRPS’) with face value of Rs. 10 each of Ten X Realty Limited (“Ten X”) of Rs. 12,500 lakhs and 5,000,000 NCRPS with face value of Rs. 100

194

Annual Report 2023-24

241

Financial Statements

At the Cusp of a New Beginning

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

each of J K Files & Engineering Limited (“JKFEL”) of Rs. 5,000 lakhs for a period of 8 years and 20 years respectively. The same has been presented in the financial statement as follows:

		(Hin lakhs)
	As at 31 March 2024	As at 31 March 2023
Face value of NCRPS of Ten X	12500.00	-
Deemed equityinvestment component of NCRPS of Ten X@	6399.23	-
Asset component of NCRPS of Ten X	6100.77	�
Interest income*	280.80	-
Interest received	-	-
��	6381.57	�

Face value of NCRPS of JKFEL	5000.00	-
Deemed equityinvestment component of NCRPS of JKFEL@	4236.38	-
Asset component of NCRPS of JKFEL	763.62	-
Interest income*	2.58	-
Interest received	-	-
��	766.20	�

*Interest income is calculated by applying the effective interest rate of 9% & 9.5% to the asset component of NCRPS of Ten X & JKEFL respectively.

@ The deemed equity investment component of NCRPS of Tenx and of JKEFL as been presented net of deferred tax of Rs. 1,610.56 lakhs and Rs. 1,066.13 lakhs respectively

��


��			(Hin lakhs)
	As at 31st March, 2024		As at 31st March, 2023
	No. of Units	Amount	No. of Units	Amount
A. Other Equity Instruments ~~---------~~	~~--~~	~~-~~	~~--~~	~~--~~
��
At Fair value through Profit and Loss
Gujarat Sheep & Wool Development Corporation Limited (EquityShares ofH100 each)#	102	-	102	-
Impex(India)Limited(EquityShares ofH10 each)	8000	0.80	8000	0.80
Seven Seas Transportation Limited(EquityShares ofH10 each)#	205000	-	205000	-
J.K. Cotton Spg. & Wvg. Mills Company Limited (EquityShares ofH10 each)#	10510	-	10510	-
Shahane Solar Power Private Limited(EquityShares ofH100 each)	5200	5.20	5200	5.20
SVC Bank(EquityShares ofH25 each)	100	0.03	100	0.03
��
J.K.Investors(Bombay)Limited(EquityShares ofH100 each)	4692	16126.49	4692	11456.03
Accurate Finman Services Limited(EquityShares ofH10 each)	460	2.95	460	2.95
��		16135.47		11465.01
B. Investment ingovernment securities
Unquoted
At amortised cost
Investments in National Savings Certificates (Deposited with Government Department as security)		0.06		0.06
��		0.06		0.06
C. Investment in Venture capital funds
Unquoted
At Fair value through profit and loss@
InCred Alternative Investments Fund(Unit ofH100000 each)	5000.00	5003.20	500.00	500.00
Nepean LongTerm Opportunities Fund(Units ofH100 each)	494204.78	665.94	494204.78	513.50
JM Financial India Fund II(Units ofH100000 each)	270.80	436.04	318.72	414.76
InCred Alternative Investments Fund**	-	-		1250.00
��		6105.18		2678.26

195

Raymond Limited

242

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

				(Hin lakhs)	(Hin lakhs)
		As at 31st March, 2024		As at 31st March, 2023
		No. of Units	Amount	No. of Units	Amount
D	Investment in Debentures ~~--------~~	~~--~~	~~--~~	~~-~~	~~--~~
	Quoted
	at amortised cost
	0% Marked linked debentures of Adani Enterprises Limited (Units ofH1000000 each)	-	-	335	3588.25
	0% Marked linked debentures of Lendingkart Finance Limited (Units ofH1000000 each)	-	-	100	1071.43
	11.9% Non cumulative debentures of Svaantra Microfin Private Limited 2028(Units ofH100000 each)	500	516.48	500	516.48
	9.75% Non cumulative debentures of Adani Capital Private Ltd (Units ofH1000000 each)	180	1812.87	180	1812.87
	9.15% Non cumulative debentures of Yes Bank 2025 (Units ofH1000000 each)	100	990.86	100	990.86
	9.10% Non cumulative debentures of Tata International Limited Perpetual(Units ofH1000000 each)	300	3022.50	300	3022.50
	9.45% Non cumulative debentures of Incred Financial Services Limited(Units ofH1000 each)	250000	2500.00	250000	2500.00
	11.25% Non cumulative debentures of Hella Infra Market Private Limited(Units ofH10000 each)	-	-	5000	500.00
	14.75% Non cumulative debentures of Stellar Value Chain Solutions Pvt Ltd(Units ofH10000000 each)	3	85.51	3	290.74
	9.95% Non cumulative debentures of Indostar Capital Finance Limited(Units ofH100000 each)	-	-	1000	1000.00
	14.25% Non cumulative debentures of Hella Infra Market Private Limited(Units ofH10000000 each)	-	-	20	2042.48
	10% Non Cumulative debentures of Navi Finserv Pvt Ltd (Units ofH1000 each)	100000	1000.00	-	-
	��		9928.22		17335.61
��			32168.93		31478.94
Aggregate amount ofquoted investments at cost			9928.22		17335.61
Market Value of thequoted investments amortised at cost			9928.22		17335.61
Aggregate amount of unquoted investments			22240.71		14143.33
Aggregate amount of impairment in the value of investment			#		#

Note:

@ Investment in venture capital funds have been fair valued at closing NAV.

Company has invested in non trade investments aggregating H 30.53 lakhs which have already been fully provided in the books.

** Application money pending for allotment as on 31March 2023

��

� ��
		(Hin lakhs)
	As at 31st March, 2024	As at 31st March, 2023
��
Loans to relatedparties(Refer Note 5(ii)and 43)	38160.00	2150.00
0.01% Non- Convertible Redeemable Preference shares
J K Files & EngineeringLimited(Refer note 5(vii))	766.20	-
Ten X RealtyLimited(Refer note 5(vii))	6381.57	-
Others	-	3.73
Total	45307.77	2153.73

196

Annual Report 2023-24

243

Financial Statements

At the Cusp of a New Beginning

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

		(Hin lakhs)
Particulars	As at 31st March, 2024	As at 31st March, 2023
Loans consideredgood - Secured	-	�
Loans consideredgood - Unsecured	45307.77	2153.73
Loans which have significant increase in credit risk		�
Loans credit-impaired	-	�
Total	45307.77	2153.73
Less: Allowance for doubtful Loans	-	-
Total Loans	45307.77	2153.73

Refer Note 45 for information about credit risk and market risk for loans.

��


� ��		(Hin lakhs)
	As at 31st March, 2024	As at 31st March, 2023
��
Securitydeposits	8305.80	7296.31
Less: Allowance for doubtful deposit	(1064.36)	(666.36)
Margin moneydeposits with bank(Refer Note(a)below)	101.54	383.65
Interest receivable	132.66	151.98
Investments in term deposits(Refer Note(b)below)	11.86	11.86
Advance recoverable in Cash	5225.13	273.65
Total	12712.63	7451.09

Note:

(a) Held as lien by bank against bank guarantees amounting to H 101.54 lakhs (H 383.65 lakhs as at 31 March, 2023)

(b) Held as lien by bank against overdraft facility amounting to H 11.86 lakhs (H 11.86 lakhs as at 31 March, 2023)

��


� ��		(Hin lakhs)
	As at 31st March, 2024	As at 31st March, 2023
Capital advances	335.26	674.47
Prepaid expenses	2313.04	1165.42
Deposits with customs, port trust,excise and other receivables fromgovernment authorities	1662.56	2223.09
CVD Receivable(Refer note below)	1042.75	2257.44
Less: Provision for CVD Receivable(Refer Note below)	(1042.75)	(2257.44)
Other advances	9.40	9.40
Total	4320.26	4072.38

Note:

Imported garments were fully exempted from payment of CVD under Notification No. 30/2004- C.E. dated 09[th] July 2004, subject to the condition that no CENVAT Credit has been availed on the inputs or on capital goods. However, during the relevant period (Financial year ended 31 March 2011 to 31 March 2014), there was a dispute between the importers and the Customs Department regarding the applicability of the said benefit and the fulfilment of the aforesaid condition. The Customs Department had taken a view that the condition of “where NO CENVAT credit has been availed on the inputs by suppliers” was not applicable on the imported goods and accordingly, the importers were not eligible for the benefit of the said Notification. Basis the above notification, Raymond Apparel Limited (business undertaking of Raymond apparel limited merged with Raymond Limited w.e.f 23 March 2022) had paid CVD under protest amounting to H 2257.44 Lakhs and expensed out, during the period from 2011 to 2015.

However, Raymond Apparel Limited (business undertaking of Raymond apparel limited merged with Raymond Limited w.e.f 23[rd] March 2022) had filed refund applications of CVD paid under protest, amounting to C 2257.44 Lakhs, basis the order passed by the Hon’ble Supreme Court of India in the case of M/s. SRF Ltd. vs Commissioner of Customs, Chennai reported at 2015 (318) E.L.T. 607 (SC) on

197

Raymond Limited

244

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

26.03.2015 interpreted Condition No. 20 of Notification No. 06/2002-CE (Sl. No. 122). The Hon’ble Supreme Court held that importers of goods could claim benefit of such notification at the time of import for exemption from payment of CVD.

Basis as above, Raymond Apparel Limited (business undertaking of Raymond apparel limited merged with Raymond Limited w.e.f 23[rd] March 2022) has brought the said amount in the books of account as “Claim Receivables” and created a provision for an equivalent amount in financial year ended 31[st] March, 2019, as prudent practice.

Further, the Company had re-assessed the claim receivables and the claim application for additional CVD refund of C 712.69 Lakhs has been filed.

During the current year, out of total claim of C 2257.44 Lakhs, the Company has received the amount of C 1214.69 Lakhs and the same has been grouped under ‘Other income’

9 Inventories

9 Inventories
		(Hin lakhs)
	As at 31st March, 2024	As at 31st March, 2023
Raw Materials	6814.12	7109.51
Raw Materials - In Transit	1704.37	2773.56
Work-in-progress	15770.27	16467.61
Finishedgoods	30710.97	28919.40
Stock-in-trade	76165.56	66713.28
Stock-in-trade - In Transit	329.42	167.43
Stores and Spares	3143.46	3919.76
Stores and Spares - In Transit	284.75	225.34
Loose Tools	214.18	213.85
Propertyunder development	65970.01	68545.84
Total	201107.11	195055.58

Inventory write downs are accounted, considering the nature of inventory, ageing, liquidation plan and net realisable value. Writedowns of inventories amounted to H 11894.23 lakhs as at 31 March, 2024 (as at 31 March, 2023 - H 10638.70 lakhs) These writedowns were recognised as an expense and included in 'changes in inventories of finished goods, stock-in-trade, work-in-progress and property under development' in the Statement of Profit and Loss.

As at 31 March 2023, out of H10638.72 lakhs, H 2164.45 lakhs were recognised as an expenses as exceptional item in statement of profit and loss.

10 Current investments

10 Current investments
			(Hin lakhs)
	As at 31st March, 2024		As at 31st March, 2023
	No. of Units	Amount	No. of Units	Amount
A. Investment in Equity instruments
��
At Fair value through Profit and Loss
Banswara Syntex Limited(Shares ofH5 each)	43320	62.55	43320	52.44
UPL Limited(Shares ofH2 each)	233392	1063.92	233392	1674.47
Vascon Engineers Limited(Shares ofH10 each)	290310	177.67	290310	71.91
Alembic Pharmaceutical Limited(Shares ofH2 each)	16074	157.90	16074	79.72
��		1462.04		1878.54
B. Investments in Mutual Funds
Unquoted
At Fair value through Profit and Loss
Aditya Birla Sun Life Balanced Advantage Fund - Regular Plan - Growth Option(Units ofH10 each)	6814108	6196.06	6814108	5090.82
Aditya Birla Sun Life Crisil IBX AAA Jun-2023 Index Fund-Regular Growth(Units ofH10 each)	-	-	7653902	804.24

198

Annual Report 2023-24

245

Financial Statements

At the Cusp of a New Beginning

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

				(Hin lakhs)	(Hin lakhs)
~~-~~	~~--------~~	As at 31st March, 2024		As at 31st March, 2023
		No. of Units ~~--~~	Amount ~~-~~	No. of Units ~~--~~	Amount ~~--~~
	Aditya Birla Sun Life Liquid Fund - Growth - Direct Plan (Units ofH100 each)	261618	1019.48	-	-
	Aditya Birla Sun Life Money Manager Fund - Growth - Direct Plan (Units ofH100 each)	824267	2809.03	643975	2015.82
	Aditya Birla Sun Life Arbitrage Fund - Growth - Direct Plan (Units ofH10 each)	3929370	1022.85	-	-
	Axis Money Market Fund - Direct Plan - Growth Option (Units ofH1000 each)	142876	1874.51	-	-
	Bandhan Ultra Short Term Fund Regular Plan-Growth (erstwhile IDFC Ultra Short Term Fund Regular Plan-Growth) (Units ofH10 each)	-	-	17334887	2249.77
	Bandhan Ultra Short Term Fund Direct Plan-Growth(Units ofH10 each)	7201501	1011.62	-	-
	Bandhan MoneyManager Fund Direct Plan-Growth(Units ofH10 each)	5043121	2000.98	-	-
	Bank of India MulticapFund Regular Plan - Growth(Units ofH10 each)	4999750	753.96	4999750	498.98
	Bank of India Liquid Fund- Regular Plan - Growth (Units ofH1000 each)	-	-	78006	2002.65
	Bank of India Multi Asset Allocation Fund Regular Plan - Growth (Units ofH10 each)	4999750	504.85	-	-
	DSP LiquidityFund - Direct Plan - Growth(Units ofH1000 each)	84684	2922.77	-	-
	Edelweiss Balanced Advantage Fund - Regular Plan - Growth Option (Units ofH10 each)	13446912	6112.96	13446912	4865.09
	Edelweiss Liquid Fund - Direct Plan - Growth Option (Units ofH1000 each)	32110	1001.32	-	-
	HDFC MoneyMarket Fund - Growth Option(Units ofH1000 each)	53162	2817.61	-	-
	HDFC Ultra Short Term Fund- Direct Growth Option(Units ofH10 each)	20118813	2834.50	51332060	6633.13
	HSBC Ultra Short Duration Fund - Regular Growth(Units ofH1000 each)	-	-	343815	3968.06
	ICICI Prudential Liquid Fund - Direct Plan - Growth(Units ofH100 each)	-	-	151455	500.79
	ICICI Prudential Ultra Short Term Fund - Direct Plan - Growth (Units ofH10 each)	7365083	2005.62	1485476	350.76
	ICICI Prudential Floating Interest Fund -Direct Plan - Growth (Units ofH100 each)	125768	524.14	-	-
	ICICI Prudential Gilt Fund - Direct Plan - Growth(Units ofH10 each)	742983	737.69	-	-
	ICICI Prudential Money Market Fund - Direct Plan - Growth (Units ofH100 each)	1145978	4002.09	-	-
	ICICI Prudential Corporate Bond Fund - Direct Plan - Growth (Units ofH10 each)	2864714	806.29	-	-
	Invesco India TreasuryAdvantage Fund - Growth(Units ofH1000 each)	-	-	5205	167.44
	Kotak Balanced Advantage Fund -Regular Plan - Growth Option (Units ofH10 each)	-	-	25635063	3838.34
	Kotak Liquid Fund Regular Plan Growth(Units ofH1000 each)	-	-	44352	2003.56
	Kotak MoneyMarket Fund -(Growth) (Units ofH1000 each)	104505	4308.21	66187	2517.26
	Kotak Savings Fund -Growth(Units ofH10 each)	-	-	6106441	2241.30
	Kotak Corporate bond fund - Direct Plan -Growth(Units ofH1000 each)	28371	1002.97	-	-
	Kotak Equity Arbitrage Fund- Direct Plan-Growth Option (Units ofH10 each)	2793297	1016.37	-	-
	LIC Liquid Fund - Direct Plan - Growth(Units ofH1000 each)	91339	4005.35	-	-
	Nippon India Balanced Advantage Fund-Growth Plan-Growth Option (Units ofH10 each)	3917573	6091.56	3917573	4904.72
	Nippon India Liquid Fund -Growth Plan(Units ofH1000 each)	-	-	36742	2003.61
	Nippon India Money Market Fund -Direct Plan - Growth Option (Units ofH1000 each)	104729	4002.02	-	-
	SBI Corporate Bond Fund - Regular Plan - Growth(Units ofH10 each)	-	-	7654182	999.95

199 246

Raymond Limited

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

				(Hin lakhs)	(Hin lakhs)
		As at 31st March, 2024		As at 31st March, 2023
		No. of Units	Amount	No. of Units	Amount
~~-~~	SBI Magnum Ultra Short Duration Fund - Regular Plan - Growth (Units ofH1000 each) ~~-------~~	- ~~--~~	- ~~--~~	27652 ~~-~~	1408.75 ~~--~~
	Tata Balanced Advantage Fund-Regular Plan-Growth (Units ofH10 each)	21596789	4039.57	21596789	3283.32
	Tata Airbitage Fund -Direct Plan - Growth(Units ofH10 each)	14750102	2025.13	-	-
	Tata MoneyMarket Fund-Direct Plan - Growth(Units ofH1000 each)	91634	4002.12	-	-
	UTI Ultra Short Term Fund - Regular Plan - Growth(Units ofH1000 each)	-	-	181801	6604.93
	Union Liquid Fund -Direct Plan-Growth Option(Units ofH1000 each)	42521	990.11	-	-
	��		72441.74		58953.29
C.	Investment in Debentures
	Quoted
	At amortised cost
	0% Market Linked Debentures Spandana Sphoorty Financial limited (Units ofH100000 each)	-	-	2700	3328.60
	0% Market Linked Debentures Piramal capital and housing finance Limited(Units ofH1000000 each)	-	-	485	5252.68
	0% Market Linked Debentures Piramal Enterprises Limited (Units ofH1000000 each)	-	-	35	400.38
	0% Market Linked Debentures Shriram finance limited (Units ofH1000000 each)	-	-	250	2596.68
	0% Marked linked debentures of Adani Enterprises Limited (Units ofH1000000 each)	335	3894.10
	0% Marked linked debentures of Lendingkart Finance Limited (Units ofH1000000 each)	100	1190.39
	9.95% Non cumulative debentures of Indostar Capital Finance Limited(Units ofH100000 each)	1000	1000.00	-	-
	9.25% Non Cumulative debentures of Shriram Finance Limited (Units ofH1000000 each)	650	6553.70	-	-
	14.75% Non cumulative debentures of Stellar Value Chain Solutions Pvt Ltd(Units ofH10000000 each)	3	102.61	-	-
	11.25% Non cumulative debentures of Hella Infra Market Private Limited(Units ofH10000 each)	5000	305.56	-	-
	14.25% Non cumulative debentures of Hella Infra Market Retail Private Limited(Units ofH10000000 each)	20	1167.13	-	-
	��		14213.49		11578.34
D.	Investments in Commercial Papers
	Unquoted
	At amortised cost
	9% Navi Finserv Limited(Units ofH500000 each)	-	-	1000	4898.90
	8.35% SBICAP Securities Limited(Units ofH500000 each)	3000	14925.44	-	-
	8.52% ICICI Securities Limited(Units ofH500000 each)	500	2416.78	-	-
	��		17342.22		4898.90
��			105459.49		77309.07
Aggregate amount ofquoted investments and Market value there of			15675.53		13456.88
Aggregate amount of unquoted investments			89783.96		63852.19

Refer Note 44 and 45 for information about fair value measurement, credit risk and market risk of investments.

200

Annual Report 2023-24

247

Financial Statements

At the Cusp of a New Beginning

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

��

��
		(Hin lakhs)
	As at 31st March, 2024	As at 31st March, 2023
Trade receivables(refer note below)	73441.12	38367.08
Receivables from relatedparties(Refer Note 43)	20584.12	19589.78
Trade receivables- Credit Impaired	7878.44	7384.83
Less: Loss allowance	(7878.44)	(7384.83)
Total receivables	94025.24	57956.86
Break-upof securitydetails
Secured,consideredgood	22049.14	8499.80
Unsecured,consideredgood	71976.10	49457.06
Credit impaired,unsecured	7878.44	7384.83
Total	101903.68	65341.69
Loss allowance	(7878.44)	(7384.83)
Total trade receivables	94025.24	57956.86

Trade receivables include H2449.84 lakhs (31[st] March, 2023 H 2249.45 lakhs) for which credit risk is retained by the Company under a factoring arrangement and are net of H22048.54 lakhs (31[st] March, 2023 H 20245.02 lakhs) de-recognised (along with corresponding liability) on transfer ‘without recourse’ under a factoring arrangement. Company retains interest liability upto an agreed date on the entire amount, the costs for which are recognised as part of finance costs.

The trade receivables includes H1137.75 lakhs (31[st] March, 2023 H 974.50 lakhs) receivables against which bills are discounted. Under this arrangement Company has transferred the relevant receivables to the banks in exchange for cash.However, Company has retained late payment and credit risk. The Company therefore continues to recognize the transferred assets in entirety in its balance sheet. The amount repayable under the bills discounted is presented as current borrowings. Trade receivables are generally on terms of 60 to 90 days.

Refer Note 45 for information about credit risk and market risk of trade receivables.

Trade Receivable ageing as at 31[st] ��

	Less than 6 months	6 months ��	�� years	�� years	More than 3years	Total
�� consideredgood
Related Parties	14800.30	5328.57	93.54	329.81	31.89	20584.11
Others	69043.88	3174.07	727.78	300.85	194.55	73441.13
Gross undisputed	83844.18	8502.64	821.32	630.66	226.44	94025.24
�� have significant increase in credit risk						-
�� impaired	-	64.87	1741.17	2592.18	2679.00	7077.22
�� consideredgood
Related Parties						-
Others						-
Gross Disputed						-
�� significant increase in credit risk						-
�� credit impaired	-	-	2.13	67.23	731.86	801.22
Total	83844.18	8567.51	2564.62	3290.07	3637.30	101903.68

201

Raymond Limited

248

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

Trade Receivable ageing as at 31[st] ��

	Less than 6 months	6 months ��	�� years	�� years	More than 3years	Total
�� consideredgood
Related Parties	14250.05	4791.06	480.88	39.23	28.56	19589.78
Others	36228.76	1083.35	544.80	177.83	332.34	38367.08
Gross undisputed	50478.81	5874.41	1025.68	217.06	360.90	57956.86
�� have significant increase in credit risk	-	-	-	-	-	-
�� impaired	-	1182.54	2679.49	2139.12	540.43	6541.58
�� consideredgood
Related Parties	-	-	-	-	-	-
Others	-	-	-	-	-	-
Gross Disputed	-	-	-	-	-	-
�� significant increase in credit risk	-	-	-	-	-	-
�� impaired	0.26	4.13	67.50	56.24 2412.42	715.12	843.25
Total	50479.07	7061.08	3772.67		1616.45	65341.69

12 Cash and cash equivalents

12 Cash and cash equivalents
		(Hin lakhs)
	As at 31st March, 2024	As at 31st March, 2023
Cash on hand	87.13	68.31
Balances with Banks - In current accounts	11509.73	11124.73
Total	11596.86	11193.04

13 Bank Balances other than cash and cash equivalents

13 Bank Balances other than cash and cash equivalents
		(Hin lakhs)
	As at 31st March, 2024	As at 31st March, 2023
Margin moneydeposits(Refer Note(a)&(b)below)	21408.01	647.36
Investments in Term deposits(Refer Note(a)&(b)below)	11514.91	14116.07
Unclaimed dividends and unclaimed matured debenture -Earmarked balances with banks	102.64	114.65
Total	33025.56	14878.08

Notes:

a) Held as lien by bank against bank guarantees amounting to H 902.87 lakhs (H 647.36 lakhs as at 31[st] March, 2023)
b) Includes deposits held as Debt Service Reserve Account against Term Loan and Non-Convertible Debentures amounting to H 20973.11 lakhs (H2925.61 lakhs as at 31[st] March 2023)

202 Annual Report 2023-24

249

Financial Statements

At the Cusp of a New Beginning

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

14 Current loans

14 Current loans
		(Hin lakhs)
	As at 31st March, 2024	As at 31st March, 2023
��
Loans to relatedparties(Refer Note 43)	14997.48	7620.00
Total	14997.48	7620.00

Particulars ��
Loans consideredgood - Secured	-	-
Loans consideredgood - Unsecured	14997.48	7620.00
Loans which have significant increase in credit risk	-	-
��	-	-
Total	14997.48	7620.00
Less: Allowance for doubtful Loans
Total Loans	14997.48	7620.00

Refer Note 45 for information about credit risk and market risk for loans.

15 Other current financial assets

15 Other current financial assets
		(Hin lakhs)
	As at 31st March, 2024	As at 31st March, 2023
��
Advances to relatedparties(Refer Note 5(ii)and 43) #	4131.83	4088.39
Export Benefits receivables- dutydrawback	371.50	648.96
Advances and deposits recoverable	3341.06	1121.49
Less: Provision for SecurityDeposit	(304.05)	(304.05)
Interest receivable(Refer note 43)	1754.01	641.45
Derivative financial instruments at FVTPL	-	19.88
Others	47.70	19.11
Total	9342.05	6235.23

includes H 978.06 lakhs (H931.66 lakhs as at 31st March, 2023) due from a private company in which director of the Company is a director.

��

��
		(Hin lakhs)
	As at 31st March, 2024	As at 31st March, 2023
Export Benefits receivables(net)	302.83	187.34
Advances to suppliers	12113.50	9814.22
Balances withgovernment authorities	22372.59	23243.60
Claims and other receivables(net)	75.49	76.27
Prepaid expenses	4008.52	2547.06
Advances recoverable in kind for value to be received	2996.00	1074.54
Other advances*	6015.44	4176.51
Contract assets- unbilled receivables(refer note 1(II) (r))	17784.14	5265.51
Total	65668.51	46385.05

*includes travel advances, Quick silver redemption, shop imprest a/c.

203

Raymond Limited

250

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

17 A Equity share capital

17 A Equity share capital
		(Hin lakhs)
	As at 31st March, 2024	As at 31st March, 2023
Authorised
90000000[31stMarch,2023: 90000000]EquityShares ofH10 each	9000	9000.00
10000000[31stMarch,2023: 10000000]Preference Shares ofH10 each	1000	1000.00
Total	10000	10000.00
Issued, subscribed and fully paid up
66573731[31stMarch,2023: 66573731]EquityShares ofH10 each	6657.37	6657.37
Less: 22300 EquityShares ofH10 each held in trust for employee under ESOP Scheme	(2.23)	-
	6655.14	6657.37

��

			(Hin lakhs)	(Hin lakhs)
	As at 31st March, 2024		As at 31st March, 2023
	Number of shares	Amount	Number of shares	Amount
Equity Shares :
Balance as at the beginningof theyear	66573731	6657.37	66573731	6657.37
Add: Issued duringtheyear	-	-	-	-
Less: 22300 Equity Shares ofH10 each held in trust for employee under ESOP Scheme	(22300)	(2.23)	-	-
Balance as at the end of theyear	66551431.00	6655.14	66573731	6657.37

��

Equity shares: The Company has one class of equity shares having a par value of H10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

��

			(Hin lakhs)	(Hin lakhs)
	As at 31st March, 2024		As at 31st March, 2023
	%	No. of shares	%	No. of shares
J.K. Investors(Bombay)Limited	29.83	19861793	29.83	19861793
JK Investo Trade(India)Limited	12.43	8275087	12.43	8275087
J.K. Helene Curtis Limited	5.40	3592050	5.40	3592050

��

As at 31[st] March, 2024

As at 31st March, 2024
Name of promoter group	No. of shares at the beginning of theyear	Change during the year	No. of shares at the end of theyear	% of Total shares	% changes during the year
Shephali A Ruia	154259	-	154259	0.23%	-
Niharika Gautam Singhania	5000	-	5000	0.01%	-
Nawaz Singhania	2500	50	2550	0.01%	2.00%
Advait Krishna Ruia	2825	-	2825	0.00%	-

204

Annual Report 2023-24

251

Financial Statements

At the Cusp of a New Beginning

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

Name of promoter group	No. of shares at the beginning of theyear	Change during the year	No. of shares at the end of theyear	% of Total shares	% changes during the year
Nisa Gautam Singhania	500	-	500	0.00%	-
Gautam Hari Singhania	29	-	29	0.00%	-
J K Investors(Bombay)Limited	19861793	-	19861793	29.83%	-
J K Helene Curtis Limited	3592050	-	3592050	5.40%	-
J K Investo Trade(India)Limited	8275087	-	8275087	12.43%	-
J K Sports Foundation	6395	-	6395	0.01%	-
Smt Sunitidevi Singhania Hospital Trust	691496	-	691496	1.04%	-
Polar Investments Limited	99200	-	99200	0.15%	-
Total	32691134	50	32691184	49.11%	2.00%

As at 31[st] March, 2023

Name of promoter group	No. of shares at the beginning of theyear	Change during the year	No. of shares at the end of theyear	% of Total shares	% changes during the year
Shephali A Ruia	154259	-	154259	0.23%	-
Niharika Gautam Singhania	5000	-	5000	0.01%	-
Nawaz Singhania	2500	-	2500	0.00%	-
Advait Krishna Ruia	2825	-	2825	0.00%	-
Nisa Gautam Singhania	500	-	500	0.00%	-
Gautam Hari Singhania	29	-	29	0.00%	-
J K Investors(Bombay)Limited	19625793	236000	19861793	29.83%	1.20%
J K Helene Curtis Limited	3592050	-	3592050	5.40%	-
J K Investo Trade(India)Limited	8275087	-	8275087	12.43%	-
J K Sports Foundation	242395	(236000)	6395	0.01%	-97.36%
Smt Sunitidevi Singhania Hospital Trust	691496	-	691496	1.04%	-
Polar Investments Limited	99200	-	99200	0.15%	-
Total	32691134	�	32691134	49.10%	��

��

Information relating to Employee Stock options issued, excercised and lapsed during the financial year and options outstanding at the end of the reporting period, is set out in Note 49.

��

(H in lakhs)

				Reserves a	nd Surplus				Other Reserve	Total
	Securities Premium	Capital Reserve	Capital Reserve on merger	�� Incremental Net Assets account	Capital Redemption Reserve	Share Options Outstanding	General Reserves	Retained Earnings	Equity Instruments through Other Comprehensive Income
Balance as at 1st April, 2022	47800.57	2131.95	33821.47	36651.26	1371.01	�	102612.34	��	2593.86	174574.97
Profit for theyear	-	-	-	-	-	-	-	41045.84	-	41045.84
Other Comprehensive Income for theyear	-	-	-	-	-	-	-	(124.02)	5092.34	4968.32
Total Comprehensive Income for theyear	-	-	-	-	-	-	-	40921.82	5092.34	46014.16

205

Raymond Limited

252

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

									(Hin lakhs)	(Hin lakhs)
				Reserves a	nd Surplus				Other Reserve	Total
	Securities Premium	Capital Reserve	Capital Reserve on merger	�� Incremental Net Assets account	Capital Redemption Reserve	Share Options Outstanding	General Reserves	Retained Earnings	Equity Instruments through Other Comprehensive Income
Dividendpaid	-	-	-	-	-	-	-	(1997.21)	-	(1997.21)
Balance as at 31st March, 2023	47800.57	2131.95	33821.47	36651.26	1371.01	�	102612.34	��	7686.20	218591.92
Profit for theyear	-	-	-	-	-	-	-	52667.17	-	52667.17
Other Comprehensive Income for theyear	-	-	-	-	-	-	-	253.75	4136.16	4389.91
Total Comprehensive Income for theyear	-	-	-	-	-	-	-	52920.92	4136.16	57057.08
Dividendpaid	-	-	-	-	-	-	-	(1997.21)	-	(1997.21)
Premium on Equity Shares held in trust for employee under ESOP the scheme	(376.91)	-	-	-	-	-	-	-	-	(376.91)
Employee Stock Option expense	-	-	-	-	-	1885.24	-	-	-	1885.24
Balance as at 31st March, 2024	47423.66	2131.95	33821.47	36651.26	1371.01	1885.24	102612.34	37440.83	11822.36	275160.12

Securities premium

Securities premium is created due to premium on issue of shares and is utilised in accordance with the provisions of the Act.

Capital reserve

Capital reserve is utilised in accordance with provision of the Act.

Capital Reserve on merger

Reserve arises on merger of apparel business as a part of the scheme.

��

Reserve arises on merger of apparel business as a part of the scheme.

Capital Redemption Reserve

Represent reserve created during buy back of Equity Shares and it is a non-distributable reserve.

General Reserves

Represents transfer portion of the net profit pursuant to the earlier provisions of Companies Act, 1956. Mandatory transfer to general reserve is not required under the Companies Act, 2013.

Share Options Outstanding

The Company has stock options schemes under which options to subscribe for the Company’s shares have been granted to management personal. ESOP reserve is used to recognise the value of equity-settled share based payments provided remunerations.

Retained Earnings

Retained earnings are the profits that the Company has earned till date, less any transfers to general reserve, dividends or other distributions paid to shareholders. Retained earnings includes re-measurement loss / (gain) on defined benefit plans, net of taxes that will not be reclassified to Statement of Profit and Loss. Retained earnings is a free reserve available to the Company.

Equity Instruments through other comprehensive income

The Company has elected to recognise changes in the fair value of certain investment in equity instrument in other comprehensive income. This amount will be reclassified to retained earnings on derecognition of equity instrument.

206

Annual Report 2023-24

253

Financial Statements

At the Cusp of a New Beginning

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

��

��
		(Hin lakhs)
	As at 31st March, 2024	As at 31st March, 2023
Secured
Debentures	20000.00	29934.12
Term loans from banks	10070.14	60645.97
Term loans from Non bankingfinancial institution	5352.26	167.03
Unsecured
Debentures	170000.00	-
��	205422.40	90747.12

Above total is net of instalments falling due within a year in respect of all the above Loans aggregating H 15880.14 lakhs (31 March, 2023 : H 34827.67 lakhs) that have been grouped under "Current Borrowings" (Refer Note 20)

Refer Note 45 for liquidity risk

Nature of Security and terms of repayment for Long Term secured borrowings:

Nature of Security Terms of Repayment

i. Term loan from bank, balance outstanding amounting to H Nil lakhs (31 March, 2023: H 188.80 lakhs) is secured by first charge by way of hypothecation over movable fixed assets including capital work in progress, both present and future, acquired out of the said loans, located at Chhindwara and first charge by way of hypothecation over insurance policies of the above movable fixed assets.
ii. Term loan from bank, balance outstanding amounting to H Nil (31 March, 2023: H8610.88 lakhs) Secured by equitable mortgage on land admeasuring 9800 square meters situated at Village Mehrun, Jalgaon and land admeasuring 151430 square meters situated in the additional Jalgaon Industrial Area within the limits of Village Mehrun, Jalgaon, along with entire structure constructed / to be constructed thereon.
iii. Term loan from bank, balance outstanding amounting to H Nil (31 March, 2023: H22500 lakhs) is secured by first ranking exclusive mortgage over piece and parcel of land or ground admeasuring 62051.23 square meters situated at Village Panchpakhadi, Thane, together with all buildings and structures constructed/erected thereon and/or to be constructed/erected thereon.
iv. Term loan from bank, balance outstanding amounting to H 16255.55 lakhs (31 March, 2022: H 16249.65 lakhs) is secured by first ranking exclusive mortgage on piece or parcel of land admeasuring 11570.05 square meters situated at Village Panchpakhadi, Thane, together with all buildings, erections, godowns and construction erected and standing or attached to the aforesaid land, both present and future.

Repaid in March 2024. Rate of interest 9.35% p.a. as at date of repayment.(31 March, 2023 : 8.05% p.a.)

Repaid in July 2023. Rate of interest 8.90% p.a. as at date of repayment.(31 March, 2023 : 8.90% p.a.)

Repaid in May 2023. Rate of interest 9.65% p.a. as at date of repayment.(31 March, 2023 : 9.65% p.a.)

Repayable in 35 equal monthly instalments after moratorium of 24 months from the first date of availment, and last instalment of H 360.75 lakhs i.e., from April 2024 to March 2027. Rate of interest 9.00% p.a. as at year end. (31 March 2023: 9.20% p.a.) (Loan sanctioned of H 20000 Lakhs of which H 16255.55 lakhs has been availed upto 31[st] March, 2024 and H 16249.65 lakhs upto 31 March 2023)

207

Raymond Limited

254

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

Nature of Security Terms of Repayment v. Term loan from bank, balance outstanding amounting to Repaid in May 2023. Rate of interest 9.50% p.a. as at date of H Nil (31[st] March 2023 H24625 lakhs) is secured by Exclusive repayment.(31 March, 2023 : 9.50% p.a.) Charge by way of Registered Mortgage of land parcel admeasuring 46020.43 sq mt with structures thereon situated at Village PanchpakhadiThane.
vi. Term Loan from Non-Banking Financial Company outstanding Repayment shall be in 27 monthly instalments after amounting to H 5610.00 lakhs (31[st] March 2023: H 500.00 the moratorium period of 27 months, Rate of Interest lakhs) is secured by Exclusive first charge by way of registered 9.00 % as at year end. (31 March 2023: 9.20% p.a). mortgage of land in the project "TenX Habitat" admeasuring (Loan sanctioned of C 27,000 Lakhs of which C 5,610 lakhs has 51704.34 sq.mtrs, further exclusive first charge by way of been outstanding net of repayment upto 31 March 2024 and C registered mortgage of unsold units of the project "Ten X 500 lakhs upto 31 March 2023) Habitat", exclusive charge by way of hypothecation on the receivables originating from the sold and unsold units of the Project and all insurance proceeds both present and future cash flows of the project "TenX Habitat"exclusive charge on the escrow accounts of the Project and all monies credited/ deposited therein (in all forms)

Privately Placed Non-Convertible Debentures (face value H 10 lakhs each)

Nature of Security Terms of Repayment i. Balance outstanding amounting to H Nil (31 March, 2023 : Repaid in May 2023. Rate of interest 9.50% p.a. as at date of H 6500 lakhs) is secured by hypothecation by way of pari repayment.(31 March, 2023 : 9.50% p.a.) passu charge on the Company's movable properties (except current assets) including its movable plant & machinery, machinery spares, tools & accessories and other movables, both present and future, located at Jalgaon Plant.
ii. Balance outstanding amounting to HNil (31 March, 2023: Repaid in June 2023. Rate of interest 8.80% p.a. as at date of H 8000 lakhs) is secured by hypothecation by way of pari repayment.(31 March, 2023 : 8.80% p.a.) passu charge of the Company's movable properties (except current assets) including its movable plant & machinery, machinery spares, tools & accessories and other movables, both present and future, located at Jalgaon Plant.
iii. Balance outstanding amounting to H Nil (31 March, 2023: Repaid in October 2023. Rate of interest 8.85% p.a. as at date of H10000) is secured by pari passu charge by way of an repayment.(31 March, 2023 : 8.85% p.a.) equitable mortgage in relation to leasehold rights in the piece and parcel of land along with the standing structure thereon, admeasuring 404851.27 square meters situated at Village Kharitaigaon, Chhindwara and piece and parcel of land admeasuring 71960 square meters situated at Village Lodhikheda, Chhindwara, together with all present and future assets, receivables and fixtures standing thereon and all things attached thereto.

208

Annual Report 2023-24

255

Financial Statements

At the Cusp of a New Beginning

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

Nature of Security Terms of Repayment iv. Balance outstanding amounting to H 20000 lakhs (31 March, Repayable in four equal annual instalments starting from 2023 : H20000 lakhs) was secured till 24 January, 2023 by February 2028 and last instalment due in February 2031. Rate of first ranking exclusive mortgage on piece or parcel of land interest 9.00% p.a. (31 March, 2023 9.00% p.a.) admeasuring 49708.34 square meters situated at Village Panchpakhadi, Thane, together with all buildings, erections, godowns and construction erected and standing or attached to the aforesaid land, both present and future however the said charge has been modified w.e.f 25 January, 2023 and now the balance is secured by all the pieces and parcels of land situated at Taluka Pardi, District Valsad and within the Registration District and Sub district of Valsad along with the factory building admeasuring 96307 square meters constructed thereon together with all buildings, machinery, erections, furniture and fixtures, godowns and constructions of every description which are standing erected or attached to aforesaid land, both present and future Additional Fixed Deposit amounting to H 20000 lakhs is lien marked against non covertible debentures of H 20000 lakhs (31 March 2023 : Nil)
v. Balance outstanding amounting to H 10000.00 Lakhs (31 10000.00 Lakhs (31 Repayable in December 2024. Rate of interest 7.60% p.a. March, 2023 :H 10000 lakhs) is secured by pari passu charge H 10000 lakhs) is secured by pari passu charge 10000 lakhs) is secured by pari passu charge (31 March, 2023 : 7.60% p.a.)
v. Balance outstanding amounting to H 10000.00 Lakhs (31 10000.00 Lakhs (31 March, 2023 :H 10000 lakhs) is secured by pari passu charge H 10000 lakhs) is secured by pari passu charge 10000 lakhs) is secured by pari passu charge on all the pieces and parcels of land situated at Taluka Pardi, District Valsad and within the Registration District and Sub district of Valsad along with the factory building admeasuring 96307 square meters constructed thereon together with all buildings, machinery, erections, furniture and fixtures, godowns and constructions of every description which are standing erected or attached to aforesaid land, both present and future

Privately Placed Unsecured Non-Convertible Debentures (face value H 10 lakhs each)

Nature of Security	Terms of Repayment
i. 9% Unsecured, Unlisted Non-Cumulative Non-Convertible DebenturesH60000 Lakhs(31 March,2023 : Nil)	Repayable in May 2025. Rate of interest 9.00% p.a. (31 March,2023 : Nil)
ii. 8.75% Unsecured, Unlisted Non-Cumulative Non-Convertible DebenturesC110000 Lakhs(31 March,2023 : Nil)	Repayable in June 2025. Rate of interest 8.75% p.a. (31 March,2023 : Nil)

Amount of H 563.01 lakhs (31 March , 2023: H 1599.54 lakhs) related to deferred expense towards processing charges is netted of against loans and Debentures.

The carrying amounts of financial and non financial assets as security for secured borrowings are disclosed in Note 37.

209

Raymond Limited

256

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

��

��
		(Hin lakhs)
	As at 31st March, 2024	As at 31st March, 2023
Capital Creditors	9946.26	9946.26
Total	9946.26	9946.26

��

��
		(Hin lakhs)
	As at 31st March, 2024	As at 31st March, 2023
Other Payables*	481.86	498.10
Government Grant #	613.13	791.14
Total	1094.99	1289.24

*Represents security deposits recovered from customers towards maintenance, etc.

Represents unamortised amount of duty saved referred to in note 49

20 Current Borrowings

20 Current Borrowings
		(Hin lakhs)
	As at 31st March, 2024	As at 31st March, 2023
Secured
Working Capital Loans
(a)Loans repayable on demand from banks	29408.39	46673.70
(Refer below note(ii)(a))
(b)Local Bills discounted with bank(Refer below note(ii)(b))	1137.75	974.50
(c) By issue of Commercial Papers [Maximum balance outstanding during the yearH 7000 lakhs (31stMarch , 2023H14500 lakhs) (Refer below note(ii)(a))	-	6971.13
(d)Current maturities of long-term debt(Refer Note 18A)	15880.14	34827.67
��	46426.28	89447.00
Unsecured
(a)Workingcapital loan from banks	2449.75	2249.48
(b)Interest Accrued but not due on borrowing	5954.13	2192.94
��	8403.88	4442.42
��	54830.16	93889.42

i. The carrying amounts of financial and non financial assets as security for secured borrowings are disclosed in Note 37.

ii. Security

(a) Loans repayable on demand from banks (includes short term loan and Commercial Papers )

Secured as per the consortium agreement by hypothecation of inventories, receivables , book debts and other current assets of the company excluding liquid investments and assets pertaining to realty division, both present and future

(b) Local Bills discounted with bank

Bill Discounting facility is secured against book debts, receivables, Claims and bills discounted under this facility

iii. Quarterly statements of current assets filed by the Company with banks are in agreement with the books of accounts.

210

Annual Report 2023-24

257

Financial Statements

At the Cusp of a New Beginning

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

��

��
		(Hin lakhs)
	As at 31st March, 2024	As at 31st March, 2023
Tradepayables[Refer Note below]
Amounts due to relatedparties(others) [Refer Note 43]	14296.08	10331.43
Total outstandingdues of micro enterprises and small enterprises	14111.89	10333.43
Others	130026.46	112514.61
Total	158434.43	133179.47

Refer Note 45 for information about liquidity risk and market risk of trade payables.

Trade payables other than Micro Enterprise and Small Enterprise includes H22805.35 lakhs (31[st] March 2023 H 19943.67 lakhs) based on assignment of the dues as per the guidelines issued by RBI under the Trade Receivables Discounting System for MSMEs.

Note :

DUES TO MICRO AND SMALL ENTERPRISES

The Company has certain dues to suppliers registered under as 'micro' and 'small' under Micro, Small and Medium Enterprises Development Act, 2006 (‘MSMED Act’). The disclosures pursuant to the said MSMED Act are as follows:

		(Hin lakhs)
	As at 31st March, 2024	As at 31st March, 2023
a)Theprincipal amount remainingunpaid to anysupplier at the end of theyear	14111.89	10333.43
b)Interest due remainingunpaid to anysupplier at the end of theyear	197.97	138.00
c) The amount of interest paid by the buyer in terms of section 16 of the MSMED Act, 2006, along with the amount of the payment made to the supplier beyond the appointed day duringtheyear	-	-
d) The amount of interest due and payable for the period of delay in making payment (which have been paid but beyond the appointed day during the year) but without addingthe interest specified under the MSMED Act,2006	-	-
e)The amount of interest accrued and remainingunpaid at the end of each accounting year	-	-
f) The amount of further interest remaining due and payable even in the succeeding years, until such date when the interest dues above are actually paid to the small enterprises, for the purpose of disallowance of a deductible expenditure under section 23 of the MSMED Act,2006	-	-

Disclosure of payable to vendors as defined under the "Micro, Small and Medium Enterprise Development Act, 2006" is based on the information available with the Company regarding the status of registration of such vendors under the said Act, as per the intimation received from them on requests made by the Company. There are no material overdue principal amounts to such vendors at the Balance Sheet date.

Trade Payable ageing as at 31[st] ��

	Less than 1 Year	�� years	�� years	More than 3years	Total
Total outstanding dues of micro enterprises and small enterprises	14005.32	23.82	9.54	73.21	14111.89
Total outstanding dues of creditors other than micro enterprises and small enterprises	134520.97	7926.85	1020.64	854.08	144322.54
Disputed dues of micro enterprises and small enterprises	-	-	-	-	-

211

Raymond Limited

258

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

	Less than 1 Year	�� years	�� years	More than 3years	Total
Disputed dues of creditors other than micro enterprises and small enterprises	-	-	-	-	-
Total	148526.29	7950.67	1030.18	927.29	158434.43

Trade Payable ageing as at 31[st] ��

	Less than 1 Year	�� years	�� years	More than 3years	Total
Total outstanding dues of micro enterprises and small enterprises	9994.77	181.15	103.50	54.01	10333.43
Total outstanding dues of creditors other than micro enterprises and small enterprises	117646.68	1934.93	1373.44	1890.99	122846.04
Disputed dues of micro enterprises and small enterprises	-	-	-	-	-
Disputed dues of creditors other than micro enterprises and small enterprises	-	-	-	-	-
Total	127641.45	2116.08	1476.94	1945.00	133179.47

22 Other current financial liabilities

22 Other current financial liabilities
		(Hin lakhs)
	As at 31st March, 2024	As at 31st March, 2023
Deposits from Dealers,Agents,etc.	22621.30	21039.88
Unclaimed dividends[Refer Note(a)below]	102.05	114.07
Book Overdraft	10.92	65.83
Salaryand wagespayable	9667.71	9583.95
Derivative financial instruments at FVTPL	62.03	-
Capital creditors	494.86	438.46
Otherpayables	728.64	877.74
Current total	33687.51	32119.93

Note : (a) There are no amounts due for payment to the Investor Education and Protection Fund under Section 125 of the Companies Act, 2013 as at the year end.

��

(H in lakhs)

��		(Hin lakhs)
	As at 31st March, 2024	As at 31st March, 2023
Provision for employee benefits[Refer Note 41]
- Pension	32.58	29.74
- Gratuity	421.05	905.48
- Leave Entitlement	4119.37	3501.58
Provision for litigation/dispute[Refer Note(a)below]	585.00	585.00
Current total	5158.00	5021.80

Note: Provision for litigation/dispute represents disputed liability of the Company towards excise duty post removal of goods from place of manufacture that are expected to materialise.

212

Annual Report 2023-24

259

Financial Statements

At the Cusp of a New Beginning

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

24 Other Current liabilities

24 Other Current liabilities
		(Hin lakhs)
	As at 31st March, 2024	As at 31st March, 2023
Advances received from customers	5136.36	6888.97
Statutorydues	4224.02	3253.16
Governmentgrant #	172.92	126.85
Otherpayables*	771.12	1348.64
Contract liability (Refer Note 1(II) (r))
- Customer loyalty programme	1205.88	1397.21
- Contract Liabilities(Progress Bill Raised)	26653.22	19361.21
Current total	38163.52	32376.04

*Includes provisional GST, Credit balance of receivables, etc.

Represents unamortised amount of duty saved referred to in note 48

25 Revenue from Operations

25 Revenue from Operations
		(Hin lakhs)
	Year ended 31st March, 2024	Year ended 31st March, 2023
Sale of Products
(i)Manufacturedgoods	221660.29	213830.45
(ii)Stock-in-trade	272088.27	245602.49
Revenue from real estateproject under development	159090.63	110611.66
Sale of Services
(i)Income from tailoringservice	2671.62	2475.84
(ii)Income from air taxi operations	820.86	1167.24
(iii)Income from loyalty participationprogram	745.17	661.02
Other operating revenue
(i)Export Incentives,etc.	1008.13	1126.60
(ii)Process waste sale	1073.23	1578.16
(iii)Forfeiture,maintenance and other income	174.02	902.77
Total	659332.40	577956.23

Note:

Disaggregation of revenue

Revenue based on Geography

		(Hin lakhs)
	Year ended 31st March, 2024	Year ended 31st March, 2023
Domestic	640016.27	558692.81
Export	19316.13	19263.42
Revenue from operations	659332.40	577956.23

213

Raymond Limited

260

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

Revenue based on Business Segment

Revenue based on Business Segment
		(Hin lakhs)
	Year ended 31st March, 2024	Year ended 31st March, 2023
Textile	340546.85	332515.24
Apparel	158699.86	132758.32
Real estate development	159264.83	111514.43
Others*	820.86	1168.24
Total Revenue from operation	659332.40	577956.23
* It includes Non-scheduled Airline operations. Revenue based on timing of recognition		(Hin lakhs)
	Year ended 31st March, 2024	Year ended 31st March, 2023
Revenue recognition at apoint in time	500241.77	467344.57
Revenue recognition overperiod of time	159090.63	110611.66
Total revenue from operation	659332.40	577956.23
Reconciliation of Revenue from operations with contract price		(Hin lakhs)
	Year ended 31st March, 2024	Year ended 31st March, 2023
Contract Price	681451.67	600560.06
Less:-
Bonus,Incentives,discount and others	17397.07	18127.10
Customer loyalty programme	1368.61	716.18
Sales returns and others	3353.59	3760.55
Total Revenue from operation	659332.40	577956.23

Contract Balances

Significant changes in contract asset and contract liabilities balances are as follows:

Contract Balances Significant changes in contract asset and contract liabilities balances are as follows:
		(Hin lakhs)
	Year ended 31st March, 2024	Year ended 31st March, 2023
Contract Assets
OpeningBalance	5265.51	437.65
Less: Transferred to receivables	74714.05	38124.99
Add: Revenue recognised(net of invoicing)	87232.68	42952.85
Closing balance	17784.14	5265.51
		(Hin lakhs)
	Year ended 31st March, 2024	Year ended 31st March, 2023
Contract Liabilities
Contract liabilities at the beginningof theyear	19362.21	6829.16
Add: Invoiced duringtheyear	79148.96	80191.86
Less: Net Revenue recognised during the year (IncludingH17276.52 lakhs; 31stMarch, 2023: 6829.16 lakhs recognised out of the openingcontract liability)	71857.95	67658.81
Balance at the end of theyear	26653.22	19362.21

214

Annual Report 2023-24

261

Financial Statements

At the Cusp of a New Beginning

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

Unsatisfied performance obligations on long term real estate contracts

Revenue is recognized upon transfer of control of products or services to customers.

Long term contracts entered into by the Company as on 31 March, 2024 is D 550,599.97 lakhs (31 March, 2023 D 343,153.54 lakhs) pertaining to real estate development projects. The unsatisfied performance obligation relating to these contracts aggregates to D185,527.61 lakhs (31 March, 2023 D 125,522.36 lakhs) as at year end.

The management of Company expects that 40.21% (31 March, 2023 : 35.49%) of the unsatisfied performance obligation amounting to D 74,603.29 lakhs (31 March, 2023 D 44,553.94 lakhs) pertaining to these long term contracts will be recognised as revenue during the next reporting period with balance in future reporting periods thereafter.

26 Other Income

26 Other Income
		(Hin lakhs)
	Year ended 31st March, 2024	Year ended 31st March, 2023
Interest income on financial assets measured at amortised cost:
- Fixed deposits	1180.08	494.37
- Securitydeposits	35.48	19.05
- Loan to relatedparty	2554.90	1400.07
- Others	8525.80	3650.78
Dividend income others	26.80	25.56
Rent income	487.02	526.48
Corporate facilityincome	2551.77	2814.00
Other non-operatingincome#	4248.47	1284.27
Apportioned income from Government Grant	170.18	187.67
Netgain on sale/fair valuation of investments throughprofit and loss *	7957.87	2249.86
Provision for investments in subsidiaries,reversed on disposal(Refer Note 5(iv) 72665.57
Less: Actual loss on disposal of investments (72539.57)
Net reversal resultingin surplus on disposal of investments	126.00	-
Netprofit onproperty, plant and equipment sold/discarded	-	44.60
Exchange fluctuation(net)	280.52	512.55
Gain on extinguishment of lease liabilities(Refer Note 40)	178.65	151.77
Total	28323.54	13361.03

includes income from sale of scrap, Boat charter income, refund of custom duty and others

Adjusted for fair value gain amounting to Rs.4251.65 lakhs for year ended 31[st] March, 2024 (31[st] March, 2023 Rs. 816.37 lakhs)

27 Cost of materials consumed

27 Cost of materials consumed
		(Hin lakhs)
	Year ended 31st March, 2024	Year ended 31st March, 2023
OpeningStock	7109.51	7138.24
Purchases	71875.84	74044.75
Less : Sales(disposals)	51.56	153.71
Less : ClosingStock	6814.12	7109.51
Total	72119.67	73919.77

215 262

Raymond Limited

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

��

��
		(Hin lakhs)
	Year ended 31st March, 2024	Year ended 31st March, 2023
Garments	10203.63	12650.22
Shirting	45644.87	49836.55
SuitingFabrics	18897.82	20347.55
Apparel	90605.44	78506.12
Others	3645.21	4584.19
Total	168996.97	165924.63

��

		(Hin lakhs)
	Year ended 31st March, 2024	Year ended 31st March, 2023
Opening inventories
Finishedgoods	28919.40	20824.37
Work-in-progress	16467.61	15882.96
Stock-in-trade	66713.28	48915.41
Propertyunder development	68545.84	53893.45
	180646.13	139516.19
Closing inventories
Finishedgoods	30710.97	28919.40
Work-in-progress	15770.27	16467.61
Stock-in-trade	76165.56	66713.28
Propertyunder development	65970.01	68545.84
	188616.81	180646.13
Total	��	��

30 Employee benefits expense

30 Employee benefits expense
		(Hin lakhs)
	Year ended 31st March, 2024	Year ended 31st March, 2023
Salaries and wages	58018.34	50710.19
Contribution toprovident funds and other funds(Refer Note 41)	2959.53	2642.21
Gratuityandpensionplan expense(Refer Note 41)	828.54	839.42
Workmen and staff welfare expenses	3009.99	2791.55
Employees Stock Option Plan Cost(Refer note 49)	1885.24	-
Total	66701.64	56983.37

31 Finance costs

31 Finance costs
		(Hin lakhs)
	Year ended 31st March, 2024	Year ended 31st March, 2023
Interest expense on Debentures and Term Loans	19332.02	12334.25
Interest expense - others	8471.39	7850.34
Interest on lease liability (Refer Note 40)	4898.74	2656.86
Other borrowingcosts	180.79	-
Total	32882.94	22841.45

216

Annual Report 2023-24

263

Financial Statements

At the Cusp of a New Beginning

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

32 Depreciation and amortization expense

32 Depreciation and amortization expense
		(Hin lakhs)
	Year ended 31st March, 2024	Year ended 31st March, 2023
Depreciation onproperty, plant and equipment	9052.94	7914.89
Depreciation on investmentproperty	8.03	8.03
Depreciation on Right to use Assets	11631.93	7975.13
Amortization on intangible assets	42.74	13.69
Total	20735.64	15911.74

33 A Manufacturing and operating costs

33 A Manufacturing and operating costs
		(Hin lakhs)
	Year ended 31st March, 2024	Year ended 31st March, 2023
Consumption of stores and spareparts	16979.93	16018.40
Power and fuel	12433.98	13214.23
Job work charges	12147.16	12776.44
Repairs to buildings	517.94	660.11
Repairs to machinery	1392.17	1304.15
Other manufacturingand operatingexpenses	3292.12	2899.02
Total	46763.30	46872.35

33 B Costs towards development of property

33 B Costs towards development of property
		(Hin lakhs)
	Year ended 31st March, 2024	Year ended 31st March, 2023
Development charges,Approval cost *	25627.83	38918.98
Design,Architect and other consultancycharges	1125.32	968.45
Construction cost	75869.10	47173.21
Total	102622.25	87060.64

Includes H Nil lakhs (31 March, 2023: H 2723.79) that has been reclassified from Property, plant and equipment into ‘Property under Development’ under inventories (refer note 2a(iii)).

33 C Other expenses

33 C Other expenses
		(Hin lakhs)
	Year ended 31st March, 2024	Year ended 31st March, 2023
Rent	1083.95	1511.42
Insurance	18.28	130.09
Repairs and maintenance Others	6404.54	5496.38
Rates and taxes	969.08	1323.40
Advertisement	19140.32	16411.69
Commission to sellingagents	18196.43	16476.86
Freight,Octroi,etc.	3117.57	2989.95
Legal and Professional fees	7031.98	5965.37
Travellingand conveyance	8733.18	7400.54
Salespromotion expenses	9033.62	5453.86
Director Fees(Refer Note 43)	106.00	56.00
Expenditure incurred for Corporate Social Responsibility (Refer Note 51)	263.99	-

217 264

Raymond Limited

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

		(Hin lakhs)
	Year ended 31st March, 2024	Year ended 31st March, 2023
Contribution to Charitable Funds	-	0.50
Commission to Non Executive Directors(Refer Note 43)	236.67	125.00
Bad debts	-	26.31
Provision for doubtful debts	493.61	797.24
Provision for doubtful deposit	398.00	-
Net Loss onproperty, plant and equipment sold/discarded	15.88	-
Outsourced support services	9979.31	7961.18
IT outsourced support services	1562.69	1301.23
Electricitycharges of stores,offices and others	2564.24	2062.73
Securitycharges	1639.51	1498.21
Material Handlingexpenses	3432.77	3164.89
Miscellaneous Expenses#	16247.78	16573.09
Total	110669.40	96725.94

Includes bank charges, communication charges, printing stationery, software charges and warehouse charges

Legal and Professional fees include:

Legal and Professional fees include:
		(Hin lakhs)
��	Year ended 31st March, 2024	Year ended 31st March, 2023
As auditors	145.00	120.00
Other services	39.30	21.40
Reimbursement of expenses	15.76	16.41
Total	200.06	157.81

��

��
		(Hin lakhs)
	Year ended 31st March, 2024	Year ended 31st March, 2023
VRSpayments(Textile)	919.06	-
VRSpayments(unallocable)	-	85.49
Provision for diminution in the value of Investment in Raymond UCO Denim Private Limited(unallocable) (refer note 5(ii))	2900.00	-
Expected credit loss of trade receivables(includingsecuritydeposit-Apparel)	-	7467.10
Write down of inventories(Apparel)	-	2164.45
Reimbursement of Stamp Duty claim against property, plant and equipment as per Arbitration Award. (Award is in favour of the Company, rejected all other claims) (unallocable)	-	707.18
Insurance claim received(unallocable)	-	(1109.00)
Expenses incurred towards sale of investments in subsidiary through IPO process (unallocable) (refer note 5(vi))	-	802.56
Total	3819.06	10117.78

218

Annual Report 2023-24

265

Financial Statements

At the Cusp of a New Beginning

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

35 Income taxes expense

Tax expense/(credit) recognized in the Statement of Profit and Loss

35 Income taxes expense Tax expense/(credit) recognized in the Statement of Profit and Loss
		(Hin lakhs)
	Year ended 31st March, 2024	Year ended 31st March, 2023
Current tax
Provision of Income Tax
Current Tax - Current Year	15870.00	-
Current Tax - Defined Employee Benefits	-	-
Current Tax - Earlier Years	-	(2743.03)
Total current tax expense	15870.00	��
Deferred tax
Deferred tax charge/(credit)	1778.58	14180.31
MAT Credit utilised/(availed)	-	3606.41
��	1778.58	17786.72
Total income tax expense	17648.58	15043.69

��

�� �� ��	��	��
		(Hin lakhs)
	Year ended 31st March, 2024	Year ended 31st March, 2023
Enacted income tax rate in India applicable to the Company	25.17%	25.17%
Profit /(Loss)before tax	70315.75	56089.53
Current tax expenses on Profit /(Loss)before tax expenses at the enacted income tax rate in India	17698.47	14117.73
�� taxable income
Deduction under section 24 of the Income Tax Act	(28.47)	(32.70)
Exceptional Items - Impairment of RAL(not recognised in earlieryear and differential tax rate)	-	(6499.51)
Capitalgain on account of loss off-setting	(964.57)	-
Permanent Disallowances	926.76	-
One time charge on account of change in tax regime(refer below note)	-	7349.38
Other items	16.39	108.79
��	17648.58	15043.69

��

Note: 1

During the previous year, while filing its return of income for the year ended 31 March 2022, the Company decided to exercise the option of lower tax rate available under Section 115BAA of the Income Tax Act, 1961 (“new tax regime”) as introduced by the Taxation Laws (Amendment) Act, 2019 (‘the Amendment Act”). Consequently, during the previous year , the Company has reversed the provision for current tax recognised based on the tax provisions applicable prior to adoption of the new tax regime, pertaining to the previous year ended 31 March 2022. Similarly, the Company has also remeasured/reversed its deferred tax assets (net) including MAT credits, outstanding as at 01 April 2022.

Note: 2 Refer note 50

219

Raymond Limited

266

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

�� [st] March, 2023 and 31[st] March, 2024:

==> picture [512 x 527] intentionally omitted <==

----- Start of picture text -----

As at 1 [st] Credit / Adjustment As at 31 [st] Credit / Adjustment Adjustment As at 31 [st]
April, 2022 �� through March, 2023 �� through through March, 2024
Deferred statement reserves/ Other Deferred statement reserves/ Other deemed equity Deferred Tax
Tax Asset / of Profit and comprehensive Tax Asset / of Profit and comprehensive (refer note 5 Asset /
�� Loss �� Loss ��
Depreciation 205.44 (236.69) - (31.25) 17.09 - - (14.16)
VRS paid 296.85 (136.64) - 160.21 131.89 - - 292.10
ESOP Expenses - 474.45 - - 474.45
Expenses allowed in 1169.54 (338.28) 41.78 873.04 155.30 - - 1028.34
the year of payment
Expenses allowed in - 302.04 - - 302.04
the year of payment
- MSME
Provision for doubtful 1046.10 1167.52 - 2213.62 224.52 - - 2438.14
debts and advances
Indexation benefit on 804.95 (180.00) - 624.95 843.30 - - 1468.25
conversion of land into
stock in trade
Long Term Capital 2449.77 (1370.74) - 1079.03 (1079.03) - - -
Loss
F.M.V. of Land & 678.73 (192.07) - 486.66 (486.66) - - -
Capital Gain
Profit on F.M.V of (695.19) (205.39) (900.58) (1070.80) - - (1971.38)
Investments
Investment through (329.06) - (657.80) (986.86) - (534.30) - (1521.16)
OCI
Amortisation of (628.44) 148.56 - (479.88) 281.34 - - (198.54)
Transaction costs
Adjustments on 1792.04 (251.40) - 1540.64 257.99 - - 1798.63
account of
IND AS 116
Deemed equity - - - - (71.32) - 2676.73 2605.41
investment
componenet of
compound financial
instruments (refer
note 5(vii))
Business losses 18947.14 (18946.79) - 0.35 (0.35) - - -
and unabsorbed
depreciation
Capital loss on sale 7726.89 6360.23 - 14087.12 (1503.16) - - 12583.96
of investments
Others (6.99) 1.38 - (5.61) (255.22) - - (260.83)
Total 33457.77 �� 18661.44 �� 2676.73 19025.25
MAT Credit 3606.41 (3606.41) - - - - - -
Entitlements
Total 37064.18 �� 18661.44 �� 2676.73 19025.25
----- End of picture text -----

220

Annual Report 2023-24

267

Financial Statements

At the Cusp of a New Beginning

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

��

��
��		(Hin lakhs)
	As at 31st March, 2024	As at 31st March, 2023
Capital loss	45669.70	4756.03
DTA on Capital loss	10449.23	1088.18
Significant Estimates :The Company has recognised deferred tax assets on a certain portion of capital losses. Based on future projections, the Company is reasonably certain that it would be able to generate adequate taxable capital gains (mainly from conversion of land into stock in trade) to ensure utilisation of capital losses. Note 36: Earning per share (Hin lakhs)
	31st March, 2024	31st March, 2023
Profitper Share has been computed as under:(A)
Profit for theyear	52667.17	41045.85
Weighted average number of equityshares outstanding- Basic(B)	66557402	66573731
Weighted average number of equityshares outstanding- Diluted(C)	66649195	66573731
Earning per Share(H)- Basic(Face value ofH10per share) (D=A/B)	79.13	61.65
Earning per Share(H)- Diluted(Face value ofH10per share) (D=A/C)*	79.13	61.65

Significant Estimates : The Company has recognised deferred tax assets on a certain portion of capital losses. Based on future projections, the Company is reasonably certain that it would be able to generate adequate taxable capital gains (mainly from conversion of land into stock in trade) to ensure utilisation of capital losses.

*Anti-dilutive

Note 37: Assets Pledged as security

The carrying amounts of assets Pledged as security for current and non-current borrowings are:

yg g y g		(Hin lakhs)
	As at 31st March, 2024	As at 31st March, 2023
Current Assets
Financial assets
Trade Receivables	94025.24	57956.86
Cash and cash equivalents	-	-
Bank balances other than cash and cash equivalents	21875.98	3559.86
Loans	14997.48	7620.00
Other financial assets	9342.05	6235.23
	140240.75	75371.95
��
Inventories	201107.11	195055.58
Other current assets	65668.51	46385.05
	266775.62	241440.63
Total Current assets Pledged as security	407016.37	316812.58
Non Current Assets
Financial assets
Margin moneyand term deposits	101.54	383.65
	101.54	383.65
��
Land	2421.13	6188.78
Building	7877.96	15662.97
Furniture,fittings and equipment	182.77	199.05
Plant and Equipment's	6376.63	7821.83
Others	35.75	-
	16894.24	29872.63
��	16995.78	30256.28
Total assets Pledged as security	424012.15	347068.86

221

Raymond Limited

268

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

��

��
		(Hin lakhs)
	As at 31st March, 2024	As at 31st March, 2023
Contingent Liabilities
(a) Claims against the Company not acknowledged as debts in respect of past disputed liabilities of the Cement and Steel Divisions divested during the year 2000-01 and Denim Division divested during the year 2006-07 (interest thereon not ascertainable atpresent)
Sales Tax	98.54	98.54
Royalty	233.88	228.29
Stampduty*	2957.66	2957.66
Other Matters	27.56	27.56
	3317.64	3312.05
*The Company has a contractual right towards reimbursement of 50% of the amount of demand finallydetermined.
(b)Claims against the Companynot acknowledged as debts in respect of other divisions.
Sales Tax	843.45	1822.77
Goods and services tax	2754.80	1875.71
Compensation for Premises	1865.64	1817.54
Electricityduty	673.31	673.31
Water Charges	248.08	262.55
Other Matters(service tax,labour laws,Civil matters and interest claims)	268.93	333.59
	6654.21	6785.47
(c) Disputed demands in respect of Income-tax, etc. (Interest thereon not ascertainable atpresent)	4418.69	5328.22
(d)Disputed Excise/Custom Duty	2469.51	2469.51
(e) Company's liabilities/obligations pertaining to the period upto the date of transfer of the Company's erstwhile Steel, Cement and Denim Division in respect of which the Companyhasgiven undertakings to the acquirers.	Amount not determinable	Amount not determinable
(f) Provident Fund The Honourable Supreme Court, had passed a judgement on 28 February, 2019 in relation to inclusion of certain allowances within the scope of "Basic wages" for the purpose of determining contribution to provident fund under the Employees' Provident Funds & Miscellaneous Provisions Act, 1952. The management, based on legal advice, is of the view that the applicability of the judgement to the Company, with respect to the period and the nature of allowances to be covered due to interpretation challenges, and resultant impact on the past provident fund liability, cannot be reasonablyascertained.	Amount not determinable	Amount not determinable
(g) Claim in relation to tenancy rights over a portion of the Company’s Land at Thane has been filed in the District Court, Thane, which the Company believes, has no jurisdiction to adjudicate such matters. All the Revenue Courts (Tahsildar, Sub-divisional Officer and Maharashtra revenue tribunal order), that have jurisdiction to adjudicate such matters, have already passed orders in favour of the Company. The Company has been legally advised that they have a good case on law and merits. It is not practicable for the Company to estimate the timing of cash outflows, if any , in respect of the above (a), (b), (c) to (g) pending resolution of the respective proceedings. The Company does not expect any reimbursements in respect of the above contingent liabilities other than stampdutymatter mentioned in(a)above.	Amount not determinable	Amount not determinable
(h)Also refer notes 2A(iv)and 5(i)for other disputes

222

Annual Report 2023-24

269

Financial Statements

At the Cusp of a New Beginning

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

Note 39: Commitments

��

Capital expenditure contracted for at the end of the reporting period but not recognised as liabilities is as follows:

		(Hin lakhs)
	As at 31st March, 2024	As at 31st March, 2023
Property, plant and equipment	2697.55	3545.22
Less: Capital advances and CWIP	(335.26)	(674.47)
Net Capital commitments	2362.29	2870.75

��

Future export obligations / commitments under import of Capital Goods at Concessional rate of customs duty. As at 31 March, 2024 H 10227.90 lakhs (31 March, 2023 H 11462.48 lakhs)

��

Equity commitment in joint venture, not exceeding amount H Nil as at 31 March 2024 (31 March 2023: H 2500 lakhs ) based upon the fulfilment of conditions mentioned under clause 6 of the sixth addendum dated 7 March 2022 to the shareholders agreements dated 1 June 2006.

Commitment in providing financial support to the joint venture to enable it to operate and settle its liabilites and obligation as they become due and continue as going concern for the next financial year.

��

��
		(Hin lakhs)
	As at 31st March, 2024	As at 31st March, 2023
On account of corporate guarantee to the bankers on behalf of subsidiaries for facilities availed by them (amount outstanding at close of the year). (IncludesH3771.19 lakhs (31 March,2023H4769.76 lakhs) given as short fall undertaking)	4529.92	5029.95

Note 40: Ind As 116 Leases

The Company's lease asset primarily consist of leases for land (reclassified) and for buildings (premises) for retail stores and warehouses having various lease terms.

The maturity analysis of lease liabilities are disclosed in note 45 (iii)

The Company has recognised H1083.95 lakhs (31 March 2023, H 1511.42 lakhs) as rent expenses during the year which pertains to short-term leases / low value assets (Refer Note 33 C)

The Company has recognisedH1083.95 lakhs (31 March 2023,H1511.42 lakhs) as rent e short-term leases / low value assets (Refer Note 33 C)	xpenses during the y	ear which pertains to
		(Hin lakhs)
Particulars	As at 31st March, 2024	As at 31st March, 2023
The Balance sheet discloses the following amounts relating to leases:
��
Leasehold Land	322.30	327.58
Buildings	66338.01	34247.75
	66660.31	34575.33
Lease Liabilities
Current	10382.48	8030.83
Non Current	60861.29	30255.27
	71243.77	38286.10

223

Raymond Limited

270

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

		(Hin lakhs)
Particulars	Year ended 31st March 2024	Year ended 31st March 2023
Amounts recognised in statement ofprofit and loss:
Depreciation charged on Right of Use Assets
Leasehold Land	5.28	5.28
Buildings	11626.65	7969.85
	11631.93	7975.13
Interest Expense included in Finance Cost	4898.74	2656.86
Total cash outflow for leases during financial year (excluding short term leases and includinginterest)	(14558.69)	(10582.95)
Additions to the right of use assets duringthe current financialyear	44730.78	22976.29

The table below provides details regarding lease rentals payable (minimum lease payments) under these non-cancellable leases are as follows:

are as follows:
		(Hin lakhs)
Particulars	As at 31st March, 2024	As at 31st March, 2023
Less than 5year	63597.51	37610.00
More than 5year	31934.24	16483.30
Total	95531.75	54093.30

Note 41: Post retirement benefit plans

Defined Benefits Plan

(i) Gratuity

The Company provides for gratuity for employees in India as per the Payment of Gratuity Act, 1972. Employees who are in continuous service for a period of 5 years are eligible for gratuity. The amount of gratuity payable on retirement/termination is the employees last drawn basic salary per month computed proportionately for 15 days salary multiplied for the number of years of service. The gratuity plan is a funded plan and the Company makes contributions to recognised funds in India.

(ii) Pension Benefits

The Company operates defined benefit pension plans which provide benefits to some of its employees in the form of a guaranteed level of pension payable for certain years after retirement. The level of benefits provided depends on members' length of service and their salary in the final years leading up to retirement.

(iii) Provident fund

In case of certain employees , the Provident Fund contribution is made to a trust administered by the Company. In terms of the guidance note issued by the institute of Actuaries of India, the actuary has provided a valuation of Provident Fund liability based on the assumptions listed above and determined that there is no shortfall as at 31 March, 2024.

�� As per Actuarial Valuation as on 31 March, 2024 and 31 March, 2023 amounts recognised in the financial statements in respect of Employee Benefit Schemes are as follows:

224

Annual Report 2023-24

271

Financial Statements

At the Cusp of a New Beginning

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

A. Amount recognised in the Balance Sheet

A Amount reconised in the Balance Sheet
. g		(Hin lakhs)
Particulars	As at 31st March, 2024	As at 31st March, 2023
Gratuity:
Present value ofplan liabilities	15394.78	14363.45
Fair value ofplan assets	14973.73	13457.97
Deficit/(Surplus)of fundedplans	421.05	905.48
Unfundedplans	-	-
��	421.05	905.48
Provident Fund
Present value ofplan liabilities	30936.94	28185.02
Fair value ofplan assets	33330.38	30578.68
Deficit/(Surplus)of fundedplans	(2393.44)	(2393.66)
Unfundedplans	-	-
��	�	�
Pension:
Present value ofplan liabilities	32.58	29.74
Fair value ofplan assets	-	-
��	32.58	29.74

Surplus of assets over liabilities has not been recognised on the basis that future economic benefits are not available to the Company in the form of a reduction in future contributions or cash refunds.

B. Movements in plan assets and plan liabilities

					(Hin lakhs)	(Hin lakhs)
Gratuity: ~~-----~~	Year	ended 31st March2024		Year	ended 31st March2023
	Plan Assets ~~--~~	Plan liabilities ~~--~~	Net ~~--~~	Plan Assets ~~-~~	Plan liabilities ~~--~~	Net ~~--~~
As at 1st April	13457.97	14363.45	905.48	11663.95	13187.80	1523.85
Current service cost		757.12	757.12	-	724.57	724.57
Return on plan assets excluding actual return onplan assets	362.41		(362.41)	(103.86)	-	103.86
Actual return onplan asset	1005.31		(1005.31)	842.92	-	(842.92)
Interest cost		1072.95	1072.95	-	953.95	953.95
Actuarial (gain)/loss arising from changes in demographic assumptions			-	-	(26.87)	(26.87)
Actuarial (gain)/loss arising from changes in financial assumptions		287.47	287.47	-	(530.76)	(530.76)
Actuarial (gain)/loss arising from experience adjustments		(263.87)	(263.87)	-	630.07	630.07
Employer contributions	905.48	(65.10)	(970.58)	1527.70	(102.57)	(1630.27)
Benefitpayments	(757.44)	(757.24)	0.20	(472.74)	(472.74)	-
As at 31st March	14973.73	15394.78	421.05	13457.97	14363.45	905.48
						(Hin lakhs)
Provident Fund ~~-----~~	Year	ended 31st March2024		Year	ended 31st March2023
	Plan Assets ~~--~~	Plan liabilities ~~--~~	Net ~~--~~	Plan Assets ~~-~~	Plan liabilities ~~--~~	Net ~~--~~
As at 1st April	30578.68	28185.02	(2393.66)	26655.61	24268.33	(2387.28)
OpeningBalance adjustment	-	(22.48)	(22.48)		(0.66)	(0.66)
Current service cost	-	1143.83	1143.83	-	898.79	898.79
Employee contributions	1994.19	1994.19	-	1666.29	1666.29	-
Return on plan assets excluding actual return onplan assets	(22.70)		22.70	5.72	-	(5.72)
Actual return onplan asset	2182.65		(2182.65)	1955.92	-	(1955.92)
Interest cost		2182.65	2182.65	-	1955.92	1955.92

(Hin lakhs)	(Hin lakhs)	(Hin lakhs)	(Hin lakhs)	(Hin lakhs)	(Hin lakhs)	(Hin lakhs)
Provident Fund Year ended 31st March2024 Year ended 31st March2023 Plan Assets Plan liabilities Net Plan Assets Plan liabilities Net ~~----------------~~
As at 1st April	30578.68	28185.02	(2393.66)	26655.61	24268.33	(2387.28)
OpeningBalance adjustment	-	(22.48)	(22.48)		(0.66)	(0.66)
Current service cost	-	1143.83	1143.83	-	898.79	898.79
Employee contributions	1994.19	1994.19	-	1666.29	1666.29	-
Return on plan assets excluding actual return onplan assets	(22.70)		22.70	5.72	-	(5.72)
Actual return onplan asset	2182.65		(2182.65)	1955.92	-	(1955.92)
Interest cost		2182.65	2182.65	-	1955.92	1955.92

225 272

Raymond Limited

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

					(Hin lakhs)	(Hin lakhs)
Provident Fund ~~-----~~	Year	ended 31st March2024		Year	ended 31st March2023
	Plan Assets ~~--~~	Plan liabilities ~~--~~	Net ~~--~~	Plan Assets ~~-~~	Plan liabilities ~~--~~	Net ~~--~~
Employer contributions	1143.83		(1143.83)	898.79	-	(898.79)
Benefitpayments	(4054.72)	(4054.72)	-	(1877.48)	(1877.48)	-
Liability Assumed on Acquisition / (Settled on Divestiture)	2459.29	2459.29	-	2465.50	2465.50	-
Assets Acquired on Acquisition/ (Distributed on Divestiture)	(950.84)	(950.84)	-	(1191.67)	(1191.67)	-
As at 31st March	33330.38	30936.94	��	30578.68	28185.02	��
						(Hin lakhs)
Pension: ~~-----~~	Year	ended 31st March2024		Year	ended 31st March2023
	Plan Assets ~~--~~	Plan liabilities ~~--~~	Net ~~--~~	Plan Assets ~~-~~	Plan liabilities ~~--~~	Net ~~--~~
As at 1st April	-	29.74	29.74	-	35.92	35.92
Current service cost	-	1.54	1.54	-	1.72	1.72
Interest cost	-	2.24	2.24	-	2.60	2.60
Actuarial (gain)/loss arising from changes in demographic assumptions	-		-	-	(1.55)	(1.55)
Actuarial (gain)/loss arising from changes in financial assumptions	-	0.73	0.73	-	(1.88)	(1.88)
Actuarial (gain)/loss arising from experience adjustments	-	(1.67)	(1.67)	-	(7.07)	(7.07)
As at 31st March	�	32.58	32.58	�	29.74	29.74
The liabilities are split between different categories of plan participants as			follows:			(Hin lakhs)
Defined Benefit obligations and employer contributions ~~-------~~	Gratuity		Provident Fund		Pension Fund
	2024 ~~=~~	2023 ~~=~~	2024	2023	2024	2023
Active members	6678	6697	2598	2477	28	28
� deferred members - NIL (2022-23:NIL)

retired members - NIL (2022-23: NIL)

The weighted average duration of the defined benefit plans is 9 years (2022-23 : 9 Years ) for gratuity.

The Company expects to contribute around H1244.96 lakhs to the funded plans in financial year 2023-24 (2022-23 : H 1631.53 lakhs) for gratuity.

C. Amount recognised in the Statement of Profit and Loss as Employee Benefit Expenses

		(Hin lakhs)
	Year ended 31st March, 2024	Year ended 31st March, 2023
Gratuity:
Current service cost	757.12	724.57
Finance cost/(income)	67.64	110.53
Net impact on the Profit before tax	824.76	835.10
Remeasurement of the net defined benefit liability:
Return onplan assets excludingactuarial return onplan assets	(362.41)	103.86
Actuarialgains/(losses)arisingfrom changes in demographic	-	(26.87)
Actuarialgains/(losses)arisingfrom changes in financial assumption	287.47	(530.76)
Experiencegains/(losses)arisingon experience adjustments	(263.87)	630.07
��	��	176.30

226

Annual Report 2023-24

273

Financial Statements

At the Cusp of a New Beginning

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

(H in lakhs)

Provident Fund	Year ended 31st March, 2024	Year ended 31st March, 2023
Current service cost	1143.83	898.79
Amount recognised in the Statement of Profit and loss	1143.83	898.79
Employee Benefit Expenses:
Current service cost	1.54	1.72
Finance cost/(income)	2.24	2.60
Amount recognised in the Statement of Profit and Loss	3.78	4.32
Remeasurement of the net defined benefit liability:
Actuarialgains/(losses)arisingfrom changes in demographic	-	(1.55)
Actuarialgains/(losses)arisingfrom changes in financial assumption	0.73	(1.88)
Experiencegains/(losses)arisingon experience adjustments	(1.67)	(7.07)
Amount recognised in the Other Comprehensive Income	��	��

D. Assets

D. Assets
		(Hin lakhs)
	As at 31st March, 2024	As at 31st March, 2023
Gratuity:
Unquoted
GovernmentDebtInstruments	63.99	59.21
Insurer managedfunds	14909.94	13398.76
Total	14973.93	13457.97
Provident Fund
Quoted
GovernmentDebtInstruments	18984.45	17988.03
Other DebtInstruments	13587.25	12024.11
Quoted
Unquoted	758.68	566.55
��	33330.38	30578.69

E. Assumptions

With the objective of presenting the plan assets and plan liabilities of the defined benefits plans and post retirement pension benefits at their fair value on the balance sheet, assumptions under Ind AS 19 are set by reference to market conditions at the valuation date

The significant actuarial assumptions were as follows:

		(Hin lakhs)
	As at 31st March, 2024	As at 31st March, 2023
Gratuity:
Financial Assumptions
i. Discountrate	7.21%	7.47%
ii.SalaryEscalation Rate #	7.00%	6.50-7.00%
Demographic Assumptions	Published rates under the Indian AssuredLivesMortality (2012-14) Urban	Published rates under the Indian Assured LivesMortality (2012-14) Urban
Provident Fund
Financial Assumptions
Discountrate	7.21%	7.47%
GuaranteedRate of Return(p.a)	8.25%	8.15%
Financial Assumptions
i. Discountrate	7.23%	7.52%
ii.SalaryEscalation Rate #	7.00%	6.50-7.00%

takes into account the inflation, seniority, promotions and other relevant factors.

227

Raymond Limited

274

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

F. Sensitivity

The sensitivity of the defined benefit obligation to changes in the weighted key assumptions are:

					(Hin lakhs)	(Hin lakhs)
Gratuity:	As at 31st March, 2024			As at 31st March, 2023
	Change in assumption	Increase in assumption	Decrease in assumption	Change in assumption	Increase in assumption	Decrease in assumption
Discount rate	50 bps	(544.50)	580.76	50 bps	(516.16)	550.01
SalaryEscalation Rate	50 bps	549.27	(521.78)	50 bps	532.05	(506.57)

The sensitivity analyses above have been determined based on reasonably possible changes of the respective assumptions occurring at the end of the reporting period and may not be representative of the actual change. It is based on a change in the key assumption while holding all other assumptions constant. When calculating the sensitivity to the assumption, the method (Projected Unit Credit Method) used to calculate the liability recognised in the balance sheet has been applied. The methods and types of assumptions used in preparing the sensitivity analysis did not change compared with the previous period.

G. The defined benefit obligations shall mature after year end 31[st] March, 2024 as follows:

		(Hin lakhs)
Gratuity:	As at 31st March, 2024	As at 31st March, 2023
1stYear	1149.02	1089.87
2ndYear	871.44	729.34
3rdYear	1136.06	1075.67
4thYear	1450.98	1129.70
5thYear	1542.66	1389.57
Thereafter	23507.16	23247.89

		(Hin lakhs)
Pension:	As at 31st March, 2024	As at 31st March, 2023
1stYear	2.36	-
2ndYear	5.68	2.30
3rdYear	3.41	5.66
4thYear	1.07	3.45
5thYear	1.13	1.09
Thereafter	52.13	53.44

Risk Exposure - Asset Volatility

The plan liabilities are calculated using a discount rate set with reference to bond yields; if plan assets underperform this yield, this will create a deficit. Most of the plan asset investments is in fixed income securities with high grades and in government securities. These are subject to interest rate risk and the fund manages interest rate risk derivatives to minimize risk to an acceptable level. A portion of the funds are invested in equity securities and in alternative investments which have low correlation with equity securities. The equity securities are expected to earn a return in excess of the discount rate and contribute to the plan deficit.

(v) Leave obligations

The leave obligations cover the Company’s liability for sick and earned leave.

The amount of the provision of H 4119.37 lakhs (31 March 2023 – H 3501.58lakhs) is presented as current, since the Company does not have an unconditional right to defer settlement for any of these obligations

228

Annual Report 2023-24

275

Financial Statements

At the Cusp of a New Beginning

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

(vi) Defined contribution plans

The Company also has certain defined contribution plans such as provident fund and super annuation plan for benefits of employees. Contributions are made to provident fund in India for employees at the rate of 12% of basic salary as per regulations. The contributions are made to registered provident fund administered by the Government. The obligation of the Company is limited to the amount contributed and it has no further contractual nor any constructive obligation. The expense recognised during the period towards defined contribution plan is C 1,815.70 lakhs (31 March 2023 - C 1,743.42 lakhs).

42 In accordance with Accounting Standard Ind As 108 ‘Operating Segment ‘, segment information has been disclosed in the consolidated financial statements of Raymond Limited, and therefore , no separate disclosure on segment information is given in these financial statements.

Note 43: Related party disclosures as per IND AS 24

			Country of incorporation	Ownership interest	Ownership interest
				31st March2024	31st March2023
1.	Relationships :
	��Subsidiary Companies :
	Pashmina Holdings Limited		India	100	100
	Everblue Apparel Limited		India	100	100
	JaykayorgS A		Switzerland	100	100
	Raymond(Europe)Limited		England	100	100
	JK Files & EngineeringLimited		India	100	100
	Ultrashore Realty Limited (Erstwhile Colorplus Realty Limited) (Upto 29 March2024)		India	-	100
	Silver Spark Apparel Limited		India	100	100
	Celebrations Apparel Limited		India	100	100
	RingPlus Aqua Limited		India	89.07	89.07
	Raymond Woollen Outerwear Limited		India	99.54	99.54
	R & A Logistics Inc.		USA	100	100
	Scissors EngineeringProducts Limited		India	100	100
	JK Talabot Limited		India	90	90
	Ten X RealtyLimited		India	100	100
	Raymond Apparel Limited(Upto 28 March,2024)		India	-	100
	Raymond LuxuryCottons Limited		India	100	75.69
	Silver Spark Middle East(FZE)		Dubai	100	100
	Silver Spark Apparel Ethiopia PLC		Ethiopia	100	100
	Raymond RealtyLimited(Erstwhile Raymond Lifestyle Limited)		India	100	100
	Rayzone PropertyServices Limited(w.e.f. 11 November2022)		India	100	100
	Raymond Lifestyle(Bangladesh)Private Limited		Bangladesh	100	100
	JKFEL Tools & Technologies Limited(w.e.f. 22 January,2024)		India	100	-
	Raymond America Apparel Inc. (Subsidiary of Silver Spark Apprel Limited w.e.f. 25 April,2023)		USA	100	-
	Ten X RealtyEast Limited(w.e.f. 20 December,2023)		India	100	-
	Ten X RealtyWest Limited(w.e.f. 03 January,2024)		India	100	-

	��
		Raymond UCO Denim Private Limited and its subsidiaries/ associates
		Raymond UCO Denim Private Limited	India	50	50
		UCO Testatura S.r.l. - Associate of RayUCO	Romania	25	25
		UCO Raymond Denim HoldingN.V. - Subsidiaryof RayUCO	Belgium	50	50
		New Mumbai RealtyLLP(w.e.f.12 July,2023)	India	50	-

229 276

Raymond Limited

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

		Country of incorporation	Ownership interest	Ownership interest
			31st March2024	31st March2023
��Associates:
J.K. Investo Trade(India)Limited		India	47.66	47.66
Raymond Lifestyle Limited ( Formerly known Raymond Consumer Care Limited)		India	47.66	47.66
P. T. JaykayFiles Indonesia		Indonesia	39.20	39.2
J.K. Helene Curtis Limited		India	47.66	47.66
Radha Krshna Films Limited		India	25.38	25.38
RayGlobal TradingLimited		India	47.66	47.66
RayGlobal Enterprise Limited		India	47.66	47.66
RayGlobal Products Limited		India	47.66	47.66
�� ��
J.K. Investors(Bombay)Limited		India
Singhania Education Services Limited		India
Singhania Education Limited( Formerly known as Jeke Products Limited)		India
BodyBasic Health Care Pvt. Ltd		India
��Key Management Personnel ��
Mr. Gautam Hari Singhania		Chairman and ManagingDirector
��Relatives of Key Management Personnel ��
Dr. Vijaypat Singhania		Father of Shri Gautam Hari Singhania
Mrs. Nawaz Gautam Singhania		Non Executive Director
�� enterprises over which they are able to exercise significant ��
	Mr. Shantilal Pokharna	Non Executive Director
	Mr.Shiv Surinder Kumar( Upto 14 February, 2024)	Independent Director
	Mrs.Mukeeta Jhaveri	Independent Director
	Mr. Dinesh Kumar Lal	Independent Director
	Mr. Ashish Kapadia	Independent Director
	Mr. Kummamuri Narasimha Murthy [w.e.f. 21 April, 2023]	Independent Director
��
Raymond Limited Employees Provident Fund
Raymond Limited Employees GratuityFund
Raymond Limited ESOP Trust

230

Annual Report 2023-24

277

Financial Statements

At the Cusp of a New Beginning

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

2 Transactions carried out and outstanding positions with related parties referred in 1 above, in ordinary course of business :

								(Hin lakhs)
Nature of transactions				Related Parties
	Referred in ��	Referred �� above	Referred in ��	Referred in ��	Referred in ��	Referred in ��	Referred in ��	Referred in ��
Purchases
Goods and Materials (net)	5996.02	16.25	163.20	43655.91	-	-	-	-
	(2970.93)	(71.89)	(121.33)	(46732.08)	(-)	(-)	(-)	(-)
Property plant and equipment	-	-	-	-	-	-	-	-
	(2.55)	(-)	(-)	(-)	(-)	(-)	(-)	(-)
DEPB Certificates	304.32	-	-	-	-	-	-	-
	(380.66)	(94.58)	(45.18)	(-)	(-)	(-)	(-)	(-)
Sales
Goods, Materials and Services(net)	21177.85	-	6.68	-	-	-	-	-
	(19761.26)	(-)	(5.71)	(-)	(-)	(-)	(-)	(-)
Expenses
Rent and other service charges	42.96	-	-	-	-	108.90	-	-
	(32.22)	(-)	(-)	(-)	(-)	(105.26)	(-)	(-)
Property Management Service	348.01	-	-	-	-	-	-	-
	(-)	(-)	(-)	(-)	(-)	(-)	(-)	(-)
Job work charges	758.61	-	-	1418.53	-	-	-	-
	(611.76)	(-)	(-)	(1514.29)	(-)	(-)	(-)	(-)
Commission to sellingagent	1115.76	-	-	993.88	-	-	-	-
	(1000.42)	(-)	(-)	(1026.23)	(-)	(-)	(-)	(-)
Employee benefits expense #	-	-	-	-	1984.27	-	-	-
	(-)	(-)	(-)	(-)	(1621.48)	(-)	(-)	(-)
Deputation of staff	247.26	-	-	-	-	-	-	-
	(197.15)	(-)	(-)	(-)	(-)	(-)	(-)	(-)
Interestpaid	-	-	12346.63	37.62	-	-	-	-
	(-)	(-)	(-)	(40.36)	(-)	(-)	(-)	(-)
Directors' Fees and Commission	-	-	-	-	9.00	50.00	283.67	-
	(-)	(-)	(-)	(-)	(5.00)	(31.50)	(144.50)	(-)
Other Reimbursements	1269.84	-	-	24.00	-	-	-	-
	(1800.52)	(-)	(-)	(24.00)	(-)	(-)	(-)	(-)
Provision for diminution in the value of investments( Refer Note 5 (ii) and 5(iv))	-	2900.00	-	-	-	-	-	-
	(-)	(-)	(-)	(-)	(-)	(-)	(-)	(-)

231

Raymond Limited

278

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

								(Hin lakhs)
Nature of transactions				Related Parties
	Referred in ��	Referred �� above	Referred in ��	Referred in ��	Referred in ��	Referred in ��	Referred in ��	Referred in ��
Paid to Trust - Employees Provident Fund Contribution	-	-	-	-	-	-	-	1143.83
	(-)	(-)	(-)	(-)	(-)	(-)	(-)	(898.79)
Paid to Trust- Employees Gratuity Fund Contribution	-	-	-	-	-	-	-	905.48
	(-)	(-)	(-)	(-)	(-)	(-)	(-)	(1527.70)
Income
Rent and other service charges	354.78	13.76	2.35	48.00	-	-	-	-
	(354.79)	(20.64)	(28.22)	(48.00)	(-)	(-)	(-)	(-)
Corporate Facility	2526.77	-	25.00	-	-	-	-	-
	(2510.00)	(-)	(304.00)	(-)	(-)	(-)	(-)	(-)
Royalty	-	-	-	-	-	-	-	-
	(-)	(-)	(5.49)	(-)	(-)	(-)	(-)	(-)
Interest	2262.17	292.73	-	-	-	-	-	-
	(1104.61)	(295.46)	(-)	(-)	(-)	(-)	(-)	(-)
Other Receipts
Deputation of staff	88.71	158.47	-	95.82	-	-	-	-
	(-)	(167.08)	(-)	(55.30)	(-)	(-)	(-)	(-)
Other reimbursements	933.27	178.14	87.44	293.74	-	-	-	-
	(619.10)	(121.35)	(225.20)	(168.32)	(-)	(-)	(-)	(-)
Finance
Non Convertible Debentures issued	-	-	170000.00	-	-	-	-	-
	(-)	(-)	(-)	(-)	(-)	(-)	(-)	(-)
Loans and Advances given	57228.77	-	-	-	-	-	-	-
	(20757.00)	(-)	(-)	(-)	(-)	(-)	(-)	(-)
Loans and Advances repaid	6693.52	-	-	-	-	-	-	-
	(18387.00)	(-)	(-)	(-)	(-)	(-)	(-)	(-)
Deposits
Security deposit received/ adjustment	21.48	-	-	-	-	-	-	-
	(-)	(-)	(-)	(-)	(-)	(-)	(-)	(-)
Securitydeposit Paid	-	1.00	-	300.00	-	-	-	-
	(21.48)	(-)	(-)	(-)	(-)	(-)	(-)	(-)

232

Annual Report 2023-24

279

Financial Statements

At the Cusp of a New Beginning

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

										(Hin lakhs)
Nature of transactions					Related Parties
		Referred in ��	Referred �� above	Referred in ��	Referred in ��	Referred in ��	Referred in ��	Referred in ��		Referred in ��
Investments / Share Capital
Investment made/ Deemed equity investments ( Refer Note 5 a(ii)& 5(vii))		10353.23	-	-	-	-	-		-	-
		(-)	(2500.00)	(-)	(-)	(-)	(-)		(-)	(-)
Proceeds from sale of equity Shares (Refer note Note 5 (iv))		126.00	-	-	-	-	-		-	-
		(-)	(-)	(-)	(-)	(-)	(-)		(-)	(-)
										(Hin lakhs)
							As at 31st March, 2024		As at 31st March, 2023
Outstandings
Guaranteesgiven to bank
	Subsidiaries
	Beginningof theyear						14995.57		13882.71
	Addition/Adjustment duringthe		year				92.05		1112.86
	Withdrawn						9866.02		-
	End of theyear						5221.60		14995.57
��
Subsidiaries							4270.02		2600.84
Joint Ventures							2.48		0.34
Associates							256.18		72.10
Other significant influences							9767.40		7658.15
KeyManagementpersonnel							859.20		630.98
Relatives of keymanagerialpersonnel							40.00		25.00
Independent Directors							196.67		100.00
End of theyear							15391.95		11087.41
Trade Receivable
Subsidiaries							20584.12		19583.38
Joint Ventures							-		-
Associates							-		6.40
Other significant influences							-		-
End of theyear							20584.12		19589.78
Security Deposit Payable
Joint Ventures
Beginningof theyear							1.00		1.00
Received duringtheyear							-		-
Paid duringtheyear							1.00		-
End of theyear							�		1.00

233

Raymond Limited

280

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

		(Hin lakhs)
	As at 31st March, 2024	As at 31st March, 2023
Other significant influences
Beginningof theyear	500.84	460.48
Received duringtheyear	-	-
Interest charged duringtheyear	35.00	40.36
Paid duringtheyear	300.00	-
End of theyear	235.84	500.84
Loans and advance /ICD
Subsidiaries and Joint Ventures
Non current	45307.77	2150.00
Current	14997.48	7620.00

Beginningof theyear	9770.00	7400.00
Loans advanced	57228.77	20757.00
Interest charged duringtheyear	2554.90	1400.07
Loan repayments received	6693.52	18387.00
Conversion of loan into Deemed equityinvestment	-	-
Interest Received duringtheyear	2554.90	1400.07
End of theyear	60305.25	9770.00
Associates
Beginningof theyear	-	-
Non Convertible Debentures taken	170000.00	-
Interest charged duringtheyear	12346.63	-
NCD Repaid duringtheyear	-	-
Interest Paid duringtheyear	12346.63	-
End of theyear	170000.00	�
Interest on ICD/Loans Receivable
Subsidiaries	1468.07	286.69
Joint Ventures	65.21	65.60
End of theyear	1533.28	352.29
Interest on NCD Payable
Associates	5127.88	-
Other Receivable
Subsidiaries	2433.82	2862.38
Joint Ventures	912.85	866.06
Associates	139.50	130.95
Other significant influence	645.66	140.92
End of theyear	4131.83	4000.31
Property Deposit Receivable
Subsidiaries
Beginningof theyear	21.48	192.92
Paid duringtheyear	-	21.48
Received duringtheyear	21.48	192.92
End of theyear	�	21.48
Joint Ventures
Beginningof theyear	1.00	1.00
Paid duringtheyear	-	-
Interest charged duringtheyear	-	-
Received duringtheyear	-	-
End of theyear	1.00	1.00

234

Annual Report 2023-24

281

Financial Statements

At the Cusp of a New Beginning

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

		(Hin lakhs)
	As at 31st March, 2024	As at 31st March, 2023
Relatives of Directors
Beginningof theyear	24.75	24.75
Paid duringtheyear	-	�
Received/adjustment duringtheyear	-	-
End of theyear	24.75	24.75

Previous years figures are in brackets

Also refer notes 2A(iv), 5(i), 5(ii), 5(iv) and 5(vi)

Notes :

1) The Company has agreed with the lenders (Banks) of some of the subsidiaries/Joint Ventures for not disposing off Company's investments in such Subsidiaries/Joint Ventures without their prior consent.
2) Equity (or equity like) investments by the Company and equity (or equity like) infusion into the Company are not considered for disclosure under closing balances as these are not considered "outstanding" exposure. Refer note 5 and 17A & 17B for the same.
3) Loans to Subsidiaries and Joint venture:

Loans to the Subsidiaries and joint venture have been given for acquisition of assets and augmenting working capital and have been utilised for the same.

Guarantees given:

Guarantees provided to the lenders of the subsidiaries are for availing term loans and working capital facilities from the lender banks.

Commitment given:

Refer Note 39(iii) for commitment given to Joint venture

4) All the material transactions stated above with related parties are on arm’s length basis.

# Key Management Personnel (Executive Director's) compensation

# Key Management Personnel (Executive Director's) compensation
		(Hin lakhs)
	Year ended 31st March, 2024	Year ended 31st March, 2023
a)Short- term employee benefits	1812.73	1467.68
b)Post- employment benefits	171.54	153.80
c)Sittingfees	9.00	5.00
��	1993.27	1626.48

This aforesaid amount does not include amount in respect of gratuity and leave entitlement (both of which are determined actuarially) as the same is not determinable.

��

		(Hin lakhs)
	Year ended 31st March, 2024	Year ended 31st March, 2023
Purchases
Goods and Materials
Raymond LuxuryCottons Limited	3265.64	2785.91
Silver Spark Apparel Limited	2730.38	185.02
J.K. Investors(Bombay)Limited	43655.91	46684.08

235 282

Raymond Limited

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

		(Hin lakhs)
	Year ended 31st March, 2024	Year ended 31st March, 2023
Property plant and equipment
Raymond LuxuryCottons Limited	-	2.55
DEPB Certificates
Silver Spark Apparel Limited	304.32	380.66
Raymond Lifestyle Limited(Formerlyknown Raymond Consumer Care Limited)	-	45.18
Raymond UCO Denim Private Limited	-	94.58
Sales
Goods, Materials and Services
Silver Spark Apparel Limited	9471.56	12747.63
Silver Spark Middle East(FZE)	3879.19	5752.88
Raymond LuxuryCottons Limited	7317.96	705.86
Finance
Loans and Advancesgiven
Raymond LuxuryCottons Limited	10000.00	14887.00
JK Files & EngineeringLimited(includes Ind AS impact ofC766.20 lakhs)	23266.20	-
Raymond UCO Denim Private Limited	-	-
Ten X RealtyLimited(includes Ind AS impact ofC6381.57 lakhs)	23962.57	4150.00
Raymond RealtyLimited(Erstwhile Raymond Lifestyle Limited)	-	1720.00
Loans and advances repaid
Raymond LuxuryCottons Limited	-	18387.00
Ten X RealtyLimited	5093.86	-
Raymond RealtyLimited(Erstwhile Raymond Lifestyle Limited)	1599.66
Expenses
Rent and other service charges
Raymond Apparel Limited	42.96	32.22
Dr. Vijaypat Singhania(Reimbursement)	108.90	105.26
Property Management Service
Rayzone PropertyServices Limited	348.01	-
Other Reimbursement
JK Files & EngineeringLimited(Erstwhile JK Files(India)Limited)	1184.30	1640.41
Silver Spark Apparel Limited	85.12	160.11
Job work charges
Silver Spark Apparel Limited	758.61	611.76
J.K. Investors(Bombay)Limited	1418.53	1514.29
Commission to selling agent
Raymond(Europe)Limited	1115.76	1000.42
J.K. Investors(Bombay)Limited	993.88	1026.23
��
Shri Gautam Hari Singhania #	1984.27	1621.48
Deputation of staff
Raymond LuxuryCottons Limited	247.26	197.15
Interest Paid
J.K. Investors(Bombay)Limited	37.62	39.11
Raymond Lifestyle Limited(Formerlyknown Raymond Consumer Care Limited)	12346.63	-
��
Mr. Gautam Hari Singhania	9.00	5.00

236 Annual Report 2023-24

283

Financial Statements

At the Cusp of a New Beginning

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

		(Hin lakhs)
	Year ended 31st March, 2024	Year ended 31st March, 2023
Director Sitting Fees and Commission to Non Executive Directors and Independent directors
Mr. Shiv Surinder Kumar	46.67	34.00
Mrs. Mukeeta Jhaveri	56.00	31.50
Mr. Dinesh Kumar Lal	60.50	39.00
Mr.Ashish Kapadia	60.50	40.00
Mrs. Nawaz Gautam Singhania	50.00	31.50
Mr. Kummamuri Narasimha Murthy	60.00	-
Paid to Trust
Raymond Limited Employees Provident Fund	1143.83	898.79
Raymond Limited Employees GratuityFund	905.48	1527.70
Income
Rent and other service charges
JK Files & EngineeringLimited(Erstwhile JK Files(India)Limited)	145.42	145.42
Silver Spark Apparel Limited	180.00	180.00
Corporate Facility
Everblue Apparel Ltd.	117.00	117.00
Silver Spark Apparel Limited	788.00	841.00
JK Files & EngineeringLimited(Erstwhile JK Files(India)Limited)	446.67	495.00
Raymond LuxuryCottons Limited	786.00	705.00
RingPlus Aqua Limited	389.10	352.00
Raymond Lifestyle Limited(Formerlyknown Raymond Consumer Care Limited)	25.00	304.00
Royalty
Raymond Lifestyle Limited(Formerlyknown Raymond Consumer Care Limited)	-	5.49
Interest received
Everblue Apparel Limited	147.40	147.00
JK Files & EngineeringLimited(Erstwhile JK Files(India)Limited)	117.95	-
Raymond UCO Denim Private Limited	292.73	295.46
Raymond LuxuryCottons Limited	806.30	639.08
Ten X RealtyLimited	1089.44	227.80
Raymond RealtyLimited(Erstwhile Raymond Lifestyle Limited)	101.08	90.73
Other Receipts
Deputation of staff
Rayzone PropertyServices Limited(w.e.f. 11 November 2022)	88.71	-
Raymond UCO Denim Private Limited	158.47	167.08
J.K. Investors(Bombay)Limited	95.82	55.30
Other Reimbursement
Silver Spark Apparel Limited	361.53	183.25
RingPlus Aqua Limited	88.80	68.14
JK Files & EngineeringLimited(Erstwhile JK Files(India)Limited)	238.53	184.18
Raymond LuxuryCottons Limited	190.45	135.65
Raymond UCO Denim Private Limited	178.14	121.35
Raymond Lifestyle Limited(Formerlyknown Raymond Consumer Care Limited)	87.44	225.20
J K Investors(Bombay)Limited	259.08	153.18
Investment made/Deemed equity investment
Raymond UCO Denim Private Limited	-	2500.00
Ten X RealtyLtd.(0.01% Preference shares ofC12500 lakhs)(refer note 5(vii))	6118.43	-
JKFEL Tools & Technologies Limited	1.00	-
JK Files & EngineeringLimited(0.01% Preference shares ofC12500 lakhs)(refer note 5(vii))	4233.80	-

237

Raymond Limited

284

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

		(Hin lakhs)
	Year ended 31st March, 2024	Year ended 31st March, 2023
Proceeds from Redemption of Preference Shares/sale of equity Shares
Raymond Apparel Limited	125.00	-
Ultrashore RealtyLimited(Erstwhile Colorplus RealtyLimited)(Till Mar 292024)	1.00	-
Security deposit received
Raymond Apparel Ltd.	21.48	-
Security deposit Paid
Raymond Apparel Ltd.	-	21.48
Raymond UCO Denim Private Limited	1.00	-
J.K. Investors(Bombay)Limited	300.00	-
		(Hin lakhs)
	As at 31st March, 2024	As at 31st March, 2023
Outstandings
Guaranteesgiven to bank on behalf of
Raymond(Europe)Limited	1052.90	1018.70
Silver Spark Middle East(FZE)	4168.70	13976.87
Payable
JK Files & EngineeringLimited(Erstwhile JK Files(India)Limited)	337.59	837.00
Raymond LuxuryCottons Limited	1189.51	438.56
J.K. Investors(Bombay)Limited	9708.65	7599.35
Raymond(Europe)Limited	797.17	624.40
Silver Spark Apparel Limited	1945.75	700.88
Singhania Education Services Ltd.	56.60	56.64
Raymond UCO Denim Private Limited	2.48	0.34
Raymond Lifestyle Limited(Formerlyknown Raymond Consumer Care Limited)	256.18	72.10
BodyBasic Health Care Pvt.Limited	2.16	2.16
Receivable
Silver Spark Apparel Limited	8829.65	11584.27
Silver Spark Middle East(FZE)	4614.33	6592.42
R.A.Logistic Inc.	92.80	421.63
Raymond LuxuryCottons Ltd.	7078.30	847.90
Interest on ICD/Loans Receivable
Raymond UCO Denim Private Limited	65.21	65.60
Ten X RealtyLtd.	606.67	205.03
Raymond LuxuryCottons Ltd.	725.67	-
Everblue Apparel Limited	132.66	-
Raymond RealtyLimited(Erstwhile Raymond Lifestyle Limited)	3.07	81.66
Interest on NCD Payable
Raymond Care Limited	5127.88	-
Other Receivable
Raymond UCO Denim Private Limited	912.85	866.06
Raymond Apparel Ltd.	-	148.67
JK Talabot Ltd.	4.44	1.01
Raymond LuxuryCottons Ltd.	154.27	241.86
Singhania Education Services Ltd.	61.36	9.66
RingPlus Aqua Limited	126.85	73.93
JK Files & EngineeringLimited(Erstwhile JK Files(India)Limited)	110.49	186.48

238

Annual Report 2023-24

285

Financial Statements

At the Cusp of a New Beginning

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

		(Hin lakhs)
	As at 31st March, 2024	As at 31st March, 2023
J K Investors(Bombay)Limited	584.31	131.26
Raymond Care Limited(Erstwhile RayUniversal TradingLimited)	139.50	130.95
Everblue Apparel Limited	482.51	424.61
Silver Spark Apparel Limited Inter Corporate Deposit/Loans	1555.27	1785.82

JK Files & EngineeringLimited(Erstwhile JK Files(India)Limited)	23266.20	-
Raymond LuxuryCottons Limited	10000.00	-
Ten X RealtyLimited	23018.71	4150.00
Raymond RealtyLimited(Erstwhile Raymond Lifestyle Limited)	120.34	1720.00
Non Convertible Debenturesplaced
Raymond Care Limited	170000.00	-
Property Deposits Receivable
Raymond Apparel Limited	-	21.48
Raymond UCO Denim Private Limited	1.00	1.00
Dr. Vijaypat Singhania	24.75	24.75
Property Deposits Payable
Raymond UCO Denim Private Limited	-	1.00
Loans & Advances/Receivable
Everblue Apparel Limited	1400.00	1400.00
Raymond UCO Denim Private Limited	2500.00	2500.00
Security Deposit Payable
J.K. Investors(Bombay)Limited	232.84	497.84
Singhania Education Services Limited	3.00	3.00

Loans and advances in the nature of loans given

Loans and advances in the nature of loans given
			(Hin lakhs)
	Amount outstanding as at 31st March, 2024	Maximum balance during the year 31st March, 2024	Shares held by Loanee in the Company
			No. of Shares outstanding at ��	Maximum No. of Shares held during theyear
��Subsidiaries:
Everblue Apparel Limited	1400.00	1400.00	-	-
	(1400.00)	(1400.00)	(-)	(-)
Raymond LuxuryCottons Limited	10000.00	10000.00	-	-
	(-)	(13887.00)	(-)	(-)
JK Files & EngineeringLimited*(refer note 5(viii))	23266.20	23266.20
	(-)	(-)	(-)	(-)
Ten X RealtyLimited*(refer note 5(viii))	23018.71	23018.71	-	-
	(4150.00)	(4150.00)	(-)	(-)
Raymond RealtyLimited(Erstwhile Raymond Lifestyle Limited)	120.34	1720.00	-	-
	(1720.00)	(1720.00)	(-)	(-)
��Joint Ventures
Raymond Uco Denim Private Limited	2500.00	2500.00	-	-
	(2500.00)	(2500.00)	(-)	(-)

(Figures in bracket relate to previous year)

239

Raymond Limited

286

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

Note 44: Fair Value measurement

Financial Instrument by category and hierarchy

The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

The following methods and assumptions were used to estimate the fair values:

Fair value of cash and short-term deposits, trade and other short term receivables, trade payables, other current liabilities, short term loans from banks and other financial institutions approximate their carrying amounts largely due to short term maturities of these instruments.
Financial instruments with fixed and variable interest rates are evaluated by the Company based on parameters such as interest rates and individual credit worthiness of the counterparty. Based on this evaluation, allowances are taken to account for expected losses of these receivables. Accordingly, fair value of such instruments is not materially different from their carrying amounts.

The fair values for loans, security deposits and investment in preference shares were calculated based on cash flows discounted using a current lending rate. They are classified as level 3 fair values in the fair value hierarchy due to the inclusion of unobservable inputs including counter party credit risk.

The fair values of non-current borrowings are based on discounted cash flows using a current borrowing rate. They are classified as level 3 fair values in the fair value hierarchy due to the use of unobservable inputs, including own credit risk.

For financial assets and liabilities that are measured at fair value, the carrying amounts are equal to the fair values.

The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:

Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.

Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly.

Level 3: techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data.

240

Annual Report 2023-24

287

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

==> picture [649 x 211] intentionally omitted <==

----- Start of picture text -----

(H in lakhs)
Financial Assets and Liabilities as at Total Amount Routed through Profit and Loss Routed through OCI Carried at amortised cost
31 [st] March, 2024 Non Current Current Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Financial Assets
Investments @
- Equity instruments 16135.47 1462.04 17597.51 1462.04 - 6.03 1468.07 - 16129.44 - 16129.44 - - - -
- Mutual funds - 72441.74 72441.74 72441.74 - - 72441.74 - - - - - - - -
- Venture capital fund 6105.18 - 6105.18 - - 6105.18 6105.18 - - - - - - - -
- Government Securities 0.06 - 0.06 - - - - - - - - - 0.06 - 0.06
- Debentures (Non-cumulative & 9928.22 14213.49 24141.71 - - - - - - - - 24141.71 - - 24141.71
Market Linked)
- Commercial Paper - 17342.22 17342.22 - - - - - - - - - - 17342.22 17342.22
32168.93 105459.49 137628.42 73903.78 �� 6111.21 80014.99 �� 16129.44 16129.44 24141.71 0.06 17342.22 41483.99
Other Assets
Security Deposit 7241.43 3037.01 10278.44 - - - - - - - - - - 10278.44 10278.44
Loans and advances to Related Parties 45307.77 19129.31 64437.08 - - - - - - - - - - 64437.08 64437.08
Other Financial Assets 5471.20 2173.22 7644.42 - - - - - - - - - - 7644.42 7644.42
Trade receivable - 94025.24 94025.24 - - - - - - - - - - 94025.24 94025.24
Cash and Cash equivalents - 11596.86 11596.86 - - - - - - - - - - 11596.86 11596.86
Other Bank Balance - 33025.56 33025.56 - - - - - - - - - - 33025.56 33025.56
58020.40 162987.20 221007.60 �� 221007.60 221007.60
Financial Liabilities
Borrowings 205422.40 54830.16 260252.56 - - - - - - - - - - 260252.56 260252.56
Lease liability 60861.29 10382.48 71243.77 - - - - - - - - - - 71243.77 71243.77
Other Financial Liabilities - 33192.65 33192.65 - 62.03 - 62.03 - - - - - - 33130.61 33130.61
Trade Payables and other creditors 9946.26 158929.29 168875.55 - - - - - - - - - - 168875.49 168875.55
276229.95 257333.58 533564.53 �� 62.03 �� 62.03 �� 533502.49 533502.49
----- End of picture text -----

(H in lakhs)

Financial Assets and Liabilities as at 31st March, 2023		Total Amount		Ro	uted through Profit and L	uted through Profit and L	oss		Routed	through OCI			Carried	at amortised cos	t
	Non Current	Current	Total	Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
Financial Assets					1	1		1	1				1
Investments@					1	1		1	1				1
- Equityinstruments	11465.01	1878.54	13343.55	1878.54	- 1	6.03 1	1884.57	- 1	11458.98 1	-	11458.98	-	- 1	-	-
- Mutual funds	-	58953.29	58953.29	58953.29	- 1	- 1	58953.29	- 1	- 1	-	-	-	- 1	-	-
- Venture capital fund	2678.26	-	2678.26	-	- 1	2678.26 1	2678.26	- 1	- 1	-	-	-	- 1	-	-
- Government Securities	0.06	-	0.06	-	- 1	- 1	-	- 1	- 1	-	-	-	0.06 1	-	0.06
- Debentures (Non-cumulative & Market Linked)	17335.61	11578.34	28913.95	-	- 11	- 11	-	- 11	- 11	-	-	28913.95	- 11	-	28913.95
- Commercial Paper	-	4898.90	4898.90	-	-	-	-	-	-	-	-	-	-	4898.90	4898.90
	31478.94	77309.07	108788.01	60831.83	�	2684.29	63516.12	�	�	11458.98	11458.98	28913.95	0.06	4898.90	33812.91
Other Assets
SecurityDeposit	6629.95	817.44	7447.39	-	- 1	- 1	-	- 1	- 1	-	-	-	- 1	7447.39	7447.39
Loans and advances to Related Parties	2150.00	11708.39	13858.39	-	- 1	- 1	-	- 1	- 1	-	-	-	- 1	13858.39	13858.39
Other Financial Assets	824.87	1329.40	2154.27	-	19.88 11	- 11	19.88	- 11	- 11	-	-	-	- 11	2134.39	2134.39
Trade receivable	-	57956.86	57956.86	-	- 1	- 1	-	- 1	- 1	-	-	-	- 1	57956.86	57956.86
Cash and Cash equivalents	-	11193.04	11193.04	-	- 1	- 1	-	- 1	- 1	-	-	-	- 1	11193.04	11193.04
Other Bank Balance	-	14878.08	14878.08	-	-	-	-	-	-	-	-	-	-	14878.08	14878.08
	9604.82	97883.21	107488.03	�	19.88	�	19.88	�	�	�	�	�	�	107468.15	107468.15
Financial Liabilities
Borrowings	90747.12	93889.42	184636.54	-	- 1	- 1	-	- 1	- I	-	-	-	- 1	184636.54	184636.54
Lease liability	30255.27	8030.83	38286.10	-	- 11	- 11	-	- 11	- ll	-	-	-	- 11	38286.10	38286.10
Other Financial Liabilities	-	31681.47	31681.47	-	- 1	- 1	-	- 1	-	-	-	-	- 1	31681.47	31681.47
Trade Payables and other creditors	9946.26	133617.93	143564.19	-	-	-	-	-	-	-	-	-	-	143564.19	143564.19
	130948.65	267219.65	398168.30	�	�	�	�	�	�	�	�	�	�	398168.30	398168.30

All above amounts are net of provision for impairment.

Excludes Investments in Subsidiaries, Associates and Joint Venture

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

��

				(Hin lakhs)
	As at 31st March, 2024		As at 31st March, 2023
	Carrying amount	Fair Value	Carrying amount	Fair Value
Financial Assets
Investment Others	41483.99	41483.99	33812.91	33812.91
Securitydeposits	10278.43	10278.43	7447.39	7447.39
	51762.42	51762.42	41260.31	41260.31
Financial Liabilities
Borrowings	260252.56	260252.56	184636.54	184636.54
Lease liabilities	71243.77	71243.77	38286.10	38286.10
	331496.33	331496.33	222922.64	222922.64

The carrying amounts of trade receivables, cash and cash equivalents, bank balances other than cash and cash equivalents, loans, other current financial assets, current borrowings, trade payables, other current financial liabilities are considered to be approximately equal to the fair value.

��

The following table presents the changes in level 3 items for the periods ended 31[st] March, 2023 and 31[st] March, 2024:

			(Hin lakhs)
	Equity instruments	Venture ��	Total
As at 1st April, 2022	6.03	783.51	789.54
Acquisitions	-	1796.44	1796.44
Disposal	-	-	-
Gain/(Losses)recognised in statement ofprofit or loss	-	98.31	98.31
As at 31st March, 2023	6.03	2678.26	2684.29
Acquisitions	-	3250.00	3250.00
Disposal	-	62.36	62.36
Gain/(Losses)recognised in statement ofprofit or loss	-	239.28	239.28
As at 31st March, 2024	6.03	6105.18	6111.21

*Company has invested in Nepean Long Term Opportunities Fund, JM Financial India Fund II and InCred Alternative Investments Fund and these funds have been further invested into various companies. Company has considered the fair value on the basis of the valuation report provided by venture capital fund.

242

Annual Report 2023-24

289

Financial Statements

At the Cusp of a New Beginning

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

Note 45: Financial Risk Management

Financial risk management objectives and policies

The Company's financial risk management is an integral part of how to plan and execute its business strategies. The Company's financial risk management policy is set by the Managing Board.

Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from a change in the price of a financial instrument. The value of a financial instrument may change as a result of changes in the interest rates, foreign currency exchange rates, equity prices and other market changes that affect market risk sensitive instruments. Market risk is attributable to all market risk sensitive financial instruments including investments and deposits , foreign currency receivables, payables and loans and borrowings.

The Company manages market risk through a treasury department, which evaluates and exercises independent control over the entire process of market risk management. The treasury department recommend risk management objectives and policies, which are approved by Senior Management and the Audit Committee. The activities of this department include management of cash resources, implementing hedging strategies for foreign currency exposures like foreign exchange forward contracts, borrowing strategies and ensuring compliance with market risk limits and policies.

��

Interest rate risk is the risk that the fair value of future cash flows of the financial instruments will fluctuate because of changes in market interest rates. In order to optimize the Company's position with regards to interest income and interest expenses and to manage the interest rate risk, treasury performs a comprehensive corporate interest rate risk management by balancing the proportion of fixed rate and floating rate financial instruments in its total portfolio.

According to the Company, interest rate risk exposure is only for floating rate borrowings. For floating rate liabilities, the analysis is prepared assuming the amount of the liability outstanding at the end of the reporting period was outstanding for the whole year. A 50 basis point increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management's assessment of the reasonably possible change in interest rates.

Exposure to interest rate risk

Exposure to interest rate risk
		(Hin lakhs)
Particulars	As at 31st March, 2024	As at 31st March, 2023
Non-current borrowings	205422.40	90747.12
Current Borrowings	32995.90	56868.80
Current maturities of long-term debt	15880.14	34827.67
��	254298.44	182443.59
Borrowings not carryingvariable Rate of Interest	199972.34	54350.77
Borrowings carryingvariable rate of interest	54326.10	128092.82
% of Borrowings out of above bearingvariable rate of interest	21.36	70.21

Interest rate sensitivity

Interest rate sensitivity
A change of 50 bps in interest rates would have following Impact on profit before tax		(Hin lakhs)
	��	��
50 bps increase would decrease theprofit before tax by	271.63	640.46
50 bps decrease would Increase theprofit before tax by	(271.63)	(640.46)

243

Raymond Limited

290

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

Market Risk- Foreign currency risk.

The Company operates internationally and portion of the business is transacted in several currencies and consequently the Company is exposed to foreign exchange risk through its sales and services in overseas markets and purchases from overseas suppliers in various foreign currencies. Foreign currency exchange rate exposure is partly balanced by purchasing of goods, commodities and services in the respective currencies.

Derivative instruments and unhedged foreign currency exposure

(a) Derivative contracts outstanding

Derivative instruments and unhedged foreign currency exposure (a) Derivative contracts outstanding
			Foreign currency In lakhs
Particulars	As at 31st March, 2024		As at 31st March, 2023
Forward contracts to sell EURO	EURO	3.00	EURO	8.05
Forward contracts to sell USD	USD	19.61	USD	22.91
Forward contracts to buyUSD	USD	0.96	USD	-
Forward contracts to buyAUD	AUD	52.01	AUD	48.87

Derivative financial instruments such as foreign exchange forward contracts are used for hedging purposes and not as trading or speculative instruments.

(b) Particulars of unhedged foreign currency exposures as at the reporting date As at 31[st] March 2024

As at 31st March 2024
							Foreign currencyIn lakhs
Particulars ~~----~~	USD ~~-~~	EURO ~~-~~	GBP ~~-~~	RMB ~~--~~	BDT ~~-~~	CHF ~~-~~	AUD ~~-~~	JPY ~~-~~	AED ~~-~~
Trade Receivable	61.37	8.66	-	-	-	-	-	-	0.06
Tradepayables	19.66	4.68	0.02	-	0.42	0.01	50.16	-	0.02
Cash and Bank balances	-	-	-	0.51	-	-	-	-	-

As at 31[st] March 2023

As at 31st March 2023
							Foreign currencyIn lakhs AUD JPY AED - - 0.03 67.90 5.40 - - - -
Particulars	USD	EURO	GBP	RMB	BDT	CHF	AUD	JPY	AED
Trade Receivable	80.05	7.21	-	-	-	-	-	-	0.03
Tradepayables	5.53	2.67	-	-	0.02	0.02	67.90	5.40	-
Cash and Bank balances	-	-	-	0.04	-	-	-	-	-

(c) Foreign Currency Risk Sensitivity

A change of 5% in Foreign currency would have following Impact on profit before tax

				(Hin lakhs)
	��		��
	5% Increase	5% decrease	5% Increase	5% decrease
USD ~~--------~~	173.88 ~~--~~	(173.88) ~~-~~	306.29 ~~--~~	(306.29) ~~--~~
EURO	17.98	(17.98)	(4.01)	4.01
Others	(135.57)	135.57	(239.39)	239.39
��	56.28	��	62.89	��

Market Risk- Price Risk

(a) Exposure

The Company's exposure to equity securities price risk arises from investments held by the Company and classified in the balance sheet either at fair value through OCI or at fair value through profit and loss. To manage its price risk arising from investments in equity securities, the Company diversifies its portfolio. Diversification of the portfolio is done in accordance with the limits set by the Company .

244 Annual Report 2023-24

291

Financial Statements

At the Cusp of a New Beginning

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

(b) Sensitivity

The table below summarizes the impact of increases/decreases of the BSE index on the Company's equity and Gain/Loss for the period. The analysis is based on the assumption that the index has increased by 5 % or decreased by 5 % with all other variables held constant, and that all the Company's equity instruments moved in line with the index.

Impact on Profit before tax

Impact on Profit before tax
		(Hin lakhs)
	31st March, 2024	31st March, 2023
BSE Sensex 30- Increase 5%	31.58	197.42
BSE Sensex 30- Decrease 5%	(31.58)	(197.42)

Above referred sensitivity pertains to quoted equity investment (Refer Note 10(A) ). Profit for the year would increase/ (decrease) as a result of gains/losses on equity securities as at fair value through profit or loss.

Credit risk

Credit risk arises from the possibility that the counter party may not be able to settle their obligations as agreed. To manage this, the Company periodically assesses financial reliability of customers and other counter parties, taking into account the financial condition, current economic trends, and analysis of historical bad debts and ageing of financial assets. Individual risk limits are set and periodically reviewed on the basis of such information.

The Company considers the probability of default upon initial recognition of asset and whether there has been a significant increase in credit risk on an ongoing basis through each reporting period. To assess whether there is a significant increase in credit risk the Company compares the risk of default occurring on asset as at the reporting date with the risk of default as at the date of initial recognition. It considers reasonable and supportive forwarding-looking information such as:

i) Actual or expected significant adverse changes in business,
ii) Actual or expected significant changes in the operating results of the counterparty,
iii) Financial or economic conditions that are expected to cause a significant change to the counterparty's ability to meet its obligations,
iv) Significant increase in credit risk on other financial instruments of the same counterparty,
v) Significant changes in the value of the collateral supporting the obligation or in the quality of the third-party guarantees or credit enhancements.

Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a repayment plan with the Company. Where loans or receivables have been written off, the Company continues to engage in enforcement activity to attempt to recover the receivable due. Where recoveries are made, these are recognized as income in the statement of profit and loss.

The Company measures the expected credit loss of trade receivables and loan from individual customers based on historical trend, industry practices and the business environment in which the entity operates. Loss rates are based on actual credit loss experience and past trends. Based on the historical data, loss on collection of receivable is not material hence no additional provision considered.

		(Hin lakhs)
	As at 31st March, 2024	As at 31st March, 2023
Less than 6 months	83844.18	50479.07
6 months- 1year	8567.51	7061.08
1-2years	2564.62	3772.67
2-3years	3290.07	2412.42
More than 3years	3637.30	1616.45
Total	101903.68	65341.69

Financial Assets are considered to be of good quality and there is no significant increase in credit risk.

245

Raymond Limited

292

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

Movement in provisions of doubtful trade receivable

Movement in provisions of doubtful trade receivable
		(Hin lakhs)
	As at 31st March, 2024	As at 31st March, 2023
Opening provision	7384.83	2269.56
Add:- Additionalprovision made(includingbad-debts) (Includingexceptional item)	493.61	5141.58
Less:- Reversal ofprovision for doubtful receivable	-	(26.31)
Closing provisions	7878.44	7384.83

Liquidity Risk

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due and to close out market positions. Due to the dynamic nature of the underlying businesses, Company treasury maintains flexibility in funding by maintaining availability under committed credit lines. Management monitors rolling forecasts of the Company's liquidity position (comprising the undrawn borrowing facilities below) and cash and cash equivalents on the basis of expected cash flows.

(i) Financing arrangements

The Company had access to the following undrawn borrowing facilities at the end of the reporting period:

		(Hin lakhs)
	As at 31st March, 2024	As at 31st March, 2023
Floating Rate
Expiringwithin oneyear(bank overdraft and other facilities)	120149.18	120860.00
Expiringbeyond oneyear(bank loans)	-	-

The bank overdraft facilities may be drawn at any time and may be terminated by the bank without notice. Subject to the continuance of satisfactory credit ratings, the bank loan facilities may be drawn at any time in INR.

(ii) Maturity patterns of borrowings

==> picture [512 x 134] intentionally omitted <==

----- Start of picture text -----

As at 31 [st] March, 2024 As at 31 [st] March, 2023
�� beyond beyond
Total �� Total
years years 5 years 5 years
Long term 15880.14 195422.40 10000.00 221302.54 34827.67 74247.12 16500.00 125574.79
borrowings
(Including current
maturity of long
term debt)
Short term 32995.90 - - 32995.90 56868.80 - - 56868.80
borrowings
Total 48876.04 195422.40 10000.00 254298.44 91696.47 74247.12 16500.00 182443.59
----- End of picture text -----

(iii) Maturity patterns Lease Liabilities

		As at 31st March, 2024	As at 31st March, 2024			As at 31st	March, 2023
	�� years	�� years	beyond 5years	Total	��	�� 20777.37	beyond 5years	Total
Finance lease (Discounted)	10382.50	33366.60	27494.70	71243.80	8030.83		9477.89	38286.09

246

Annual Report 2023-24

293

Financial Statements

At the Cusp of a New Beginning

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

(iv) Maturity patterns of other Financial Liabilities

(iv) Maturity patterns of other Financial Liabilities
			(Hin lakhs)
As at 31st March, 2024	Less than 1 Year	More than 1 years	Total
Trade Payable	158434.43	-	158434.43
Payable related to Capitalgoods(Current and Non Current)	494.86	9946.26	10441.12
Other Financial liability	33192.65	-	33192.65
Total	192121.94	9946.26	202068.20
			(Hin lakhs)
As at 31st March, 2023	Less than 1 Year	More than 1 years	Total
Trade Payable	133179.47	-	133179.47
Payable related to Capitalgoods(Current and Non Current)	438.46	9946.26	10384.72
Other Financial liability	31681.47	-	31681.47
Total	165299.40	9946.26	175245.66

Note 46: Capital risk management

��

The Company aims to manage its capital efficiently so as to safeguard its ability to continue as a going concern and to optimise returns to its shareholders.

The capital structure of the Company is based on management’s judgement of the appropriate balance of key elements in order to meet its strategic and day-to-day needs. Management considers the amount of capital in proportion to risk and manage the �� maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders, return capital to shareholders or issue new shares.

The Company's policy is to maintain a stable and strong capital structure with a focus on total equity so as to maintain investor, creditors and market confidence and to sustain future development and growth of its business. The Company will take appropriate steps in order to maintain, or if necessary adjust, its capital structure.

��

�� ��
		(Hin lakhs)
	31st March, 2024	31st March, 2023
Equityshares(Face value ofH10 each)
��
Final dividend for the year ended 31 March 2023 of INR 3 per (31 March, 2022 – INR 3per)fully paid share	1997.21	1997.21
��
The directors have recommended the payment of a final dividend ofH10 per fully paid equity share (31 March 2023–H3). This proposed dividend is subject to the approval of shareholders in the ensuingannualgeneral meeting.	6657.37	1997.21

247

Raymond Limited

294

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

Note 47: Net debt reconciliation

Note 47: Net debt reconciliation	Note 47: Net debt reconciliation	Note 47: Net debt reconciliation
							(Hin lakhs)
					31st March, 2024		31st March, 2023
Cash and cash equivalents(net of Bank Overdrafts)					11585.94		11127.21
Non- current borrowings(includingcurrent maturities)					(221302.54)		(125574.79)
Current borrowings					(32995.90)		(56868.80)
Lease liability (includingcurrent)					(71243.77)		(38286.10)
Interest Payable(net of interest subsidyreceivable)					(5954.13)		(2192.94)
					��		��
							(Hin lakhs)
	Cash and cash equivalents (net of Bank ��	Non current borrowings (including current ��	Current borrowings		Lease liabilities	Interest Payable	Total
Balance outstanding as at 1st April, 2022	7364.42	��	��	��		��	��
Cash flows	3762.79	2824.73	(13352.36)	7926.09		-	1161.25
Non cash movement: Acquisitions/disposals	-	-	-	(22107.29)		-	(22107.29)
Finance costs recognised	-	-	-	(2656.86)		(20184.60)	(22841.46)
Transaction costs netted-off	-	(590.23)	-	-		590.23	-
Finance costpaid	-	-	-	2656.86		19694.26	22351.12
Balance outstanding as at 31st March, 2023	11127.21	��	��	��		��	��
Cash flows	458.73	(94685.31)	23872.90	9659.95		(3761.18)	(64454.91)
Non cash movement: Acquisitions/disposals	-	-	-	(42617.62)		-	(42617.62)
Finance costs recognised	-	-	-	(4898.74)		(27984.22)	(32882.96)
Transaction costs netted-off	-	(1042.44)	-	-		1042.44	-
Finance costpaid	-	-		4898.74		26941.77	31840.51
Balance outstanding as at 31st March, 2024	11585.94	��	��	��		��	��

48 Export Promotion Capital Goods (EPCG) scheme allows import of certain capital goods including spares at concessional duty subject to an export obligation for the duty saved on capital goods imported under EPCG scheme. The duty saved on capital goods imported under EPCG scheme being Government Grant, is accounted as stated in the Accounting policy on Government Grant.

49 Employee Stock Option Plan

The Company has implemented employee share-based payment plans for the employees of the Company and its group companies. All the options issued by the Company are equity share based options which have to be settled in equity shares only. The shares to be allotted to employees under the Employee Stock Option Plan (ESOP Plan) will be acquired by the Raymond Limited ESOP Trust (the ‘Trust’) formed for the purpose. The shares would be acquired through fresh issue made by the Company or through secondary acquisition through recognized stock exchange. The shareholders through postal ballet have approved grant of 1680588 options on 27 March 2023.

The Nomination and Remuneration Committee and Board of Directors have approved the ESOP plan at its respective meeting held on 17 February 2023.

��

The fair value at grant date is determined using the 'Black Scholes Merton model' and 'Monte Carlo Simulation Model'.

248

Annual Report 2023-24

295

Financial Statements

At the Cusp of a New Beginning

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

�� Raymond Employees Stock Option Plan 2023

Raymond Employees Stock Option Plan 2023
		(Hin lakhs)
Participant	��	�� Tranche 2
Date of Grant*	13-May-23	13-May-23
Number of Options Granted*	613648	789238
Exercise Price(C)*	1614.50	1614.50
Interest Rate	6.80%	6.90%
Volatility	48.40%	45.60%
Dividend Rate	0.20%	0.20%
Expected Life(Years)	4.50-4.60	6.50-6.60
Fair Value Per Option	775.80/ 787/ 311.10	894.40/ 902.90/ 264.40
VestingDate	13 Mayto 1 July2025	13 Mayto 1 July2027
Minimum Period	2 - 2.10	4 - 4.10
Maximum Period	7 - 7.10	9 - 9.10

includes 22,300 options granted on 7 July 2023 at an exercise price of C1,737.65 per option

��

The following reconciles the shares options outstanding at the beginning and the end of the current year:

Number of options	�� Tranche 1	�� Tranche 2
Balance at beginningofyear	-	-
Granted duringtheyear	613648	789238
Lapsed duringtheyear	-	-
Forfeited duringtheyear	219558	282383
Exercised duringtheyear	-	-
Expired duringtheyear	-	-
Balance at the end of theyear	394090	506855
Exercisable at the end of theyear	-	-

��

��
		(Hin lakhs)
Year of vesting	�� Tranche 1	�� Tranche 2
F.Y. 2024-25	-	-
F.Y. 2025-26	3,94,090	-
F.Y. 2026-27	-	-
F.Y. 2027-28	-	5,06,855

��

		(Hin lakhs)
Particulars	��	��
Profit after tax as reported	52667.17	-
Share basedpayment expense	1885.24	-
Earning per share(Post tax impact on share basedpayment)
Basic(inC)	81.23	-
Diluted(inC)	81.23	-

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296

Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

50 During the year, the Board of Directors of the Company at its meeting held on 27 April 2023 has approved the Composite Scheme of Arrangement which comprises of Demerger of the lifestyle business undertaking of Raymond Limited (the ‘Demerged Company’ or ‘RL’) into Raymond Consumer Care Limited (the ‘Resulting Company’ or ‘RCCL’) on a going concern basis. The Appointed Date proposed under this scheme is 1 April 2023. Pending receipt of statutory approvals as required, no adjustments are made in the books of account.

Considering the status of statutory approvals on scheme, the management believes that the said scheme will be effective before the date of filing of income tax return for the assessment year 2024-25. Accordingly, taking into consideration the expected statutory approvals on the scheme, the Company has calculated the advance tax and deposited the installments within due dates for both the parties to scheme i.e Raymond Limited and RCCL . Further, the Company will be filing its return of income for AY 2024-25 based on the tax calculations as per the demerger scheme filed with NCLT.

��

��
		(Hin lakhs)
	Year ended 31st March, 2024	Year ended 31st March, 2023
Amountrequired to be spent by the Company during the year, as perSection 135 oftheAct	263.14	-
Amount ofexpenditureincurred on:
(i) Construction/ acquisitionofanasset	-	-
(ii) Onpurpose otherthan(i) above	263.99	-
Shortfallat the end ofthe year	-	-
Totalofprevious years shortfall	NotApplicable	NotApplicable
Reason forshortfall	NotApplicable	NotApplicable
Nature ofCSRactivities	NotApplicable	NotApplicable
Details of related party transactions in relation to CSR expenditure as per relevant Accounting Standard	-	-

52 The Board of Directors of the Company at its meeting held on 25 February 2022 had approved a Scheme of Arrangement ('Real Estate Scheme') between the Company and Raymond Lifestyle Limited (wholly owned subsidiary of the Company) for demerger of the real estate business undertaking of the Company (as defined in the Real Estate Scheme) into Raymond Lifestyle Limited on a going concern basis. The Appointed Date was proposed as 1 April 2022. Pending receipt of statutory approvals as required including that of Mumbai Bench of the National Company Law Tribunal ('NCLT'), no adjustments have been made in the books of account and in the standalone financial statements upto all periods ended with 31 March 2023.

During the year, the Board of Directors of the Company at its meeting held on 27 April 2023 have approved the withdrawal of the Real Estate Scheme.

53 The Ministry of Corporate Affairs (MCA) has prescribed a new requirement for companies under the proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 inserted by the Companies (Accounts) Amendment Rules 2021 requiring companies, which uses accounting software for maintaining its books of accounts, shall use only such accounting software which has a feature of recording audit trail of each and every transaction, creating an edit log of each change made in the books of accounts along with the date when such changes were made and ensuring that the audit trail cannot be disabled.

The Company uses the accounting software SAP for maintaining books of account. During the year ended 31 March 2024, the Company had not enabled the feature of recording audit trail (edit log) at the database level for the said accounting software SAP to log any direct data changes on account of recommendation in the accounting software administration guide which states that enabling the same all the time consume storage space on the disk and can impact database performance significantly. Audit trail (edit log) is enabled at the application level.

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Notes to the Standalone Financial Statements

for the year ended 31st March, 2024

54 Ratio analysis and its elements

(H in lakhs)

Sr. No.	Particulars	Basis	As at and for the year ended	As at and for the year ended	Variance %
			31st March, 2024	31st March, 2023
1	Current ratio Times	Current assets / Current liabilities	1.76	1.37	28%
2	Debt - Equity ratio Times	Total Debt / Equity	0.92	0.82	12%
3	Debt Service Coverage ratio Times	Earnings for debt service*/ Debt Service	1.68	1.60	5%
4	Return on Equity %	Profit after tax / Shareholders' Equity	18.69%	18.22%	3%
5	Inventory Turnover ratio Times	Cost of Goods Sold** / Average inventory	1.93	1.90	2%
6	Trade Receivables Turnover ratio Times	Revenue from operations / Average trade receivable	8.68	8.89	-2%
7	Trade Payables Turnover ratio Times	Cost of Goods Sold** / Average tradepayables	2.62	2.46	7%
8	Net Capital Turnover Times	Revenue from operations / Workingcapital$	2.86	5.16	-45%
9	Net Profit/(Loss) Margin %	Net Profit/(Loss)after tax / Revenue from operations	7.99%	7.10%	12%
10	Return on Capital employed %	Earnings Before Interest and tax# / Capital Employed@	21.68%	20.64%	5%
11	Return on Investment %	Net gain/(loss) on sale/fair value changes of Current Investment/Average Current Investment	7.27%	3.61%	101%

Earnings for Debt Service = Earnings before finance costs, depreciation and amortisation, exceptional items and tax (EBIDTA)/ (Finance cost for the year + Principal repayment of long-term debt liabilities within one year)

**Cost of Good sold = Cost of materials consumed +Purchases of stock-in-trade + Changes in inventories of finished goods, stock-in-trade, work-in-progress and property under development + Manufacturing and operating expenses+Costs towards development of property

$ Working Capital = Current Assets - Current Liabilities

Earnings before Interest and Tax = Profit after exceptional item and before tax + Finance costs (recognised)

@ Capital Employed = Average of equity and total borrowings

��  Increase in current ration due to increase in investment , Trade receivable and bank balance other than cash.
��  Increase in ratio due to increase in other income.
��  Increase on account of better returns on investments in current year, as compared to previous year
55 The Board of Directors has recommended Equity dividend of H 10 per equity share of face value H 10.00 each (Previous year H 3 ) for the financial year 2023-24. The same is subject to the approval of the shareholders at their ensuing Annual General Meeting.
56 Figures of the previous year has been re-grouped/re-arranged wherever necessary. The impact of the same is not material to the users of financial statements.
57 The Financial Statements were authorised for issue by the directors on 3[rd] May, 2024

This is the summary of the significant accounting policies and other explanatory information referred to in our report of even date

For WALKER CHANDIOK & CO LLP

For and on behalf of Board of Directors

Chartered Accountants Firm's Registration Number: 001076N/N500013

Adi P. Sethna

Partner Membership No. 108840 Mumbai, 03 May 2024

Amit Agarwal

Chief Financial Officer

Gautam Hari Singhania

Chairman and Managing Director DIN: 00020088

Rakesh Darji Company Secretary

Mumbai, 03 May 2024

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Consolidated Financial Statements

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Independent Auditor’s Report

To the Members of Raymond Limited

Report on the Audit of the Consolidated Financial Statements

Opinion

We have audited the accompanying consolidated financial statements of Raymond Limited (‘the Holding Company’) and its subsidiaries (the Holding Company and its subsidiaries together referred to as ‘the Group’), its associates and joint ventures, as listed in Annexure 1, which comprise the Consolidated Balance Sheet as at 31 March 2024, the Consolidated Statement of Profit and Loss (including Other Comprehensive Income), the Consolidated Statement of Cash Flow and the Consolidated Statement of Changes in Equity for the year then ended, and notes to the consolidated financial statements, including material accounting policy information and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the reports of the other auditors on separate / consolidated financial statements and on the other financial information of the subsidiaries, associates and joint ventures, the aforesaid consolidated financial statements give the information required by the Companies Act, 2013 (‘the Act’) in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards (‘Ind AS’) specified under section 133 of the Act, read with the Companies (Indian Accounting Standards) Rules, 2015, and other accounting principles generally accepted in India of the consolidated state of affairs of the Group, its associates and joint ventures, as at 31 March 2024, and their consolidated profit (including other comprehensive income), consolidated cash flows and the consolidated changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group, its associates and joint ventures in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (‘ICAI’) together with the ethical requirements that are relevant to our audit of the consolidated financial statements under the provisions of the Act and the rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained together with the audit evidence obtained by the other auditors in terms of their reports referred to in paragraph 15 of the Other Matters section below is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment and based on the consideration of the reports of the other auditors on separate/consolidated financial statements of the subsidiaries, associates and joint ventures, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
��

Key audit matter

Revenue recognition from real estate project under development

Refer note 20 to the accompanying consolidated financial statements.

Revenue recognised from real estate project under development (‘construction project’) during the year ended 31 March 2024 ��

In accordance with Ind AS 115 ‘Revenue from Contracts with Customers’, the Holding Company has assessed and concluded that its performance obligations arising from the construction project satisfy the criteria for recognition of revenue over time.

How our audit addressed the key audit matter

Our audit procedures included, but were not limited to the following:

Evaluated the appropriateness of the Group accounting policy for revenue recognition from real estate project under development (‘construction project’);
Obtained an understanding of the management’s processes and evaluated the design and tested operating effectiveness of controls over the revenue recognition from construction project and estimation of total costs;

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Key audit matter

We focused on this area because significant management judgment was required in:

determining whether the criteria for satisfaction of performance obligation and recognition of revenue over time in terms of Ind AS 115 was met;
estimating total contract costs of the construction project, including contingencies that could arise from variations to the original contract terms, and
�� construction project which requires estimates in relation to forecast contract revenue and total costs.

Considering the materiality of the amounts involved, and the significant judgements applied in determining the appropriate accounting treatment as mentioned above, this matter required significant auditor attention and therefore, has been identified ��

How our audit addressed the key audit matter

Evaluated the appropriateness of the management’s assessment that the performance obligations arising from the construction project satisfy the criteria for revenue recognition over time, in accordance with Ind AS 115;
On a sample basis, compared revenue transactions recorded during the year with the underlying agreement, invoices raised on customers.
�� assumptions used in the estimation of total contract cost;
�� balances on sample basis by verifying the supporting documents and further compared it with the budgeted cost to determine percentage of completion of project;
Tested the mathematical accuracy of the underlying calculations;
Evaluated the adequacy and appropriateness of the disclosures made in the consolidated financial statements by the management with respect to revenue from construction project.

Information other than the Consolidated Financial Statements and Auditor’s Report thereon

�� for the other information. The other information comprises the information included in the Management �� the consolidated financial statements and our auditor’s report thereon.

Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated �� or otherwise appears to be materially misstated. If, based �� is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements

The accompanying consolidated financial statements have been approved by the Holding Company’s Board of �� responsible for the matters stated in section 134(5) of the Act with respect to the preparation and presentation of these consolidated financial statements that give a true and fair view of the consolidated financial position, consolidated financial performance including other comprehensive income, consolidated changes in equity and consolidated cash flows of the Group including its associates and joint ventures in accordance with the Ind AS specified under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, and other accounting principles generally accepted in �� responsible for ensuring accuracy of records including financial information considered necessary for the preparation of consolidated Ind AS financial statements. Further, in terms of the provisions of the Act the respective ��

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and its associate companies and joint venture companies covered under the Act are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Group and for preventing and detecting frauds and other irregularities; selection and application of appropriate �� are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the consolidated financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. These financial statements have been used for the purpose of preparation of the consolidated financial statements by the ��
In preparing the consolidated financial statements, the �� in the Group and of its associates and joint ventures are responsible for assessing the ability of the respective entities included in the Group and of its associates and joint ventures to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the �� the respective entities or to cease operations, or has no realistic alternative but to do so.
�� for overseeing the financial reporting process of the companies included in the Group and of its associates and joint ventures.

Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with Standards on Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to �� basis of these consolidated financial statements.
As part of an audit in accordance with Standards on Auditing specified under section 143(10) of the Act we exercise professional judgment and maintain professional ��
�� of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures �� that is sufficient and appropriate to provide a basis �� misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act we are also responsible for expressing our opinion on whether the Holding Company has adequate internal financial controls with reference to the consolidated financial statements in place and the operating effectiveness of such controls;
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management;
Conclude on the appropriateness of Board of �� and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group and its associates and joint ventures to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group and its associates and joint ventures to cease to continue as a going concern;
Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation; and
Obtain sufficient appropriate audit evidence regarding the financial information/ financial statements of the entities or business activities within the Group, and its associates and joint ventures, to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and

255 302

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performance of the audit of financial statements of such entities included in the financial statements, of which we are the independent auditors. For the other entities included in the consolidated financial statements, which have been audited by the other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the �� describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Other Matters

We did not audit the financial statements / consolidated financial statements / financial information of twelve subsidiaries, whose financial statements / consolidated financial statements / financial information (before eliminating inter company balances / transactions) �� considered in the consolidated financial statements. The consolidated financial statements also include the Group’s share of net profit (including other comprehensive �� eliminating inter company transactions) for the year ended 31 March 2024, as considered in the consolidated financial statements, in respect of six associates and a joint venture, whose financial statements / consolidated financial statements / financial information have not been

audited by us. These financial statements / consolidated financial statements / financial information have been audited by other auditors / Independent firms of Chartered Accountants whose reports have been furnished to us by the management and our opinion on the consolidated financial statements, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, associates and joint ventures, and our report in terms �� relates to the aforesaid subsidiaries, associates and joint ventures, are based solely on the reports of the other auditors / Independent firm of Chartered Accountants.

Our opinion above on the consolidated financial statements, and our report on other legal and regulatory requirements below, are not modified in respect of the �� done by and the reports of the other auditors / Independent firm of Chartered Accountants.

�� whose financial information (before eliminating inter company balances / transactions) reflects total assets �� considered in the consolidated financial statements. The consolidated financial statements also include the Group’s share of net profit (including other comprehensive income) �� in the consolidated financial statements, in respect of one joint venture, whose financial information has not been audited by us. These financial information are unaudited and have been furnished to us by the management and our opinion on the consolidated financial statements, in so far as it relates to the amounts and disclosures included in respect of the aforesaid subsidiary and joint venture, is based solely on such unaudited financial information. In our opinion and according to the information and explanations given to us by the management, these financial statements are not material to the Group.

Our opinion above on the consolidated financial statements, and our report on other legal and regulatory requirements below, are not modified in respect of the above matter with respect to our reliance on the financial information certified by the management.

Report on Other Legal and Regulatory Requirements

�� audit and on the consideration of the reports of the other auditors, referred to in paragraph 15, on separate / consolidated financial statements of the subsidiaries, associates and joint ventures, we report that the Holding

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Company, one subsidiary company and two associates incorporated in India whose financial statements have been audited under the Act, have paid remuneration to their respective directors during the year in accordance with the provisions of and limits laid down under section �� that ten subsidiaries and four associates incorporated in India whose financial statements have been audited under the Act have not paid or provided for any managerial

remuneration during the year. Accordingly, reporting under �� such subsidiary companies and associate companies. �� venture company incorporated in India whose financial statements have been audited under the Act, since the joint venture company is not a public company as defined under Section 2(71) of the Act.

As required by clause (xxi) of paragraph 3 of Companies (Auditor’s Report) Order, 2020 (‘the Order’) issued by the Central Government of India in terms of section 143(11) of the Act based on the consideration of the Order reports issued till date by us and by the respective other auditors as mentioned in paragraph 15 above, of companies included in the consolidated financial statements for the year ended 31 March 2024 and covered under the Act we report that following are the qualifications/adverse �� statements for the year ended 31 March 2024 for which such Order reports have been issued till date and made available to us:

S No	Name	CIN	Holding Company / subsidiary / Associate / Joint Venture	Clause number of the CARO report which is qualified or adverse
1	Radha Krshna Films Limited	��	Associate	Clause(xix)

�� audit and on the consideration of the reports of the other auditors/Independent firm of Chartered Accountants on separate / consolidated financial statements and other financial information of the subsidiaries, associates and joint ventures incorporated in India whose financial statements have been audited under the Act, we report, to the extent applicable, that:
a) We have sought and obtained all the information and �� belief were necessary for the purpose of our audit of the aforesaid consolidated financial statements;
�� by law relating to preparation of the aforesaid �� so far as it appears from our examination of those �� reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 (as amended);
c) The consolidated financial statements dealt with by �� account maintained for the purpose of preparation of the consolidated financial statements;
d) In our opinion, the aforesaid consolidated financial statements comply with Ind AS specified under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015;
e) On the basis of the written representations received from the directors of the Holding Company, its �� Company, its subsidiary, associate and joint venture respectively and the reports of the statutory auditors of its subsidiary companies, associates and joint ventures, covered under the Act, none of the directors of the Group companies, its associate companies and joint venture companies, are disqualified as on 31 March 2024 from being appointed as a director in ��
f) The reservation relating to the maintenance of accounts and other matters connected therewith with respect to the consolidated financial statements are �� below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 (as amended)
g) With respect to the adequacy of the internal financial controls with reference to financial statements of the Holding Company, and its subsidiaries, associates and joint ventures covered under the Act, and the operating effectiveness of such controls, refer to our separate report in ‘Annexure A’ wherein we have expressed an unmodified opinion; and
h) With respect to the other matters to be included in the Auditor’s Report in accordance with rule 11 of

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the Companies (Audit and Auditors) Rules, 2014 (as amended), in our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the reports of the other auditors on separate/ consolidated financial statements and other financial information of the subsidiaries, associates and joint ventures incorporated in India whose financial statements have been audited under the Act:

i. The consolidated financial statements disclose the impact of pending litigations on the consolidated financial position of the Group, its associates and joint ventures;
ii. provision has been made in these consolidated financial statements, as required under the applicable law or Ind AS, for material foreseeable �� derivative contracts;
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Holding Company, and its subsidiaries, associates and joint ventures during the year ended 31 March 2024;
iv. a. The respective managements of the Holding Company and its subsidiaries, associates and joint ventures incorporated in India whose financial statements have been audited under the Act have represented to us and the other auditors of such subsidiaries, associates and joint ventures respectively that, to �� been advanced or loaned or invested (either from borrowed funds or securities premium or any other �� or its subsidiaries, associates and joint ventures to or in any person(s) or entity(ies), including foreign entities (‘the intermediaries’), with the understanding, whether recorded in writing or otherwise, that the intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Holding

Company, or any such subsidiaries, associates and joint ventures (‘the Ultimate Beneficiaries’) or provide �� Ultimate Beneficiaries;

b. The respective managements of the Holding Company and its subsidiaries, associates and joint ventures incorporated in India whose financial statements have been audited under the Act have represented to us and the other auditors of such subsidiaries, associates and joint ventures respectively that, to �� have been received by the Holding Company or its subsidiaries, associates and joint ventures from any person(s) or entity(ies), including foreign entities (‘the Funding Parties’), with the understanding, whether recorded in writing or otherwise, that the Holding Company, or any such subsidiaries, associates and joint ventures shall, whether directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (‘Ultimate Beneficiaries’) or provide �� Ultimate Beneficiaries; and
c. Based on such audit procedures performed by us and that performed by the auditors of the subsidiaries, associates and joint ventures, as considered reasonable and appropriate in the circumstances, nothing has come to our or other auditors’ notice that has caused us or them to believe that the management �� contain any material misstatement.
v. The final dividend paid by the Holding Company during the year ended 31 March 2024 in respect of such dividend declared for the previous year is in accordance with section 123 of the Act to the extent it applies to payment of dividend.

�� Company have proposed final dividend for the year ended 31 March 2024 which is subject to the approval of the members at the ensuing Annual General Meeting. The dividend declared is in accordance with section 123 of the Act to the extent it applies to declaration of dividend.

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�� performed by us on the Holding Company, its subsidiary, associate, joint venture, and by the respective auditors of the subsidiaries and associates of the Holding Company which are companies incorporated in India and audited under the Act, except for the instances mentioned below, the Holding Company, its subsidiaries, associates and joint ventures, in respect of financial year commencing on 1 April 2023, have used accounting software for maintaining �� throughout the year for all relevant transactions recorded in the software. Further, during the course of our audit we and respective auditors of the above referred subsidiaries and associates did not come across any instance of audit trail feature being tampered with other than the consequential impact of the exceptions given below:

Nature of exception noted Details of Exception �� of account which did not have a feature of recording �� audit trail (edit log) facility does not have a feature of recording audit trail (edit log) facility. �� The audit trail feature was not enabled at the database of account for which the feature of recording audit trail level for accounting software SAP to log any direct data (edit log) facility was not operated throughout the year changes, used for maintenance of all accounting records for all relevant transactions recorded in the software by the Holding Company, its five subsidiaries, and two associates. Instances of accounting software maintained by a third The accounting software STAGE used for maintenance party where we are unable to comment on the audit �� trail feature. �� ‘Independent Service Auditor’s Assurance Report on �� Effectiveness’ (‘Type 2 report’ issued in accordance with SAE 3402, Assurance Reports on Controls at a Service Organisation), we are unable to comment on whether audit trail feature with respect to the database of the said software was enabled and operated throughout the year.

For Walker Chandiok & Co LLP Chartered Accountants

��

Adi P. Sethna

Partner

��

��

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Annexure 1

List of entities included in the Statement

Subsidiary Companies

Raymond Apparel Limited (upto March 28, 2024)
Pashmina Holdings Limited
Everblue Apparel Limited
��
Scissors Engineering Products Limited
Ring Plus Aqua Limited
JK Talabot Limited
JKFEL Tools and Technologies Limited (w.e.f. January 22, 2024)
Maini Precision Products Limited (w.e.f. March 28, 2024)
��
��
R&A Logistics Inc.
��
��
Raymond America Apparel Inc.
Celebrations Apparel Limited
Raymond (Europe) Limited
��
Raymond Woollen Outerwear Limited
Raymond Luxury Cottons Limited
Raymond Realty Limited (Formerly Known as Raymond Lifestyle Limited) (Consolidated)
Ten X Realty Limited
��
��
Ten X Realty West Limited (w.e.f. January 03, 2024)
Raymond Lifestyle (Bangladesh) Private Limited

Associates

��
J.K. lnvesto Trade (India) Limited (Consolidated)
J.K. Helene Curtis Limited
Ray Global Consumer Trading Limited
Raymond Consumer Care Limited
Ray Global Consumer Products Limited
��
Radha Krshna Films Limited

Joint Ventures

��
��
UCO Testatura S.r.l.

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Annexure A to the Independent Auditor’s Report of even date to the members of Raymond Limited on the consolidated financial statements for the year ended 31 March 2024

Independent Auditor’s Report on the internal financial controls with reference to consolidated financial statements under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (‘the Act’)

In conjunction with our audit of the consolidated financial statements of Raymond Limited (‘the Holding Company’) and its subsidiaries (the Holding Company and its subsidiaries together referred to as ‘the Group’), its associates and joint ventures as at and for the year ended 31 March 2024, we have audited the internal financial controls with reference to financial statements of the Holding Company, its ten subsidiary companies, its six associate companies and a joint venture company, which are companies covered under the Act, as at that date.

Responsibilities of Management and Those Charged with Governance for Internal Financial Controls

�� its ten subsidiary companies, its six associate companies and a joint venture company, which are companies covered under the Act, are responsible for establishing and maintaining internal financial controls based on the internal financial controls with reference to financial statements criteria established by the Company considering the essential components of internal control stated in the �� Financial Reporting issued by the Institute of Chartered Accountants of India (‘the ICAI’). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of the Company’s business, including adherence to the Company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.

statements of the Holding Company, its ten subsidiary companies, its six associate companies and a joint venture company, as aforesaid, based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the ICAI prescribed under Section 143(10) of the Act, to the extent applicable to an audit of internal financial controls with reference to consolidated �� Internal Financial Controls Over Financial Reporting (‘the �� requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to consolidated financial statements were established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with reference to consolidated financial statements and their operating effectiveness. Our audit of internal financial controls with reference to consolidated financial statements includes obtaining an understanding �� design and operating effectiveness of internal control based �� on the auditor’s judgement, including the assessment of �� financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained and the audit evidence obtained by the other auditors in terms of their reports referred to in the Other Matter paragraph below, is sufficient and appropriate to provide a basis for our audit opinion on the internal financial controls with reference to consolidated financial statements of the Holding Company, its ten subsidiary companies, its six associate companies and a joint venture company, as aforesaid.

Auditor’s Responsibility for the Audit of the Internal Financial Controls with Reference to Consolidated Financial Statements

Our responsibility is to express an opinion on the internal financial controls with reference to consolidated financial

Meaning of Internal Financial Controls with Reference to Consolidated Financial Statements

�� consolidated financial statements is a process designed

261 308

Raymond Limited

to provide reasonable assurance regarding the reliability of financial reporting and the preparation of consolidated financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal financial controls with reference to consolidated financial statements include those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of consolidated financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company’s assets that could have a material effect on the consolidated financial statements.

Inherent Limitations of Internal Financial Controls with Reference to Consolidated Financial Statements

Because of the inherent limitations of internal financial controls with reference to consolidated financial statements, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to consolidated financial �� internal financial controls with reference to consolidated financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion and based on the consideration of the reports of the other auditors on internal financial controls with reference to financial statements of the nine subsidiary companies and five associate companies, the Holding Company, its ten subsidiary companies, its

six associate companies and a joint venture company, which are companies covered under the Act, have in all material respects, adequate internal financial controls with reference to consolidated financial statements and such controls were operating effectively as at 31 March 2024, based on the internal financial control over financial reporting criteria established by the Company considering the essential components of internal controls stated in the �� Financial Reporting issued by the ICAI.

Other Matters

�� reference to financial statements insofar as it relates to nine subsidiary companies, which are companies covered under the Act, whose financial statements/consolidated financial statements (before eliminating inter company �� on that date, as considered in the consolidated financial statements. The consolidated financial statements also include the Group’s share of net profit (including other �� the year ended 31 March 2024, in respect of five associate companies, which are companies covered under the Act, whose internal financial controls with reference to financial statements have not been audited by us. The internal financial controls with reference to financial statements in so far as it relates to such subsidiary companies and associate companies have been audited by other auditors whose report have been furnished to us by the management and our report on the adequacy and operating effectiveness of the internal financial controls with reference to financial statements for the Holding Company, its ten subsidiary companies, its six associate companies and a joint venture company, as aforesaid, under Section 143(3)(i) of the Act in so far as it relates to such nine subsidiary companies and five associate companies is based solely on the reports of the auditors of such companies. Our opinion is not modified in respect of this matter with respect to our reliance on the ��

262 Annual Report 2023-24

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Financial Statements

At the Cusp of a New Beginning

We did not audit the internal financial controls with reference to financial statements in so far as it relates to one subsidiary, which is a company covered under the Act, whose financial information reflect total assets �� been considered in the consolidated financial statements. The internal financial controls with reference to financial statements of this subsidiary company, which is company covered under the Act, is unaudited and our opinion under Section 143(3)(i) of the Act on adequacy and operating effectiveness of the internal financial controls with reference to financial statements insofar as it relates to the aforesaid subsidiary, which is company covered under the Act, is solely based on the corresponding internal financial controls with reference to financial statements report certified by the management of such company. In our opinion and according to the information and explanations given to us by the management, these financial information

are not material to the Group. Our opinion is not modified in respect of the above matter with respect to our reliance on the internal financial controls with reference to financial statements report certified by the management.

For Walker Chandiok & Co LLP Chartered Accountants ��

Adi P. Sethna

Partner ��

263 310

Raymond Limited

Consolidated Balance Sheet

as at 31[st] March, 2024

				(H��
Particulars		Note No.	As at 31st March, 2024	As at 31st March, 2023
I	ASSETS
	1 Non-current assets
	(a) Property, plant and equipment	2(a)	254888.43	��
	��	2(b)	��	��
	(c) Goodwill	3(a)	��	101.37
	(d) Other intangible assets	3(a)	��	170.88
	(e) Intangible assets under development	3(b)	��	��
	(f) Investments accounted for using equity method	4	��	��
	(g) Financial assets
	(i) Investments	5(i)	��	��
	(ii) Loans	��	102.34	753.73
	(iii) Other financial assets	7(i)	14220.51	8818.84
	��	28	��	��
	(i) Income tax assets (net)		��	��
	�� ��	8(i)	12235.72	��
	Total Non Current Assets		578373.47	319921.96
	2 Current assets
	(a) Inventories	�	��	��
	(b) Financial assets
	(i) Investments	5(ii)	��	88531.58
	(ii) Trade receivables	10	140715.33	��
	(iii) Cash and cash equivalents	11	18223.22	��
	��	12	��	15385.41
	(v) Loans	��	2544.81	��
	(vi) Other financial assets	7(ii)	��	��
	(c) Other current assets	8(ii)	��	51857.81
	(d) Assets classified as held for sale	13	0.00	10.55
	Total Current Assets		738921.79	5,01,576.31
	TOTAL ASSETS		1317295.26	821498.27
II	EQUITY AND LIABILITIES
	1 Equity
	(a) Equity share capital	14(i)	��	��
	(b) Other equity	14(ii)	��	��
	Equity attributable to Owners		��	��
	��		��	8500.80
	Total Equity		505526.06	298397.94
	2 Liabilities
	Non-current liabilities
	(a) Financial liabilities
	(i) Borrowings	15(i)	��	��
	(ii) Lease liabilities	42(a)	��	��
	(iii) Other financial liabilities	��	��	��
	��	28	��	802.37
	��	17(i)	��	3354.70
	Total Non Current Liabilities		367589.20	145029.49
	Current liabilities
	(a) Financial Liabilities
	(i) Borrowings	15(ii)	��	��
	(ii) Lease liabilities	42(a)	��	8347.82
	(iii) Trade payables	18
	Total outstanding dues of micro enterprises and small enterprises		��	��
	Total outstanding dues of creditors other than micro enterprises and small enterprises		��	157352.51
	(iv) Other financial liabilities	��	��	��
	(b) Other current liabilities	17(ii)	��	��
	(c) Provisions	��	��	��
	(d) Current tax liabilities (net)		��	28.37
	Total Current Liabilities		444180.00	378070.84
	TOTAL LIABILITIES		811769.20	523100.33
	Total Equity and Liabilities		1317295.26	821498.27

The accompanying notes are an integral part of these consolidated financial statements. This is the Consolidated Balance Sheet referred to in our report of even date.

For WALKER CHANDIOK & CO LLP

For and on behalf of Board of Directors

Chartered Accountants

��

Adi P. Sethna

��

�� Mumbai, 3[rd] May, 2024

Amit Agarwal ��

Gautam Hari Singhania

��

Rakesh Darji Company Secretary Mumbai, 3[rd] May, 2024

264

Annual Report 2023-24

311

Financial Statements

At the Cusp of a New Beginning

Consolidated Statement of Profit and Loss

for the year ended 31[st] March, 2024

			(H��
Particulars	Note No.	Year ended 31st March, 2024	Year ended 31st March, 2023
I. Revenue from operations	20	��	821471.83
II. Other income	21	��	��
III. Total Income(I + II)		928562.99	833697.92
IV. Expenses:
Cost of materials consumed	22	��	��
��		��	��
�� development	23	��	��
Employee benefits	24	��	��
Finance costs	25	��	��
��	��	��	��
Other expenses
(a)Manufacturingand operatingcosts	27(a)	��	��
(b)Costs towards development ofproperty	27(b)	��	��
(c)Others	27(c)	��	��
Total Expenses		836992.51	750791.93
V. Profit before share in net profit / (loss) of Associates and Joint Ventures, exceptional items and tax(III-IV)		91570.48	82905.99
�� Share in Profit/(Loss)of Associates and Joint ventures		��	1540.82
VII. Profit before exceptional items and tax(V+VI)		190894.48	84446.81
��	44	��	(10714.88)
IX. Profit before tax(VII + VIII)		186574.19	73731.93
X. Tax expense /(credit):	28
Current tax		20174.21	3582.15
Tax in respect of earlieryears		�	(2743.03)
��		��	��
Total Tax Expenses /(Credit) (net)		22266.91	20035.62
XI. Profit for theyear		164307.28	53696.31
Other Comprehensive Income /(Loss)
Items that will not be reclassified toprofit or loss
(i) Remeasurements ofpost employment benefit obligations	32	141.10	��
��		4747.70	��
(iii)Share of other comprehensive income of investments accounted for usingthe equitymethod		(173.71)	(28.35)
(iv)Income tax relatingto these items		(552.24)	(575.33)
		4162.85	4915.11
Items that will be reclassified toprofit or loss
(i) Gains and losses arisingfrom translatingthe financial statements of foreign operations		��	��
(ii)Share of other comprehensive income of investments accounted for usingthe equitymethod		��	��
		(117.26)	(1853.01)
Total Other Comprehensive Income for theyear(net of tax)		��	��
Total Comprehensive Income for theyear		��	��
Profit attributable to:
Owners		��	��
��		532.37	��
		164307.28	53696.31
Other Comprehensive Income /(Loss) attributable to:
Owners		��	��
��		(2.04)	��
		4045.59	3062.10
Total Comprehensive Income attributable to:
Owners		��	��
��		530.33	��
		168352.87	56758.41
Earnings per equity share ofJ10 each:	31
(1)Basic(H)		��	��
��H)*		��	��
��

The accompanying notes are an integral part of these consolidated financial statements. This is the Consolidated Statement of Profit and Loss referred to in our report of even date.

For WALKER CHANDIOK & CO LLP

For and on behalf of Board of Directors

Chartered Accountants

��

Adi P. Sethna ��

�� Mumbai, 3[rd] May, 2024

Amit Agarwal ��

Gautam Hari Singhania ��

��

Rakesh Darji Company Secretary Mumbai, 3[rd] May, 2024

265

Raymond Limited

312

Consolidated Statement of Cash Flow

for the year ended 31[st] March, 2024

		(H��
	Year ended 31st March, 2024	Year ended 31st March, 2023
	(Audited)	(Audited)
CASH FLOW FROM OPERATING ACTIVITIES:
Profit before exceptional items and tax	190894.48	84446.81
Adjustments for:
Share in Profit of Associates and Joint ventures	��	(1540.82)
��	520.51	��
��	(427.10)	(1584.13)
Provision towards slow movingand non movinginventories	��	��
Provision for doubtful debts,advances and incentive receivable	1058.40	��
��	��	��
Apportioned income fromgovernmentgrants	��	��
��	��	(18.03)
��	��	��
Finance costs	��	��
Interest income	(10372.77)	��
��	��	��
��	��	5.82
Gain on extinguishment of lease liabilities(net)	��	(151.71)
��	��	��
Exceptional items(excluding non cash items) (Refer note 44):
� ��	��	(1217.52)
� ��	(1078.00)	�
� ��	�	��
Operating profit before working capital changes	136533.04	126286.81
Adjustments for:
(Increase)/decrease in trade and other receivables	(78830.50)	��
Increase in inventories	��	��
Increase in trade and otherpayables andprovisions	��	��
Cashgenerated from operations	61026.75	87663.75
��	(7701.22)	(7240.74)
Net cashgenerated from operating activities -[A]	53325.53	80423.01
CASH FLOW FROM INVESTING ACTIVITIES:
�� Progress and intangible assets under development	��	��
Saleproceeds from disposal ofproperty, plant and equipment	��	1404.18
Advance against sale ofproperty, plant and equipment
Proceeds from sale of non current investments^	��	2500.00
Purchase of non current investments	(470.22)	��
��	��	�
��	��	�
Investment in Joint venture	�	(2500.00)
��	753.73	1000.00
��	(743.51)	�
��	��	�
��	��	1430.77
(Purchase)/sale of current investments(net)	��	(22818.21)
Interest income received	��	��
��	��	��
Net cash(used in) investing activities -[B]	(104161.74)	(47578.42)

266 Annual Report 2023-24

313

Financial Statements

At the Cusp of a New Beginning

Consolidated Statement of Cash Flow

for the year ended 31[st] March, 2024

Consolidated Statement of Cash Flow for the year ended 31stMarch, 2024
		(H��
	Year ended 31st March, 2024	Year ended 31st March, 2023
	(Audited)	(Audited)
CASH FLOW FROM FINANCING ACTIVITIES:
��	(2008.88)	��
Finance costspaid	��	��
��	210281.48	��
Finance costspaid on lease obligations	(5110.00)	(2851.00)
Repayment of lease obligations	��	��
��	��	��
Proceeds/(Repayment)from current borrowings(net)	��	10872.47
Net cash(used in) /generated from financing activities -[C]	50229.89	(31889.87)
Net increase /(decrease) in cash and cash equivalents -[A+B+C]	(606.32)	954.72
*Add: Cash and cash equivalents at beginning of theyear()**	17123.87	16169.15
Cash and cash equivalents as at end of theyear(net)	16517.55	17123.87

^ include amounts received from sale of investment in wholly owned subsidiaries of H ��

��

*��
		(H��
	Year ended 31st March, 2024	Year ended 31st March, 2023
	(Audited)	(Audited)
Cash and cash equivalents above comprises of the following
Cash and cash equivalents	18223.22	��
��	��	��
��	��	�
Net cash and cash equivalents	16517.55	17123.87

Note:

The consolidated statement of cash flow has been prepared under the indirect method as set out in Indian Accounting Standard (Ind AS) 7, 'Statement of Cash Flows'

This is Consolidated Statement of Cash Flow referred to in our report of even date.

For WALKER CHANDIOK & CO LLP

For and on behalf of Board of Directors

Chartered Accountants

��

Adi P. Sethna

��

�� Mumbai, 3[rd] May, 2024

Amit Agarwal

��

Gautam Hari Singhania

��

Rakesh Darji

Company Secretary Mumbai, 3[rd] May, 2024

267

Raymond Limited

314

Consolidated Statement of Changes in Equity

for the year ended 31[st] March, 2024

A. Equity Share Capital

A. Equity Share Capital
	(H��
Particulars	Amount
As at 1st April, 2022	6657.37
��	�
As at 31st March, 2023	6657.37
��	�
��H10 each held in trust for employee under ESOP Scheme (refer note 55)	(2.23)
As at 31st March, 2024	6655.14

B. Other Equity

B. Other Equity
				Reserves an	d Surplus				Retained earning in Associates	Retained earning in Jointly controlled entities	Currency fluctuation reserve	Equity instruments through Other Comprehensive Income	Total equity	Non Controlling Interest	Total
	Capital Reserve	Securities Premium	Capital Redemption Reserve	Debenture Redemption Reserve	General Reserves	Legal reserve	Share Based Payments Reserve	Retained Earnings
Balance as at 1st April, 2022	3614.55 1	47767.13	1919.51	-	107813.63	7.22 1	176.90	47958.02	31616.56	(14008.79)	(2708.92)	5096.17	229251.98	7721.57	236973.55
Profit /(Loss)for theyear	� 11	�	�	�	�	� 11	�	51353.00	��	(332.87)	�	�	��	��	��
Other Comprehensive Income / (Loss)for theyear	�	�	�	�	�	�	�	��	��	��	��	5111.33	��	��	��
Total Comprehensive Income / (Loss) for theyear	- I	-	-	-	-	- I	-	51208.39	1840.80	(496.38)	(1684.96)	5111.33	55979.18	779.23	56758.41
��	� 1	�	�	�	�	� 1	5.82	�	�	�	�	�	5.82	�	5.82
��	� 11	�	�		�	� 11	�	��	�	�	�	�	��	0.00	��
Balance as at 31st March, 2023	3614.55 1	47767.13	1919.51	-	107813.63	7.22 1	182.72	97169.20	33457.36	(14505.17)	(4393.88)	10207.50	283239.77	8500.80	291740.57
Profit /(Loss)for theyear	� 1	�	�	�	�	� 1	�	��	104824.81	(5500.75)	�	�	��	532.37	��
Other Comprehensive Income / (Loss)for theyear	�	�	�	�	�	�	�	125.20	��	��	��	4213.40	��	(2.04)	4045.58
Loss of Control over subsidiaries (Refer note 52)	�� I	�	(548.00)	�	��	� I	�	3271.12	�	�	�	�	�	�	�
�� Acquisation(Refer note 51)	� I	�	�	�	�	� I	�	�	�	�	�	�	�	��	��
Transfer from reserves	� 1	�	�	3000.00	�	� 1	�	(3000.00)	�	�	�	�	�	�
ESOP Adjustment	� 11	��	�	�	�	� 11	�	�	�	�	�	�	��	�	��
��	�� 1	�	�	�	�	� 1	�	�	�	�	�	�	��	��	��
Total Comprehensive Income / (Loss) for theyear	4594.55	(376.91)	(548.00)	3000.00	(2630.78)	-	-	64847.18	104823.20	(5695.32)	(94.80)	4213.40	172132.52	35291.02	207423.54
��	� 11	�	�	�	�	� 11	1704.02	�	�	�	�	�	1704.02	�	1704.02
��	�	�	�		�	�	�	��	�	�	�	�	��	�	��
Balance as at 31st March, 2024	8209.10	47390.22	1371.51	3000.00	105182.85	7.22	1886.74	160019.17	138280.56	(20200.49)	(4488.68)	14420.90	455079.10	43791.82	498870.92

This is the Consolidated Statement of Changes in Equity referred to in our report of even date.

For WALKER CHANDIOK & CO LLP

For and on behalf of Board of Directors

Chartered Accountants

��

Adi P. Sethna

��
��

Amit Agarwal

��

Gautam Hari Singhania

��

Mumbai, 3[rd] May, 2024

Rakesh Darji Company Secretary Mumbai, 3[rd] May, 2024

Financial Statements

At the Cusp of a New Beginning

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

Note :- 1 - STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES AND PRACTICES

1 (i) Raymond Limited ('RL' or the 'Company' or the 'Holding �� subsidiaries (the Holding Company and its subsidiaries together referred to as the ‘Group’) and its associates and joint ventures mainly deals in Textiles, Lifestyle, Branded apparel, Engineering, FMCG, Auto components, etc. The Group and its associates and joint ventures have its �� sells its products through multiple channels including wholesale, franchisee, retail etc. The Holding Company had commenced activities to develop part of its land for ��

The Company is a public limited company and is listed �� H were delisted from the ��

(a) Basis of preparation

(i) Compliance with Ind AS

These consolidated financial statements ('financial statements') have been prepared in accordance with the Indian Accounting Standards (hereinafter referred to as the 'Ind AS') as notified by Ministry of Corporate Affairs pursuant to Section 133 of the Companies Act, 2013 ('Act') read with the Companies (Indian Accounting standards) Rules, 2015, as amended, and other relevant provisions of the Act and guidelines issued by the Securities and Exchange Board of India (SEBI).

The accounting policies are applied consistently to all the periods presented in the financial statements. The financial statements of the Group have been consolidated using uniform accounting policies.

(ii) Historical cost convention

The financial statements have been prepared on a historical cost basis, except for the following:

1) certain financial assets and liabilities that are measured at fair value;
�� carrying amount or fair value less costs to sell;
�� measured at fair value;

(iii) Current non-current classification

All assets and liabilities have been classified as �� operating cycle for each of its businesses, as per the criteria set out in the Schedule III to the Act.

(iv) Rounding of amounts

All amounts disclosed in the financial statements and notes have been rounded off to the nearest �� otherwise stated.

(b) Principles of consolidation and equity accounting

(i) Subsidiaries

Subsidiaries are all entities over which the Holding Company has control. The Holding Company controls an entity when the Holding Company is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the relevant activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Holding Company. They are deconsolidated from the date that control ceases.

The acquisition method of accounting is used to account for business combinations by the Group.

The Group combines the financial statements of the Holding Company and its subsidiaries line by line �� income and expenses. Intercompany transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Holding Company.

�� subsidiaries are shown separately in the consolidated statement of profit and loss, consolidated statement

269 316

Raymond Limited

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

of changes in equity and consolidated balance sheet respectively.

�� interests’ proportionate share of the acquiree’s identifiable net assets. The choice of measurement �� Subsequent to acquisition,the carrying amount of �� interests’ share of subsequent changes in equity of subsidiaries.

(ii) Associates

Associates are all entities over which the Holding Company has significant influence but not control or joint control. This is generally the case where the Holding Company holds between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting , after initially being recognised at cost.

(iii) Joint ventures

Investments in joint ventures are accounted for using the equity method , after initially being recognised at cost in the consolidated balance sheet.

to the extent of the Group’s interest in these entities. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of equity accounted investees have been changed where necessary to ensure consistency with the policies adopted by the Group.

The carrying amount of equity accounted investments are tested for impairment in accordance with the policy described in note 1(j) below.

(c) Use of estimates and judgments

The estimates used in the preparation of the consolidated financial statements are continuously evaluated by the Group and are based on historical experience and various other assumptions and factors (including expectations of future events) that the Group believes to be reasonable �� actual results and estimates are recognised in the period in ��

(iv) Equity Method

Under the equity method of accounting, the investments are initially recognised at cost and adjusted thereafter to recognise the Group’s share of �� in statement of profit and loss, and the Group’s share of other comprehensive income of the investee in �� or receivable from associates and joint ventures are recognised as a reduction in the carrying amount of the investment.

�� investment equals or exceeds its interest in the entity, �� such entity, that, in substance, form part of the entity’s net investment, the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the other entity. Such further losses are disclosed as part of Current Liabilities.

Unrealised gains on transactions between the Group and its associates and joint ventures are eliminated

(d) Property, plant and equipment (including Capital Work-in-Progress)

The Group had applied for the one time transition exemption of considering the carrying cost on the transition date i.e. 1[st] �� thereafter as historical cost.

Freehold land is carried at historical cost. All other items of property, plant and equipment are stated at historical cost less depreciation and impairment, if any. Historical cost includes expenditure that is directly attributable to the acquisition of the items.

�� impairment losses, if any.

Subsequent costs are included in the asset's carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying

270

Annual Report 2023-24

317

Financial Statements

At the Cusp of a New Beginning

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

amount of any component accounted for as a separate asset is derecognised when replaced. All other repairs and maintenance are charged to the Statement of Profit and Loss during the reporting period in which they are incurred.

The aforesaid policy excludes assets acquired vide business combination referred to in note 51, for which no depreciation has been recognised, considering the acquisition has been accounted as at the last day of the year.

Depreciation methods, estimated useful lives and residual value

�� building, Plant and Equipment, Aircrafts, is provided as per the Straight Line Method and in case of other assets as per �� lives of assets. Leasehold land is amortised over period of lease. Leasehold improvements are amortised over the period of lease or estimated useful life whichever is lower.

The Group depreciates its property, plant and equipment (PPE) over the useful life in the manner prescribed in Schedule II to the Act. The Group believes that useful life of assets are same as those prescribed in Schedule II to the Act, except for plant and equipment and aircraft for which, based on technical evaluation, useful life has been estimated to be different from that prescribed in Schedule II of the Act.

Useful life considered for calculation of depreciation for ��

Asset Class	Useful Life
FactoryBuilding	30years
��	��
Continuous Process Plant	20years
(Plant and Equipment)
Other Plant and Equipment	��
Furniture and Fixtures	10years
Office Equipment	5years
��	8years
Boat and water equipments	13years
Aircraft/Helicopter	��

(e) Intangible assets (including intangible assets under development)

Intangible assets acquired separately are carried at cost less accumulated amortisation and accumulated �� fair value. Intangible assets are amortised on a straight line basis over their estimated useful lives.

Goodwill

Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is not amortised but is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired, and is carried at cost less accumulated impairment losses.

Amortisation and Impairment method

The Group amortizes intangible assets with a finite useful �� the statement of profit and loss under the head depreciation and amortization expense.

Asset Class	Useful Life
Computer Software	3years
Customer Contracts and Relationship	20years
Technical Knowhow	10years
��	5 years

Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in the Consolidated Statement of Profit and Loss.

The residual values are not more than 5% of the original cost of the asset. The assets residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.

�� the case maybe.

Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in the Statement of Profit and Loss.

An intangible asset is derecognised upon disposal (i.e., at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal.

(f) Lease

The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract

271 318

Raymond Limited

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

To assess whether a contract conveys the right to control the use of an identified asset, the Group assesses whether: (i) the contract involves the use of an identified asset (ii) the Group has substantially all of the economic benefits from use of the asset through the period of the lease and (iii) the Group has the right to direct the use of the asset.

Group as a lessee

At lease commencement date, the Group recognises a �� is made up of the initial measurement of the lease liabilities, any initial direct costs incurred by the Group and any lease payments made in advance of the lease commencement date.

�� line basis from the lease commencement date to the earlier �� use assets for impairment when such indicators exist.

At the commencement date of lease, the Group measures the lease liabilities at the present value of the lease payments to be made over the lease term, discounted using the interest rate implicit in the lease if that rate is readily available or the Group’s incremental borrowing rate.

The Group cannot readily determine the interest rate implicit in the lease, therefore, it uses its incremental borrowing rate (IBR) to measure lease liabilities.

Lease payments included in the measurement of the lease liability are made up of fixed payments (including in substance, fixed), and payments arising from options reasonably certain to be exercised. Subsequent to initial measurement, the liability will be reduced for payments made and increased for interest expenses. It is remeasured to reflect any reassessment or modification.

When the lease liability is remeasured, the corresponding �� Statement of profit and loss, as the case may be.

�� to these are recognised as an expense in profit or loss

�� systematic basis if that basis is more representative of the pattern of the Group’s benefit.

Group as a lessor

Leases for which the Group is a lessor classified as finance or operating lease

Lease income from operating leases where the Group is a �� the lease term unless the receipts are structured to increase in line with expected general inflation to compensate for the excepted inflationary cost increases. The respective leased assets are included in the Consolidated Balance Sheet based on their nature.

(g) Cash and Cash Equivalents

Cash and cash equivalent in the balance sheet comprise �� an original maturity of three months or less, that are readily ��

For the purpose of presentation in the statement of cash flows, Cash and cash equivalents includes cash on �� with original maturities of three months or less that are ��

(h) Inventories

�� development are stated ‘at cost or net realisable value, �� Cost comprise all cost of purchase, cost of conversion and other costs incurred in bringing the inventories to their present location and condition. Cost formulae �� estimated and made for defective and obsolete items, wherever necessary.

Property under development comprises cost of land, rates & taxes, construction costs, overheads and expenses �� Costs towards development of property are charged to

272

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319

Financial Statements

At the Cusp of a New Beginning

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

Consolidated statement of profit and loss proportionate to area sold and when corresponding revenue is recognised.

All the costs incurred on unfinished / finished jobs, but not invoiced and dispatched, under conversion contracts, are carried forward as “Accumulated Costs on Conversion Contracts”, at lower of cost and net realisable value.

�� have been stated at cost after deducting unrealised profit on such transactions.

(i) Investments and other financial assets

(i) Classification

The Group classifies its financial assets in the following measurement categories:

(1) those to be measured subsequently at fair value (either through other comprehensive income, or through Profit and Loss), and
(2) those measured at amortised cost.

The classification depends on the Group’s business model for managing the financial assets and the contractual terms of the cash flows.

For assets measured at fair value, gains and losses will either be recorded in the Profit and Loss or other comprehensive income. For investments in debt instruments, this will depend on the business model in which the investment is held. For investments in equity instruments, this will depend on whether the Group has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income.

(ii) Measurement

At initial recognition, the Group measures a financial asset (excluding trade receivables which do not contain a significant financing component (Refer 1 (q) below)) at its fair value. Transaction costs of financial assets carried at fair value through Profit and Loss are expensed in the Consolidated Statement of Profit and Loss.

Debt instruments:

Subsequent measurement of debt instruments depends on the Group’s business model for managing the asset and the cash flow characteristics of the asset. The Group classifies its debt instruments into following categories:

(a) Amortised cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. Interest income from these financial assets is included in other income using the effective interest rate method.
(b) Fair value through profit and loss: Assets that do not meet the criteria for amortised cost are measured at fair value through Profit and Loss. Interest income from these financial assets is included in other income.

Equity instruments:

The Group subsequently measures all equity investments at fair value. Where the Group’s management has elected to present fair value gains and losses on equity investments in other comprehensive income, there is no subsequent reclassification of fair value gains and losses to the �� investments are recognised in the Consolidated Statement of Profit and Loss as other income when the Group’s right to receive payments is established.

(iii) Impairment of financial assets

The Group measures the expected credit loss associated with its assets based on historical trend, industry practices and the business environment in which the entity operates or any other appropriate basis. The impairment methodology applied depends on whether there has been a significant increase ��

(iv) Income recognition

Interest income

Interest income from debt instruments is recognised using the effective interest rate method.

273 320

Raymond Limited

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

Dividends

�� Statement of Profit and Loss only when the right to receive payment is established.

on the date a derivative contract is entered into and are �� in fair value recognised in the Consolidated Statement of Profit and Loss in the period when they arise.

(j) Impairment of non-financial assets

Goodwill and intangible assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other �� other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period.

(k) Non-current assets held for sale

�� carrying amount will be recovered principally through a sale transaction rather than through continuing use and a sale is considered highly probable. They are measured at the lower of their carrying amount and fair value less costs to sell, except for assets such as deferred tax assets, assets arising from employee benefits, financial assets and contractual rights under insurance contracts, which are specifically exempt from this requirement.

�� they are classified as held for sale.

(l) Derivative financial instruments

�� option contracts and cross currency swaps, to hedge its ��

(m) Segment Reporting:

Operating segments are reported in a manner consistent with the internal reporting provided to the chief executive officer, the chief financial officer and the chairman and managing director, all of them constitute as chief operating ��

(n) Borrowings

Borrowings are initially recognised at net of transaction costs incurred and measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in the Consolidated Statement of Profit and Loss over the period of the borrowings using the effective interest method.

(o) Borrowing costs

(p) Provisions and contingent liabilities

Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Provisions are not recognised for future operating losses.

Provisions are measured at the present value of management’s best estimate of the expenditure required

274 Annual Report 2023-24

321

Financial Statements

At the Cusp of a New Beginning

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

to settle the present obligation at the end of the reporting period. The discount rate used to determine the present �� specific to the liability. The increase in the provision due to the passage of time is recognised as interest expense.

Contingent Liabilities are disclosed in respect of possible obligations that arise from past events but their existence will be confirmed by the occurrence or non occurrence of one or more uncertain future events not wholly within the control of the Group or where any present obligation cannot be measured in terms of future outflow of resources or where a reliable estimate of the obligation cannot be made.

A contingent asset is disclosed, where an inflow of economic benefits is probable. The Group shall not recognize a contingent asset unless the recovery is virtually certain.

(q) Revenue recognition

The Group derives revenues primarily from sale of manufactured goods, traded goods and related services. The Group has also engaged in real estate property development.

Revenue is measured based on the transaction price (which is the consideration, adjusted to discounts, incentives and returns, etc., if any) that is allocated to that performance obligation. These are generally accounted for as variable consideration estimated in the same period the related sales occur. The methodology and assumptions used to estimate rebates and returns are monitored and adjusted regularly in the light of contractual and legal obligations, historical trends, past experience and projected ��

The Group operates a loyalty programme for the customers and franchisees of the Group for the sale of goods. The customers accumulate points for purchases made which entitles them to discount on future purchases. A contract liability for the award points is recognized at the time of the sale. Revenue is recognized when the points are redeemed or on expiry. The expenditure of loyalty programme is ��

The Group recognises provision for sales return, based on the historical results, measured on net basis of the margin of the sale. Therefore, a refund liability, included in other current liabilities, are recognized for the products expected to be returned.

The Group does not expect to have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, it does not adjust any of the transaction prices for the time value of money.

The Group satisfies a performance obligation and recognises revenue over time, if one of the following criteria is met:

The customer simultaneously receives and consumes the benefits provided by the Group’s performance as the Group performs; or
The Group’s performance creates or enhances an asset that the customer controls as the asset is created or enhanced; or
The Group’s performance does not create an asset with an alternative use to the Group and an entity has an enforceable right to payment for performance completed to date.

For performance obligations where one of the above conditions are not met, revenue is recognised at the point in time at which the performance obligation is satisfied.

Revenue from sale of products and services are recognised at the time of satisfaction of performance obligation, except

275

Raymond Limited

322

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

Revenue from real estate property development where in revenue is recognised over the time, from the financial year in which the entity’s right to payment for performance completed, is established. In determining whether an entity has right to payment, the entity shall consider whether it would have an enforceable right to demand or retain payment for performance completed to date if the contract were to be terminated before completion for reasons other than entity’s failure to perform as per the terms of the contract.

The revenue recognition of Real estate property under development requires forecasts to be made of total budgeted costs with the outcomes of underlying construction contracts, which further require assessments �� other payments to the extent they are probable and they �� the total project cost is estimated to exceed total revenues from the project, the loss is recognized immediately in the Statement of Profit and Loss.

Revenue in excess of invoicing are classified as contract asset while invoicing in excess of revenues are classified as contract liabilities.

Other operating revenue - Export incentives

Export Incentives under various schemes are accounted in the year of export.

are recognised in respect of employees’ services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled.

(ii) Other long-term employee benefit obligations

�� not expected to be settled wholly within 12 months are measured as the present value of expected future payments to be made in respect of services provided by employees up to the end of the reporting period using the projected unit credit method. The benefits are discounted using the discount rates �� reporting period that have terms approximating to the terms of the related obligation. Remeasurements as a result of experience adjustments and changes in actuarial assumptions are recognised in the Consolidated Statement of Profit and Loss.

(iii) Post-employment obligations

�� employment schemes:

(a) defined benefit plans such as gratuity, provident fund and pension; and
(b) defined contribution plans

Pension and Gratuity obligations

Trade receivables

(r) Employee benefits

(i) Short-term obligations

�� monetary benefits that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service

The liability or asset recognised in the Consolidated Balance Sheet in respect of defined benefit pension and gratuity plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated annually by actuaries using the projected unit credit method.

The present value of the defined benefit obligation is determined by discounting the estimated future �� end of the reporting period on government bonds that have terms approximating to the terms of the related obligation.

276

Annual Report 2023-24

323

Financial Statements

At the Cusp of a New Beginning

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are recognised in the period in which they occur, directly in other comprehensive income. They are included in retained earnings in the Consolidated Statement of Changes in Equity and in the Consolidated Balance Sheet.

Provident fund

�� etc., are charged to the Consolidated Statement of Profit and Loss as incurred.

(iv) Share-based payments

�� Plan 2023”” (ESOP scheme). The fair value of options granted under the ESOP scheme is recognised as an employee benefits expense with a corresponding increase in equity. The total amount to be expensed is determined by reference to the fair value of the options granted:

�� (e.g., the entity’s share price)

In accordance with the Employees’ Provident Fund �� employees of the Group are entitled to receive benefits under the provident fund plan in which both the employee and employer (at a determined rate) contribute monthly to “Raymond Limited Employee’s Provident Fund Trust”, a Trust set up by the Group to manage the investments and distribute the amounts to employees at the time of separation from the Company or retirement, whichever is earlier. This plan is a defined obligation plan as the Group is obligated to provide its members a rate of return which should, at a minimum, meet the interest rate declared by government administered provident fund. A part of �� administered pension fund. The contributions made by the Group and the shortfall of interest, if any, are recognised as an expense in the profit or loss under “Employee benefits expense”.

Termination benefits

Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination benefits at the earlier of the following dates: (a) when the Group can no longer withdraw the offer of those benefits; and (b) when the Group recognises costs for a restructuring that is within the scope of Ind AS 37 and involves the payment of terminations benefits. In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer. Benefits falling due more than 12 months after the end of the reporting period are discounted to present value.

�� profitability, sales growth targets and remaining an employee of the entity over a specified time period), and
�� conditions (e.g. the requirement for employees to serve or hold shares for a specific period of time).

The total expense is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.

(s) Foreign currency transactions

(i) Functional and presentation currency

The financial statements are presented in Indian �� presentation currency.

(ii) Transactions and balances

Monetary foreign currency assets and liabilities at the ��

277

Raymond Limited

324

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

and the resultant exchange differences are recognised in the Consolidated Statement of Profit and Loss.

�� in terms of historical cost in foreign currencies are not translated thereafter.

(iii) Group Companies

The results and financial position of foreign operations that have a functional currency different from the presentation currency are translated into the presentation currency as follows:

assets and liabilities are translated at the closing rate at the date of that balance sheet
income and expenses are translated at average exchange rates (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions), On Consolidation, exchange differences arising from the translation of any net investment in foreign entities are recognised in other comprehensive income and all resulting exchange differences are recognised in other comprehensive income.

(t) Income tax

The income tax expense or credit for the period is the tax payable on the current period’s taxable income based on the applicable income tax rate adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses.

The current income tax expense is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the Holding Company and its subsidiaries, associates and joint ventures operate and generate taxable income. Group �� respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

There are many transactions and calculations for which the ultimate tax determination is uncertain. The group

recognises liabilities for anticipated tax issues based on estimates of whether additional taxes will be due. The uncertain tax positions are measured at the amount expected to be paid to taxation authorities when the group determines that the probable outflow of economic resources will occur. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the current and deferred income tax assets and liabilities in the period in which such determination is made.

�� method on temporary differences arising between the tax bases of assets and liabilities and their carrying amount in �� using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are excepted to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled.

�� temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses.

�� a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are off set where the Group has a legally enforceable right to offset and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.

Current and deferred tax is recognised in the Consolidated Statement of Profit and Loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.

Minimum Alternate Tax credit is recognised as deferred tax asset only when and to the extent there is convincing evidence that the Group will pay normal income tax during the specified period. Such asset is reviewed at each Balance Sheet date and the carrying amount of the MAT credit asset is written down to the extent there is no longer a convincing evidence to the effect that the Group will pay normal income tax during the specified period.

278

Annual Report 2023-24

325

Financial Statements

At the Cusp of a New Beginning

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

(u) Earnings Per Share

Basic earnings per share

Basic earnings per share is calculated by dividing:

nature or incidence that their disclosure is relevant to explain the performance of the enterprise for the period, the nature and amount of such material items are disclosed separately as exceptional items.

��
�� outstanding during the financial year, adjusted for bonus elements in equity shares issued during the year and excluding treasury shares.

Diluted earnings per share

�� in the determination of basic earnings per share to ��

�� financing costs associated with dilutive potential equity shares, and
�� shares that would have been outstanding assuming the conversion of all dilutive potential equity shares.

(v) Government Grants

Grants from the government are recognised at their fair value where there is reasonable assurance that the grant will be received and the Group will comply with all attached conditions.

Government grants relating to the purchase of property, �� as deferred income and are credited to Consolidated �� over the expected lives of related assets and presented within other income.

(w) Manufacturing and Operating Expenses and Costs towards development of property

The Group discloses separately manufacturing and operating expenses and costs towards development of �� as part of ‘Other expenses’.

(x) Exceptional items

When items of income and expense within statement of profit and loss from ordinary activities are of such size,

(y) Recent Pronouncements

The Holding Company applied for the first time the amendments of Ind AS 8, Ind AS 1 and Ind AS 12 and there is no material impact on financials.

1 (ii) Critical estimates and judgements -

The preparation of consolidated financial statements requires the use of accounting estimates which by definition will seldom equal the actual results. Management also need to exercise judgement in applying the Group’s accounting policies.

This note provides an overview of the areas that involved a higher degree of judgement or complexity, and items �� estimates and assumptions turning out to be different �� about each of these estimates and judgements is included in relevant notes together with information about the basis of calculation for each affected line item in the financial statements.

The areas involving critical estimates or judgement are:

(i) Carrying value of exposure in Raymond Uco Denim Private Limited - refer note 4

�� are impaired requires an estimate in the value in use of investments.The Company reviews its carrying value of investments carried at cost annually, or more frequently when there is an indication for impairment. If the

279 326

Raymond Limited

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

recoverable amount is less than its carrying amount, the impairment loss is accounted for. In considering the value in use, the Board of directors have anticipated �� affect the operations of these entities.The Company uses judgement to select from variety of methods and �� conditions existing at the end of each reporting period.

(ii) Revenue from real estate project under development – [Refer Note 1 (i) (q)]

The Company reviews forecasts of total budgeted costs �� extent they are probable and they are capable of being reliably measured at the end of each reporting period.

(iii) Estimated useful life of PPE and intangible assets - refer notes 2(a) and 3

(iv) Inventory write down - refer note 9

The group reviews the allowance for defective and obsolete items inventory, wherever necessary at the end of each reporting period.

(v) Estimation of current tax expenses, current tax payable and recognition of deferred tax assets for carried forward tax losses - refer note 28

The group reviews the carrying amount of tax expenses, deferred tax assets(including MAT credit) and tax payable at the end of each reporting period.

(vi) Probable outcome of matters included under Contingent Liabilities - refer note 30

Management has estimated the possible outflow of resources at the end of each annual reporting financial year, if any, in respect of contingencies/litigations against the group as it is not possible to predict the outcome of pending matters with accuracy.

(vii) Estimation of Defined benefit obligation - refer note 32

�� using actuarial valuations. The actuarial valuation ��

long term nature of these plans, such estimates are subject to significant uncertainty.

(viii) Estimated Fair value of unlisted securities - refer note 36

(ix) Estimated goodwill impairment - refer note 3

(x) Leases – Estimating the incremental borrowing rate -refer note no 1 (i) (f)

(xi) Allowance for doubtful debts

(xii) Sales Return

The Company accounts for sales returns accrual by recording an allowance for sales returns concurrent with the recognition of revenue at the time of a product sale. This allowance is based on the Company’s estimate of expected sales returns. The Company deals in various products and operates in �� returns is determined primarily by the Company’s �� Company operates.

(xiii) Share-based payments

�� requires determination of the most appropriate valuation model, which is dependent on the terms and conditions of the grant. The estimate also requires determination of the most appropriate inputs to the valuation model including the expected life of �� assumptions about them.

280 Annual Report 2023-24

327

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

Note 2 (a)- Property, plant and equipment

													(H��
	Freehold Land	Buildings	Right to U	se Assets	Leasehold improvements	Plant & equipments	Computers	Furniture and fixtures	Vehicles	Office equipments	Boats and water equipments	Aircraft	Total
			Leasehold premises	Leasehold land
Gross carrying amount
Balance as at 1st April, 2022	16854.10	78408.86	44232.67	1288.00	5384.73	143608.69	1375.32	19389.13	1676.61	2387.33	2035.55	2064.11	318705.10
Additions	�	��	��	�	��	��	81.72	��	335.02	204.24	�	�	33200.78
��	0.30	��	��	83.51	��	1778.57	��	1117.02	��	��	�	�	��
Reclassification(Refer note(iii)and(vi))	��	�	�	10.55	�	�	�	�	�	�	�	�	2734.34
Balance as at 31st March, 2023	14130.01	78717.49	64616.08	1193.94	5829.47	147486.61	1445.37	20167.02	1932.45	2407.21	2035.55	2064.11	342025.31
Additions	��	��	��	�	2442.71	��	��	��	��	��	�	�	��
��	43.04	437.72	��	�	�	��	��	��	��	40.72	21.28	�	2771.74
Addition pursuant to business combination(refer note(iv)	��	2048.40	��		�	21,317.40	105.10	��	��	107.80	�	�	��
Balance as at 31st March, 2024	20479.51	81847.91	109805.96	1193.94	8272.18	175166.28	1581.39	22579.70	2805.25	2920.31	2014.27	2064.11	430730.81
Accumulated depreciation and amortisation
Balance as at 1st April, 2022	-	14311.44	22798.71	82.26	4884.40	69924.63	1260.06	12475.66	1332.54	1925.73	1650.19	707.29	131352.91
Charge for theyear	�	2884.42	8341.77	2.77	354.01	��	40.33	��	��	188.51	��	��	��
��	�	��	2152.87	�	��	1483.32	��	��	73.83	180.51	�	�	5712.25
Balance as at 31st March, 2023	-	17079.04	28987.61	85.03	4573.34	77655.51	1290.50	13463.08	1371.31	1933.73	1659.13	823.37	148921.65
Charge for theyear	�	��	��	103.43	��	��	53.74	2153.04	��	��	��	��	��
��	�	��	742.07	�	�	��	24.70	5.24	��	34.12	17.14	�	1375.27
Balance as at 31st March, 2024	-	20141.46	40308.07	188.46	5109.54	86900.79	1319.54	15610.88	1553.52	2122.23	1648.44	939.45	175842.38
Net carrying amount
Balance as at 31st March, 2023	14130.01	61638.45	35628.47	1108.91	1256.13	69831.10	154.87	6703.94	561.14	473.48	376.42	1240.74	193103.66
Balance as at 31st March, 2024	20479.51	61706.45	69497.89	1005.48	3162.64	88265.49	261.85	6968.82	1251.73	798.08	365.83	1124.66	254888.43

��
ii) For disclosure of contractual commitments for the acquisition of property, plant and equipment Refer note 30(ii).
�� H ��
iv) The Group had acquired control over Maini Precision products limited with effect from March 28, 2024. Basis, all assets and liabilities were accounted based on Ind ��

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

�� [th] �� at its meeting dated 5[th] �� denied any relief / damages / compensation in lieu thereof, except that the Company has been directed to only reimburse the �� pending till date.
vi) Ring Plus Aqua Limited (A subsidiary of JK Files & Engineering Limited) in its Board meeting held on 12[th] May 2022 �� H �� [th] May 2022 with Kunde Poly Product Private Limited and received an advance of H �� H �� shown as profit on sales of assets under Other Income.

Note 2 (b)- Capital work-in-progress (CWIP)

Note 2 (b)- Capital work-in-progress (CWIP)
	(H��
Balance as at 1st April, 2022	1985.95
Additions	��
Assets Capitalised	5142.80
Balance as at 31st March, 2023	2976.92
Additions	8142.02
Additionpursurant to Business Combination	��
Assets Capitalised	4144.83
Balance as at 31st March, 2024	6995.05

Note: CWIP ageing schedule

Project in Progress

Note: CWIP ageing schedule Project in Progress
					(H��
		Amount in CWIP for a period of			Total
	Less than 1year	�� year	2-3 years	more than 3years
31stMarch,2023	��	��	2.78	��	��
31stMarch,2024	��	��	�	��	��

282 Annual Report 2023-24

329

Financial Statements

At the Cusp of a New Beginning

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

==> picture [511 x 135] intentionally omitted <==

----- Start of picture text -----

Project delayed as
( J in lakhs) Reason for delay
at 31 March 2024
��
��
��
Textile Plant �� Capex related to plant upgradation to be done at Textile Plant. Textile Plant Upgradation Capex have
Upgradation multiple agencies associated with supplies of machinery and installation. Machinery and parts have
��
are getting delayed by vendors. The Company expects all such plant upgradations will be completed
��
Total 868.66
----- End of picture text -----

��

Note 3 (a) Intangible assets and goodwill

						(H��
	Computer software	Technical Knowhow	Customer Contracts and Relationship	Non- Competence	Total	Goodwill
Gross Block
Balance as at 1st April, 2022	1801.53	-	-	-	1801.53	101.37
Additions	87.47	�	�	�	87.47	�
��	�	�	�	�	�	�
��	�	�	�	�	�	�
Balance as at 31st March, 2023	1889.00	-	-	-	1889.00	101.37
Additions	��	�	�	�	��	�
��	�	�	�	�	�	�
Addition pursuant to business combination(refer note ii)	��	13530.00	50820.00	1310.00	��	��
Balance as at 31st March, 2024	2255.58	13530.00	50820.00	1310.00	67915.58	26498.37
Accumulated Amortisation
Balance as at 1st April, 2022	1464.02	-	-	-	1464.02	-
Charge for theyear	254.10	�	�	�	254.10	�
��	�	�	�	�	�	�
Balance as at 31st March, 2023	1718.12	-	-	-	1718.12	-
Charge for theyear	71.51	�			71.51	�
��	�	�			�	�
Balance as at 31st March, 2024	1789.63	-	-	-	1789.63	-
Net carrying amount
Balance as at 31st March, 2023	170.88	-	-	-	170.88	101.37
Balance as at 31st March, 2024	465.95	13530.00	50820.00	1310.00	66125.95	26498.37

Notes:

(i) The Group assesses at each balance sheet date whether there is any indication that goodwill may be impaired. If any such indication exists, the Group estimates the recoverable amount of the asset. If such recoverable amount of the asset or the recoverable amount of the cash generating unit to which the asset belongs to is less than its carrying amount, the carrying amount is reduced to its recoverable amount. The reduction is treated as an impairment loss and is recognised in the Consolidated Statement of Profit and Loss.

283

Raymond Limited

330

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

(ii) The Group had acquired control over Maini Precision Products Limited with effect from March 28, 2024. Basis, all assets and �� group had identified, measured and recognised Intangible assets.
Further, an amount excess of identified assets had been recognised as Goodwill. (Refer note 51). Goodwill also include ��

Note 3 (b) Intangible assets under development

Note 3 (b) Intangible assets under development
		(H��
Particulars	As at 31st March 2024	As at 31st March 2023
Balance at the beginningof theyear	��	475.00
Additions	��	��
Assets Capitalised	(87.47)	�
Balance at the end of theyear	2882.49	620.76

Intangible assets under development (IAUD) ageing schedule

Projects in Progress

Projects in Progress	Projects in Progress
							(H��
Particulars				Amount in IAUD for a period of			Total
			Less than 1year	�� years	2-3 years	more than 3years
As at 31stMarch,2023			��	�	�	475.00	��
As at 31stMarch,2024			��	��	�	475.00	��

Projects delayed as at 31 March 2024	(Jin lakhs)	Reason for delay
��	�� �� ��

��

Note 4 - Investments accounted for using equity method (Non-current)

Note 4 - Investments accounted for using equity method (Non-current)
		(H��
Particulars	As at 31st March 2024	As at 31st March 2023
Investment in associates
Unquoted
1 ��st�� ��	1701.20	��
2 Radha Krshna Films Limited [2500000 equity shares (31stMarch 2023: 2500000 equityshares)ofH��	250.00	250.00
Less: Provision for impairment in value of investment	(250.00)	(250.00)
3 ��stMarch 2023: ��H��	25317.80	��
4 RayGlobal Consumer TradingLimited^	111728.14	��
[3487378 equityshares(31stMarch 2023: 3487378) H��

284

Annual Report 2023-24

331

Financial Statements

At the Cusp of a New Beginning

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

		(H��
Particulars	As at 31st March 2024	As at 31st March 2023
Investment injoint venture
Unquoted
1 ��#�� ��H��	��	10001.82
Total	143053.65	43925.77

Aggregate amount ofquoted investments	�	�
��	�	�
Aggregate amount of unquoted investments	��	��

Refer note 37 for details of interest in other entities.

��[st] March 2024, the Company has invested H ��[st] March 2023 H ��[st] March 2023 25000000) equity shares of H 10 each.

��[th] February, 2020 approved the Composite Scheme of Amalgamation and Arrangement between J. K. Helene Curtis Limited (JKHC), J. K. Investo Trade (India) Limited (JKIT), Raymond Consumer Care Private Limited (RCCPL), Ray Global Consumer Trading Limited (RGCTL) and Ray Universal Trading Limited (RUTL) and their respective shareholders ('the scheme'). Pursuant to said Scheme, RCCPL has been amalgamated with JKIT and FMCG business of JKHC has been transferred to JKIT. The Combined FMCG business has then been transferred to ��

Note 5 (i) Investments (Non-current)


Note 5 (i) Investments (Non-current)			(H��
Particulars	As at 31st March, 2024		As at 31st March, 2023
	No. of Units	Amount	No. of Units	Amount
(I) Unquoted
1.1 Fair value through profit and loss
Investment in equity shares
�� (EquityShares ofH100 each)#	102	�	102	�
Impex(India)Limited(EquityShares ofH10 each)	8000	0.80	8000	0.80
Seven Seas Transportation Limited(EquityShares ofH10 each)#	205000	�	205000	�
J.K. Cotton Spg. & Wvg. Mills Company Limited (EquityShares ofH10 each)#	10510	�	10510	�
Shahane Solar Power Private Limited(EquityShares ofH100 each)	5200	5.20	5200	5.20
��H25 each)	100	0.03	100	0.03
SICOM Limited(EquityShares ofH10 each)	10000	��	10000	��
��H10 each)	7000	0.70	7000	0.70
TrinityAuto Component Limited(EquityShares ofH10 each)			421000	�
Radiance MH Sunrise Twelve Private Limited (EquityShares ofH.10 each)	3514	0.35
��H.10 each)	704	0.57
1.2 Fair value through profit and loss
Investment in venture capital funds@
InCred Alternative Investments Fund(Unit ofH100000 each)	5000	5003.20	500	500.00
��H100 each)	��	��	��	513.50
JM Financial India Fund II(Units ofH100000 each)	271	��	��	��
InCred Alternative Investments Fund**		�		1250.00

285 332

Raymond Limited

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

			(H��	(H��
Particulars	As at 31st March, 2024		As at 31st March, 2023
	No. of Units	Amount	No. of Units	Amount
1.3 At amortised cost
Investment in certificate of deposits
�� ��		��		��
		6120.81		2694.16
1.4 Fair value through other comprehensive income(OCI)*
Investment in equity shares
J.K.Investors(Bombay)Limited(EquityShares ofH100 each)	��	��	��	��
Accurate Finman Services Limited(EquityShares ofH10 each)	��	��	��	��
		16129.44		11458.98
Aggregate amount of Unquoted Investment(A)		22250.25		14153.14
(II) Quoted
2.1 At amortised cost
2.1 Investment in Debentures
�� (Units ofH1000000 each)	�	�	335	��
�� (Units ofH1000000 each)	�	�	100	1,071.43
�� Limited 2028(Units ofH100000 each)	500	��	500	��
�� (Units ofH1000000 each)	180	1812.87	180	1812.87
�� (Units ofH1000000 each)	100	��	100	��
�� Perpetual(Units ofH1000000 each)	300	3022.50	300	3022.50
�� Limited(Units ofH1000 each)	250000	2500.00	250000	2500.00
�� Private Limited(Units ofH10000 each)	�	�	5000	500.00
�� Solutions Pvt Ltd(Units ofH10000000 each)	3	85.51	3	��
�� Limited(Units ofH100000 each)	�	�	1000	1000.00
�� Private Limited(Units ofH10000000 each)	�	�	20	2042.48
�� ofH1000 each)	100000	1,000.00	�	�
		9,928.22		17252.12
2.2 Fair value through other comprehensive income
Investment in equity shares
J.K. Tyre & Industries Limited(Units ofH2 each)	27880	��	27880	51.23
		119.76		51.23
Aggregate amount of Quoted Investment(B)		10047.98		17303.35
Total(A+B)		32298.23		31456.49

286 Annual Report 2023-24

333

Financial Statements

At the Cusp of a New Beginning

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

Aggregate amount ofquoted investments	��	17,303.35
��	��	17,303.35
Aggregate amount of unquoted investments	22,250.25	14,153.14
Aggregate amount of impairment in the value of investments #	�	30.53
��

The Group has invested in non trade investments aggregating H ��

��

**Application money pending for allotment

Note 5 (ii) Investments (Current)

Note 5 (ii) Investments (Current)
			(H��
	As at 31st March, 2024		As at 31st March, 2023
	No. of Units	Amount	No. of Units	Amount
Investment in Equity instruments
Quoted, fully paid-up
At Fair value through Profit and Loss
Banswara Syntex Limited(Shares ofH5 each)	43,320	�� 43,320		52.44
UPL Limited(Shares ofH2 each)	��	�� ��		��
��HLimited(Shares ofH10 each)	��	�� ��		��
Alembic Pharmaceutical Limited(Shares ofH2 each)	��	�� ��		��
Total(A)		1,462.04		1,878.54
Investments in Mutual Funds
Unquoted
At Fair value through Profit and Loss
�� Growth Option(Units ofH10 each)	��	�� ��		��
�� Growth(Units ofH10 each)	�	��		��
�� (Units ofH100 each)	��	�� �		�
�� (Units ofH100 each)	��	�� ��		2,015.82
�� (Units ofH100 each)		��		��
�� (Units ofH10 each)	��	1,022.85 �		�
�� (Units ofH10 each)		��		100.70
�� (Units ofH1000 each)	��	1,874.51 �		�
�� �� (Units ofH10 each)	�	�1,73,34,887		��
�� (Units ofH10 each)	72,01,501	�� �		�
�� (Units ofH10 each)	50,43,121	�� �		�

287

Raymond Limited

334

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

			(H��	(H��
	As at 31st March, 2024		As at 31st March, 2023
	No. of Units	Amount	No. of Units	Amount
�� (Units ofH10 each)
�� (Units ofH1000 each)
�� (Units ofH10 each)
��H1000 each)
�� (Units ofH10 each)
�� (Units ofH1000 each)
��H1000 each)
��H1000 each)
��H10 each)
��H1000 each)
��H100 each)
��H10 each)
�� (Units ofH100 each)
��H10 each)
�� (Units ofH100 each)
��H10 each)
��H1000 each)
�� (Units ofH10 each)
��H1000 each)
��H1000 each)
��H10 each)
��H1000 each)
��H1000 each)
��H1000 each)
�� (Units ofH10 each)
��H1000 each)
�� Option(Units ofH10 each)
��H1000 each)
�� (Units ofH10 each)
�� (Units ofH1000 each)
�� (Units ofH1000 each)
��H10 each)

288

Annual Report 2023-24

335

Financial Statements

At the Cusp of a New Beginning

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

			(H��	(H��
	As at 31st March, 2024		As at 31st March, 2023
	No. of Units	Amount	No. of Units	Amount
�� (Units ofH1000 each)			��	101.13
��H1000 each)	3201	�� 3201		��
�� (Units ofH1000 each)	1525	�� ��		��
�� (Units ofH10 each)	�� �� ��			3283.32
��H10 each)	14750102 2025.13 �			�
��H1000 each)	�� 4002.12 �			�
�� (Units ofH1000 each)	� � 181801			��
��H1000 each)	42521 �� �			�
��	82 �� 82			��
Total(B)	74228.24			70175.80
Investment in Debentures
Quoted
at amortised cost
�� (Units ofH100000 each)	� � 2700			��
�� Limited(Units ofH1000000 each)	� � 485			��
�� (Units ofH1000000 each)	� � 35			400.38
�� (Units ofH1000000 each)	� � 250			��
�� (Units ofH1000000 each)	335 ��
�� (Units ofH1000000 each)	100 ��
�� Limited(Units ofH100000 each)	1000 1000.00 �			�
�� (Units ofH1000000 each)	�� �� �			�
�� Solutions Pvt Ltd(Units ofH10000000 each)	3 �� �			�
�� Limited(Units ofH10000 each)	5000 �� �			�
�� Limited(Units ofH10000000 each)	20 �� �			�
Total(C)	14213.48			11578.34
Investments in Commercial Papers
Unquoted
Fair value through profit and loss
��H500000 each)	� 1000			��
8.35% SBICAP Securities Limited(Units ofH500000 each)	3000 ��
8.52% ICICI Securities Limited(Units ofH500000 each)	500 �� �			�
Total(D)	17342.22			4898.90
Current Investments total(A+B+C+D)	107245.98			88531.58

289

Raymond Limited

336

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

��	��	��
Aggregate amount of unquoted investments	��	75,074.70
�� Financial assets

Note 6 (i) - Loans (Non-current)

		(H��
Particulars	As at 31st March, 2024	As at 31st March, 2023
Non Current
Unsecured, consideredgood
Loan to relatedparty (Refer note 33)#	�	750.00
Others	102.34	3.73
Total	102.34	753.73
Break-up:		(H��
Particulars	As at 31st March, 2024	As at 31st March, 2023
��	�	�
��	102.34	753.73
��	�	�
��	�	�
Total	102.34	753.73
Less: Allowance for doubtful Loans	�	�
Total Loans	102.34	753.73

��

A private company in which director of the Company is a director

Note 6 (ii) - Loans (Current)

Note 6 (ii) - Loans (Current)
		(H��
Particulars	As at 31st March, 2024	As at 31st March, 2023
Unsecured, consideredgood
Loans to relatedparties(Refer note 33)#	2500.00	��
Others	44.81	��
Total	2544.81	1764.30

290 Annual Report 2023-24

337

Financial Statements

At the Cusp of a New Beginning

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

Break-up:

Break-up:
		(H��
Particulars	As at 31st March, 2024	As at 31st March, 2023
��	�	�
��	2544.81	��
��	�	�
��	�	�
Total	2544.81	1764.30
Less: Allowance for doubtful Loans	�	�
Total Loans	2544.81	1764.30

��

A private company in which director of the Company is a director

Note 7 (i) - Other financial assets (Non-current)

Note 7 (i) - Other financial assets (Non-current)
		(H��
Particulars	As at 31st March, 2024	As at 31st March, 2023
Unsecured, consideredgood
Securitydeposits	��	8304.44
��	��	��
Interest receivable	��	��
��@	311.53	1072.23
��@	��	��
Advances recoverable in cash	5225.13	��
Total	14220.51	8818.84

��

Note 7 (ii) - Other financial assets (Current)

Note 7 (ii) - Other financial assets (Current)
		(H��
Particulars	As at 31st March, 2024	As at 31st March, 2023
Unsecured, consideredgood
Receivable from relatedparties(net) (Refer note 33)#	1507.05	��
Interest receivable	��	457.30
��	��	��
Advances and deposits recoverable	��	840.20
��	��	��
Others	��	��
Total	6182.62	2748.56

includes H �� H ��[st] March, 2023) due from a private company in which director of the Company is a director.

291 338

Raymond Limited

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

Note 8 (i) - Other non-current assets

		(H��
Particulars	As at 31st March, 2024	As at 31st March, 2023
Capital advances	��	��
��	1042.75	2257.44
��	(1042.75)	(2257.44)
��	��	5734.35
Prepaid expenses	��	��
Others	2250.47	��
Total	12235.72	8599.24

Note 8 (ii) - Other current assets

Note 8 (ii) - Other current assets
		(H��
Particulars	As at 31st March, 2024	As at 31st March, 2023
Export benefit receivables(net)	��	��
Interest subsidyreceivables	��	��
Claims and other receivables(net)	��	��
Advances to suppliers	��	��
Balances withgovernment authorities	��	25175.82
Prepaid expenses	��	3121.87
��	��	1074.54
Others	��	4258.13
��	��	��
Total	78259.21	51857.81

Note 9 - Inventories

Note 9 - Inventories
		(H��
Particulars	As at 31st March, 2024	As at 31st March, 2023
a. Raw materials	��	��
In transit	��	4020.48
	37679.50	27000.81
��	��	��
	29031.34	24912.03
c. Finishedgoods	��	47578.52
	60379.00	47578.52
��	��	70110.23
In transit	357.55	��
	77827.16	71155.59
e. Propertyunder development	��	��
	138983.20	71884.97
f. Stores and spares	��	��
In transit	��	��
	6264.41	6222.38
g. Accumulated cost on conversion contracts	��	��
	1251.95	901.61
Total	351416.56	249655.91

��

292

Annual Report 2023-24

339

Financial Statements

At the Cusp of a New Beginning

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

�� downs of inventories to net realisable value amounted to H ��[st] March, 2023 : H ��

Note 10 - Trade receivables (Current)

Note 10 - Trade receivables (Current)
		(H��
Particulars	As at 31st March, 2024	As at 31st March, 2023
Consideredgood
Secured
Relatedparties	�	�
Otherparties	�	��
Unsecured
Relatedparties	��	3383.21
Otherparties	��	70880.24
Considered doubtful/Credit Impaired
Relatedparties	�	�
Otherparties	8025.00	7142.21
Less: Allowance for doubtful debts	(8025.00)	(7142.21)
Outstanding for aperiod less than six months from the date they are due forpayment
Relatedparties	�	�
Otherparties	�	�
Less: Allowance for doubtful debts	�	�
��	�	�
��	�	�
Total	140715.33	74432.49

��

Refer note 33 for related party disclosures

Trade receivables include H ��[st] March, 2023 H �� under a factoring arrangement and are net of H ��[st] March, 2023 H �� corresponding liability) on transfer ‘without recourse’ under factoring arrangement. The Group retains interest liability upto an agreed date on the entire amount, the costs for which are recognised as part of finance costs.

The trade receivables includes H ��[st] March, 2023 H �� sheet. The amount repayable under the bills discounted is presented as current borrowings.

��

293

Raymond Limited

340

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

Trade Receivable ageing as at 31[st] March 2024 (outstanding for following periods from due date of payment)

Trade Receivable ageing as at 31st March 2024	(outstanding	for following	periods from	due date of pa	yment)
						(H��
2023-24	Less than 6 months	6 months - 1year	1-2 years	2-3 years	More than 3years	Total
(i) Undisputed Trade Receivables - consideredgood
Related Parties	��	�	�	�	�	��
Others	��	3572.83	807.12	331.40	��	��
Gross undisputed	135492.00	3572.83	807.12	331.40	511.98	140715.33
(ii) Undisputed Trade Receivables - which have significant increase in credit risk	�	�	�	�	�	�
(iii) Undisputed Trade Receivables - credit impaired	�	��	1741.17	��	��	7175.88
(iv) Disputed Trade Receivables- consideredgood	�	�	�	�	�	�
Related Parties	�	�	�	�	�	�
Others	�	�			��	��
Gross Disputed	-	-	-	-	13.93	13.93
(v) Disputed Trade Receivables- which have significant increase in credit risk	�	�	�	�	�	�
(vi) Disputed Trade Receivables- credit impaired	�	�	2.13	��	��	��
Total	135492.00	3736.49	2550.42	2990.68	3970.75	148740.33

Trade Receivable ageing as at 31[st] March 2023 (outstanding for following periods from due date of payment)

Trade Receivable ageing as at 31st March 2023	(outstanding	for following	periods from	due date of pa	yment)
						(H��
2022-23	Less than 6 months	6 months - 1year	1-2 years	2-3 years	More than 3years	Total
(i) Undisputed Trade Receivables - consideredgood
Related Parties	��	��	3.82	0.03	1.15	3383.21
Others	��	��	��	��	��	��
Gross undisputed	71716.81	1256.76	573.15	205.66	680.10	74432.49
(ii) Undisputed Trade Receivables- which have significant increase in credit risk	�	�	�	�	�	�
(iii) Undisputed Trade Receivables- credit impaired	�	1182.54	��	��	540.43	��
(iv) Disputed Trade Receivables- consideredgood	�	�	�	�	�	�
Related Parties
Others	�	�	�	�	�	�
Gross Disputed	-	-	-	-	-	-
(v) Disputed Trade Receivables- which have significant increase in credit risk	�	�	�	�	�	�
	�	�	�	�	�	�
(vi) Disputed Trade Receivables- credit impaired	��	4.13	��	��	715.12	850.32
Total	71717.07	2443.43	3320.14	2158.40	1935.65	81574.70

294

Annual Report 2023-24

341

Financial Statements

At the Cusp of a New Beginning

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

Note 11 - Cash and cash equivalents

Note 11 - Cash and cash equivalents
		(H��
Particulars	As at 31st March, 2024	As at 31st March, 2023
Cash on hand	��	80.81
Cheques,drafts on hand	0.05	15.00
��	18125.75	��
Total	18223.22	17189.70

Cash and cash equivalents considered for Consolidated Statement of Cash Flow

Cash and cash equivalents considered for Consolidated Statement of Cash Flow
		(H��
Particulars	As at 31st March, 2024	As at 31st March, 2023
Total Cash and cash equivalents	18223.22	��
��	��	��
Total	18156.83	17123.87

Note 12 - Bank Balances other than cash and cash equivalents

		(H��
Particulars	As at 31st March, 2024	As at 31st March, 2023
��	��	118.15
Investments in Term deposits	��	14284.70
��@	22270.14	��
Total	34334.06	15385.41

@ ��

Note 13 - Asset classified as held for sale

		(H��
Particulars	As at 31st March, 2024	As at 31st March, 2023
Buildings	�	10.55
Total	-	10.55

��

295 342

Raymond Limited

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

Note 14 (i) - Equity Share capital

Note 14 (i) - Equity Share capital	Note 14 (i) - Equity Share capital	Note 14 (i) - Equity Share capital
					(H��
Particulars			As at 31st March, 2024		As at 31st March, 2023
Authorised
��st��H10 each			��		��
10000000(As at 31stMarch,2023: 10000000) preference shares ofH10 each			1000.00		1000.00
Issued, Subscribed & Paid up
��st��H��			��		��
��H10 each held in trust for employee under ESOP Scheme ��			(2.23 )		�
Total			6655.14		6657.37
Note 14 (a) Reconciliation of number of equity shares					(H��
Particulars	As at 31st March, 2024			As at 31st March, 2023
	No. of Shares held	Amount (Hin lakhs)		No. of Shares held		Amount (Hin lakhs)
Shares at beginningof theyear	��	��		��		��
��	(22300)	(2.23)		�		�
Shares at the end of theyear	��	��		��		��

Note 14 (b) Rights, preferences and restrictions attached to shares

Equity shares: The Holding Company has one class of equity shares having a par value of H 10 per share. Each shareholder is eligible �� ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Holding Company after distribution of all preferential amounts, in proportion to their shareholding.

Note 14 (c) Details of equity shares held by shareholders holding more than 5% of the aggregate shares in the Holding Company

			(H��	(H��
Name of the Shareholder	As at 31st March, 2024		As at 31st March, 2023
	No. of Shares held	% of Holding	No. of Shares held	% of Holding
J.K. Investors(Bombay)Limited	��	��	��	��
J. K. Investo Trade(India)Limited	8275087	12.43	8275087	12.43
J.K.Helene Curtis Limited	��	5.40	��	5.40

Note 14 (d) Shares held by Promoter's Group as at 31[st] March, 2024


Name of promoter group	No. of shares at the beginning of theyear	Change during the year	No. of shares at the end of theyear	% of Total shares
Shephali A Ruia	��	�	��	0.23%
��	5000	�	5000	0.01%
��	2500	50	2550	0.00%
Advait Krishna Ruia	2825	�	2825	0.00%
��	500	�	500	0.00%
Gautam Hari Singhania	��	�	��	0.00%
J K Investors(Bombay)Limited	��	�	��	��
J K Helene Curtis Limited	��	�	��	5.40%

296

Annual Report 2023-24

343

Financial Statements

At the Cusp of a New Beginning

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

					(H��
Name of promoter group	No. of shares at the beginning of theyear	Change during the year	No. of shares at the end of theyear	% of Total shares	% changes during the year
J K Investo Trade(India)Limited	8275087	�	8275087	12.43%	0.00%
J K Sports Foundation	��	�	��	0.01%	0.00%
Smt Sunitidevi Singhania Hospital Trust	��	�	��	1.04%	0.00%
Polar Investments Limited	��	�	��	0.15%	0.00%
Total	32691134	50.00	32691184	49.11%	0.00%

Shares held by Promoter's Group as at 31[st] March, 2023

Shares held by Promoter's Group as at 31st March, 20	23
					(H��
Name of promoter group	No. of shares at the beginning of theyear	Change during the year	No. of shares at the end of theyear	% of Total shares	% changes during the year
Shephali A Ruia	��	�	��	0.23%	0.00%
��	5000	�	5000	0.01%	0.00%
��	2500	�	2500	0.00%	0.00%
Advait Krishna Ruia	2825	�	2825	0.00%	0.00%
��	500	�	500	0.00%	0.00%
Gautam Hari Singhania	��	�	��	0.00%	0.00%
J K Investors(Bombay)Limited	��	��	��	��	1.20%
J K Helene Curtis Limited	��	�	��	5.40%	0.00%
J K Investo Trade(India)Limited	8275087	�	8275087	12.43%	0.00%
J K Sports Foundation	��	��	��	0.01%	��
Smt Sunitidevi Singhania Hospital Trust	��	�	��	1.04%	0.00%
Polar Investments Limited	��	�	��	0.15%	0.00%
Total	32691134	-	32691134	49.10%	0.00%

14 (e) Equity share reserved for issue under options

��

297

Raymond Limited

344

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

Note 14 (ii) - Other equity

					Reserves an	d Surplus					Currency fluctuation reserve	Equity instruments through Other Comprehensive Income	Total equity	Non Controlling Interest	Total
	Capital Reserve	Securities Premium	Capital Redemption Reserve	Debenture Redemption Reserve	General Reserves	Legal reserve	Share Based Payments Reserve	Retained Earnings	Retained earning in Associates	Retained earning in Jointly controlled entities
Balance as at 1st April, 2022	3614.55 1	47767.13	1919.51	-	107813.63	7.22 1	176.90	47958.02	31616.56	(14008.79)	(2708.92)	5096.17	229251.98	7721.57	236973.55
Profit /(Loss)for theyear	� 11	�	�	�	�	� 11	�	51353.00	��	(332.87)	�	�	��	��	��
Other Comprehensive Income / (Loss)for theyear	�	�	�	�	�	�	�	��	��	��	��	5111.33	��	��	��
Total Comprehensive Income / (Loss) for theyear	- I	-	-	-	-	- I	-	51208.39	1840.80	(496.38)	(1684.96)	5111.33	55979.18	779.23	56758.41
��	� 1	�	�	�	�	� 1	5.82	�	�	�	�	�	5.82	�	5.82
��	� 11	�	�		�	� 1	�	��	�	�	�	�	��	0.00	��
Balance as at 31st March, 2023	3614.55 1	47767.13	1919.51	-	107813.63	7.22 11	182.72	97169.20	33457.77	(14505.17)	(4393.88)	10207.50	283239.77	8500.80	291740.57
Profit /(Loss)for theyear	� 1	�	�	�	�	� 1	�	��	104824.81	(5500.75)	�	�	��	532.37	��
Other Comprehensive Income / (Loss)for theyear	�	�	�	�	�	�	�	125.21	��	��	��	4213.40	��	(2.04)	��
Loss of Control over subsidiaries (Refer note 52)	�� I	�	(548.00)	�	��	� I	�	3271.12	�	�	�	�	�	�	�
�� Acquisation(Refer note 51)	� I	�	�	�	�	� I	�	�	�	�	�	�	�	��	��
Transfer from reserves	� 1	�	�	3000.00	�	� 1	�	(3000.00)	�	�	�	�	�	�
ESOP Adjustment	� 11	��	�	�	�	� 11	�	�	�	�	�	�	��	�	��
��	�� 1	�	�	�	�	� 1	�	�	�	�	�	�	��	��	��
Total Comprehensive Income / (Loss) for theyear	4594.55	(376.91)	(548.00)	3000.00	(2630.78)	-	-	64847.18	104823.20	(5695.32)	(94.80)	4213.40	172132.52	35291.02	207423.54
��	� 11	�	�	�	�	� 11	1704.02	�	�	�	�	�	1704.02	�	1704.02
��	�	�	�		�	�	�	��	�	�	�	�	��	�	��
Balance as at 31st March, 2024	8209.10	47390.22	1371.51	3000.00	105182.85	7.22	1886.74	160019.17	138280.56	(20200.49)	(4488.68)	14420.90	455079.10	43791.82	498870.92

��

Capital Reserve

Capital reserve is utilised in accordance with provision of the Act.

Securities premium

Securities premium is created due to premium on issue of shares and is utilised in accordance with the provisions of the Act.

Capital Redemption Reserve

��

Legal Reserve

Legal Reserve is the reserve created in certain entities of the Group operating in foreign countries as required by applicable local laws. The same will be utilised in accordance with the provisions of the local laws.

Financial Statements

At the Cusp of a New Beginning

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

Debenture Redemption Reserve

��

Share Based Payments Reserve

The Share Based Payments Reserve is used to recognise the grant date fair value of options issued to employees of respective entities. ��

General Reserves

�� reserve is not required under the Companies Act, 2013.

Retained Earnings

Retained earnings are the profits that the group has earned till date, less any transfers to general reserve, dividends or other distributions �� reclassified to Statement of Profit and Loss. Retained earnings is a free reserve available to the Group.

Equity Instruments through other comprehensive income

Currency fluctuation reserve

Exchange difference arising on translation of the foreign operations are recognised in other comprehensive income as described in accounting policy and accumulated in a separate reserve within equity. The cumulative amount is reclassified to profit and loss when the net investment is disposed off.

Note 15 (i) - Borrowings (Non-current)

Note 15 (i) - Borrowings (Non-current)
		(H��
Particulars	As at 31st March, 2024	As at 31st March, 2023
Secured
��	��	��
��	��	��
��	��	��
Total	66760.78	99073.24
Unsecured
��	170000.00	�
Total	236760.78	99073.24

The above total is net of instalments falling due within a year in respect of all the above Loans aggregating H ��[st] March, 2023: H ��

��

299

Raymond Limited

346

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

Nature of Security and terms of repayment for Long Term secured borrowings of Holding Company:

Nature of Security	Terms of Repayment
i. ��H�� ��stMarch, 2023:H�� charge by way of hypothecation over movable fixed assets �� acquired out of the said loans, located at Chhindwara and first charge by way of hypothecation over insurance policies of the above movable fixed assets.	�� repayment.(31stMarch, 2023 : 8.05% p.a.)
ii. �� H��stMarch, 2023:H��	�� repayment.(31st��

ii. �� H ��[st] March, 2023: H �� square meters situated in the additional Jalgaon Industrial �� entire structure constructed / to be constructed thereon.

�� repayment.(31[st] ��

�� H ��[st] March, 2023: H �� and structures constructed/erected thereon and/or to be constructed/erected thereon.

Repayable in 35 equal monthly instalments after moratorium of 24 months from the first date of availment, and last instalment of H �� [st] �� (Loan sanctioned of H �� H �� has been availed upto 31[st] March, 2024 and H �� upto 31[st] ��

iv. �� H ��[st] March, 2022: H �� of land admeasuring 11,570.05 square meters situated at �� erections, godowns and construction erected and standing or attached to the aforesaid land, both present and future.
v. �� H ��[st] March 2023 H �� Charge by way of Registered Mortgage of land parcel ��

�� repayment.(31[st] ��

Repayment shall be in 27 monthly instalments after the moratorium period of 27 months, Rate of Interest �� (Loan sanctioned of H �� H �� been availed upto 31[st] March, 2024 and H ��[st] March, 2023)

�� amounting to H ��[st] March 2023: H 500.00 �� 51704.34 sq.mtrs, further exclusive first charge by way of �� receivables originating from the sold and unsold units of the Project and all insurance proceeds both present and future �� the escrow accounts of the Project and all monies credited/ deposited therein (in all forms)

300 Annual Report 2023-24

347

Financial Statements

At the Cusp of a New Beginning

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

Nature of Security Terms of Repayment Privately Placed Non-Convertible Debentures (Face Value of H 10 lakhs each) of Holding Company i. Balance outstanding amounting to H ��[st] March, 2023 : �� H �� repayment.(31[st] �� passu charge on the Company's movable properties (except current assets) including its movable plant & machinery, machinery spares, tools & accessories and other movables, both present and future, located at Jalgaon Plant.
ii. Balance outstanding amounting to H ��[st] March, 2023 Repaid in June 2023. Rate of interest 8.80% p.a. as at date of : H �� repayment.(31[st] March, 2023 : 8.80% p.a.) passu charge of the Company's movable properties (except current assets) including its movable plant & machinery, machinery spares, tools & accessories and other movables, both present and future, located at Jalgaon Plant.
iii. Balance outstanding amounting to H ��[st] March, 2023: Repaid in October 2023. Rate of interest 8.85% p.a. as at date of H 10,000) is secured by pari passu charge by way of an repayment.(31[st] March, 2023 : 8.85% p.a.) equitable mortgage in relation to leasehold rights in the piece and parcel of land along with the standing structure thereon, admeasuring 404,851.27 square meters situated �� assets, receivables and fixtures standing thereon and all things attached thereto.
iv. Balance outstanding amounting to H ��[[st]] Repayable in four equal annual instalments starting from March, 2023 : H ��[[th]] January, February 2028 and last instalment due in February 2031. Rate of �� [st] ��
iv. Balance outstanding amounting to H ��[[st]] March, 2023 : H ��[[th]] January, �� erections, godowns and construction erected and standing or attached to the aforesaid land, both present and future however the said charge has been modified w.e.f 25[th] January, 2023 and now the balance is secured �� together with all buildings,machinery,erections, furniture and fixtures,godowns and constructions of every description which are standing erected or attached to aforesaid land, both present and future �� H �� H �� (31[st] ��

301

Raymond Limited

348

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

Nature of Security	Terms of Repayment
v. Balance outstanding amounting toH��st March, 2023 :H�� �� �� �� �� all buildings, machinery, erections, furniture and fixtures, godowns and constructions of every description which are standing erected or attached to aforesaid land, both present and future	��st ��
Privately Placed Unsecurd Non-Convertible Debentures (face valueH10 lakhs each)
i. �� H��st��	��stMarch, ��
ii. 8.75% Unsecured, noncumulative non convertible ��H��st��	Repayable in June 2025. Rate of interest 8.75% p.a. (31stMarch, ��
Nature of Security and terms of repayment for Long Term secured borrowings of subsidiaries:
Loan Amounting toH��stMarch, 2023 :H12051 �� assets of the respective subsidiarycompany.	Repayable in specified dates / installment (monthly, quarterly, ��

Amount of H ��[st] March , 2023: H ��

Note 15 (ii)- Borrowings (Current)

Note 15 (ii)- Borrowings (Current)
		(H��
Particulars	As at 31st March, 2024	As at 31st March, 2023
Secured
Working capital loans
��	��	��
(b) Commericial papers (Maximum balance outstanding during the yearH�� (31stMarch,2023H��	�	��
(c)Bill discounting (Refer below note(i)(b))	1137.75	��
��	��	��
Total(A)	91141.27	106767.99
Unsecured
��	��	��
(b)Acceptance	��	��
(c)Interest accrued but not due on borrowings	��	��
Total(B)	14649.47	6906.13
Total(A+B)	105790.74	113674.12

��

302 Annual Report 2023-24

349

Financial Statements

At the Cusp of a New Beginning

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

Security

��
(includes short term loan and Commercial Papers)

�� the company excluding liquid investments and assets pertaining to realty division, both present and future.

��

��

Note 16 (i) - Other financial liabilities (Non-current)

Note 16 (i) - Other financial liabilities (Non-current)
		(H��
Particulars	As at 31st March, 2024	As at 31st March, 2023
Liabilitytowards capitalgoods	��	��
Total	9946.26	9946.26

��

Note 16 (ii) - Other financial liabilities (Current)

Note 16 (ii) - Other financial liabilities (Current)
		(H��
Particulars	As at 31st March, 2024	As at 31st March, 2023
��	��	��
Unclaimed dividends*	��	117.51
��	��	��
Salaryand wagespayable	��	��
��	��	��
Liabilitytowards capitalgoods	1023.70	��
Otherpayables	3407.83	��
Total	48067.62	41659.72

��

There are no amounts due for payment to the Investor Education and Protection Fund under Section 125 of the Companies Act, 2013 as at year end.

Note 17 (i) - Other non-current liabilities

Note 17 (i) - Other non-current liabilities
		(H��
Particulars	As at 31st March, 2024	As at 31st March, 2023
Governmentgrants*	��	��
Others^	��	��
Total	36804 .67	3354.70

303 350

Raymond Limited

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

Note 17 (ii) - Other current liabilities

Note 17 (ii) - Other current liabilities
		(H��
Particulars	As at 31st March, 2024	As at 31st March, 2023
Advance from customers	��	8302.35
Statutorydues	��	5112.77
Governmentgrants*	��	��
Advance received#	550.00	131.52
Others^	12418.41	1450.42
Contract liabilities[Refer note 1(i)(q)]
� ��	1205.88	��
� ��	28070.10	��
� ��	��	��
Total	55093.35	36427.69

Advance received against sale of building and rights in leasehold land. Since the assets against which such advance has been received do not meet the definition of “Asset �� Equipment and Right of use assets, respectively, as at March 31, 2024.

��

Note 18 -Trade payables (Current)

Note 18 -Trade payables (Current)
		(H��
Particulars	As at 31st March, 2024	As at 31st March, 2023
��	��	��
��	��	��
Amounts due to relatedparties(Refer note 33)	��	��
Total	206397.52	169187.14

��

Trade payables other than Micro Enterprise and Small Enterprise includes H ��[st] March 2023 H ��

Trade Payable ageing as at 31[st] March 2024 (outstanding from due date of payment)

					(H��
Particulars	Less than 1year	1- 2 year	2-3 years	More than 3years	Total
Total outstandingdues of micro enterprises and small enterprises	17201.80	��	��	��	��
Total outstanding dues of creditors other than micro enterprises and small enterprises	��	��	��	��	��
��	�	�	�	�	�
�� small enterprises	�	�	�	�	�
Total	195400.82	8457.77	1139.43	1399.50	206397.52

304

Annual Report 2023-24

351

Financial Statements

At the Cusp of a New Beginning

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

Trade Payable ageing as at 31[st] March 2023 (outstanding from due date of payment)

Trade Payable ageing as at 31st March 2023 (outstanding from d	ue date of pa	yment)
					(H��
Particulars	Less than 1year	1- 2 year	2-3 years	More than 3years	Total
Total outstandingdues of micro enterprises and small enterprises	11340.51	��	��	��	��
Total outstanding dues of creditors other than micro enterprises and small enterprises	152358.25	��	��	2138.30	157352.51
��	�	�	�	�	�
�� small enterprises	�	�	�	�	�
Total	163698.76	1690.25	1584.37	2213.76	169187.14

Note 19 - Provisions (Current)

		(H��
Particulars	As at 31st March, 2024	As at 31st March, 2023
Current
Provision for employee benefits(Refer note 32)
� ��	32.58	��
� ��	5885.12	��
� ��	��	��
Provisions for litigation/ dispute(Refer note below)	585.00	585.00
Otherprovisions	��	�
Total Provisions	13013.92	8745.98

Movement in provisions for litigation / dispute

Movement in provisions for litigation / dispute
	(H��
Particulars	Provision for litigation / dispute
Balance as at 1st April, 2022	585.00
Provision recognised duringtheyear	�
Amount utilised / reclassified duringtheyear	�
Amount reversed duringtheyear	�
Balance as at 31st March, 2023	585.00
Provision recognised duringtheyear	�
Amount utilised / reclassified duringtheyear	�
Amount reversed duringtheyear	�
Balance as at 31st March, 2024	585.00

Provision for litigation / dispute represents disputed liability of the Holding Company towards excise duty post removal of goods from place of manufacture that are expected to materialise.

305

Raymond Limited

352

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

Note 20 - Revenue from operations

Note 20 - Revenue from operations
		(H��
Particulars	Year ended 31st March, 2024	Year ended 31st March, 2023
Sale ofproducts
(i)Manufacturedgoods	421751.72	412501.24
��	��	��
Revenue from real estateproject under development	��	��
Sale of services
��	��	15574.85
(ii)Income from Loyalty participationprogram	745.17	��
(iii)Others	��	1581.35
Other operating revenues
(i)Export incentives,etc.	��	��
(ii)Process waste sale	��	��
(iii Forfeiture,maintenance and other income	��	��
Total	901950.86	821471.83

Group Revenue based on business segment

Group Revenue based on business segment
		(H��
Particulars	Year ended 31st March, 2024	Year ended 31st March, 2023
Textile	��	��
Shirting	��	��
Apparel	��	132758.71
Garmenting	��	��
Tools & Hardware	��	��
Auto Components	��	37480.74
Precision(Acquired w.e.f. 28 March,2024)	�	�
��	��	111514.43
Others	��	��
Inter Segment revenue	��	��
Total Revenue from operations	901950.86	821471.83

Group Revenue based on Geography

Group Revenue based on Geography
		(H��
Particulars	Year ended 31st March, 2024	Year ended 31st March, 2023
India	��	��
Rest of World	��	��
Total Revenue from operations	901950.86	821471.83
Revenue based on timing of recognition		(H��
Particulars	Year ended 31st March, 2024	Year ended 31st March, 2023
Revenue recognition at apoint in time	��	��
Revenue recognition overperiod of time	��	��
Total Revenue from operations	901950.86	821471.83

306 Annual Report 2023-24

353

Financial Statements

At the Cusp of a New Beginning

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

Reconcilition of Revenue from operations with contract price

Reconcilition of Revenue from operations with contract price
		(H��
Particulars	Year ended 31st March, 2024	Year ended 31st March, 2023
Contractprice	��	��
��
Sales returns and others	��	��
Customer loyalty programme	��	��
Bonus,Incentives,discount and others	20071.13	��
Total Revenue from operations	901950.86	821471.83

Significant changes in contract asset and contract liabilities balances are as follows:

Significant changes in contract asset and contract liabilities balances are as follows:
		(H��
Particulars	Year ended 31st March, 2024	Year ended 31st March, 2023
Contract Assets
OpeningBalance	��	��
Less: Transferred to receivables	74714.05	��
Add: Revenue recognised(net of invoicing)	��	��
Closing Balance	17784.14	5265.51
		(H��
Particulars	Year ended 31st March, 2024	Year ended 31st March, 2023
Contract Liabilities
Contract liabilities at the beginningof theyear	��	��
Add: Invoice raised duringtheyear	��	��
��H��stMarch, 2023:H��	��	��
Balance at the end of theyear	26653.22	19362.21

Unsatisfied performance obligations on long term real estate contracts

Revenue is recognized upon transfer of control of products or services to customers.

Long term contracts entered into by the Company as on 31[st] March, 2024 is H ��[st] March, 2023 H �� pertaining to real estate development projects. The unsatisfied performance obligation relating to these contracts aggregates to H ��[st] March, 2023 H ��

The management of Company expects that 40.21% (31[st] �� to H ��[st] March, 2023 H �� the next reporting period with balance in future reporting periods thereafter.

307

Raymond Limited

354

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

Note 21 - Other Income

Note 21 - Other Income
		(H��
Particulars	Year ended 31st March, 2024	Year ended 31st March, 2023
Interest income on financial assets measured at amortised cost	10372.77	��
��	��	��
Rental income	141.83	151.02
��*	��	��
Profit on disposal ofproperty, plant and equipment	��	18.03
��	��	��
Gain on foreign currencytransactions and translations(net)	��	1010.81
��	��	��
��	��	151.71
��	��	��
Total	26612.13	12226.09

*Adjusted for fair value gain amounting to H �� st March 2024 (31st March, 2023 H ��

Note 22 - Cost of materials consumed

Note 22 - Cost of materials consumed
		(H��
Particulars	Year ended 31st March, 2024	Year ended 31st March, 2023
��	��	��
Add: Purchases	��	��
Additionspursuant to business combination(Refer note 51)	7257.48	�
Less: Sales(disposals)	��	(153.71)
��	��	��
Total	154993.57	168569.55

Note 23 - Changes in inventories of finished goods, stock-in-trade, work-in-progress and property under development

		(H��
Particulars	Year ended 31st March, 2024	Year ended 31st March, 2023
Opening inventories:
Finishedgoods	47578.52	��
��	��	23081.03
��	70110.23	��
Accumulated cost on conversion contracts	��	��
Propertyunder development	��	��
Total opening inventories	215387.36	163631.50
Additionspursuant to business combination:
Finishedgoods	��	�
��	��	�
Closing inventories:
Finishedgoods	��	47578.52
��	��	��
��	��	70110.23
Accumulated cost on conversion contracts	��	��
Propertyunder development	��	��
Total closing inventories	307115.10	215387.36
Total	(74609.49)	(51755.86)

308

Annual Report 2023-24

355

Financial Statements

At the Cusp of a New Beginning

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

Note 24 - Employee benefits

Note 24 - Employee benefits
		(H��
Particulars	Year ended 31st March, 2024	Year ended 31st March, 2023
Salaries,wages and bonus	��	��
Contributions toprovident and other funds(Refer note 32)	5843.57	��
��	��	5.82
Gratuityandpensionplan expense(Refer note 32)	1728.85	��
��	��	��
Total	116061.30	102419.57

Note 25 - Finance costs

Note 25 - Finance costs
		(H��
Particulars	Year ended 31st March, 2024	Year ended 31st March, 2023
Interest expense on debentures and term loans	18848.01	12357.01
��	��	10381.48
��	5111.12	2853.37
Other borrowingcosts	��	133.70
Total	37581.67	25725.56

Note 26 - Depreciation and amortisation

Note 26 - Depreciation and amortisation
		(H��
Particulars	Year ended 31st March, 2024	Year ended 31st March, 2023
��	��	��
Amortisation on intangible assets	71.51	254.10
Total	28367.51	23535.09

Note 27 (a) - Manufacturing and operating costs

Note 27 (a) - Manufacturing and operating costs
		(H��
Particulars	Year ended 31st March, 2024	Year ended 31st March, 2023
Consumption of stores and spares	��	��
Power and fuel	��	��
��	22727.13	��
Repairs to buildings	1182.51	��
Repairs to machinery	3032.08	��
Other manufacturingand operatingexpenses	��	��
Total	91388.48	90989.42

Note 27 (b) - Costs towards development of property

Note 27 (b) - Costs towards development of property
		(H��
Particulars	Year ended 31st March, 2024	Year ended 31st March, 2023
��*	��	��
Construction cost	��	47173.21
��	1,125.32	��
Total	172296.32	90298.49

309 356

Raymond Limited

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

Includes H �� H �� (refer note 2a(iii)).

Note 27 (c) - Other Expenses

Note 27 (c) - Other Expenses
		(H��
Particulars	Year ended 31st March, 2024	Year ended 31st March, 2023
Rent	��	��
Insurance	��	��
��	��	5724.05
Rates and taxes	��	1854.78
Advertisement	��	��
Commission to sellingagents	20704.32	��
Legal andprofessional charges	��	��
Travellingexpenses	��	8534.51
Information technologysupport services	2132.12	��
Electricityexpenses	��	��
Securitycharges	��	��
Freight,octroi,etc.	��	��
Bad debts,advances,claims and deposits written off	520.51	��
��	(427.10)	(1584.13)
Provision for doubtful debts,advances and export incentive receivable	1058.40	��
Salespromotion expenses	��	5521.31
��	204.50	��
Commission to non executive directors	��	125.00
Outsourced support services	��	��
Expenditure incurred for corporate social responsibility	��	150.00
Miscellaneous expenses	23844.70	24320.57
Total	133792.49	117991.49

Legal and Professional fees include:

Legal and Professional fees include:
		(H��
Auditors' remuneration and expenses	Year ended 31st March, 2024	Year ended 31st March, 2023
As auditors	145.00	120.00
Other services	��	21.40
Reimbursement of expenses	��	��
Total	200.06	157.81

Note 28 - Income Taxes

A) Tax expense / (credit) recognised in the Consolidated Statement of Profit and Loss

		(H��
	Year ended 31st March, 2024	Year ended 31st March, 2023
Current tax
Expense for theyear	20174.21	3582.15
Adjustments forpriorperiods	�	(2743.03)
Total current tax	20174.21	839.12

310 Annual Report 2023-24

357

Financial Statements

At the Cusp of a New Beginning

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

(H ��

	Year ended 31st March, 2024	Year ended 31st March, 2023
Deferred tax
Origination and reversal of temporarydifference	��	��
Change in tax rates	�	�
Total deferred income tax expense/(credit)	2092.70	19196.50
Total Tax Expenses /(Credit) (net)	22266.91	20035.62
B) A reconciliation between the statutory income tax rate applicable to the Group and	the effective income	(H�� tax rate is as follows:
Reconciliation of effective tax rate	Year ended 31st March, 2024	Year ended 31st March, 2023
Profit before tax	��	��
Enacted income tax rate in India	25.17%	25.17%
Tax amount at the enacted income tax rate	46960.72	18558.33
Add /(deduct) impact of -
Tax on share of Profit from Associates and Joint ventures	��	��
��	��	��
��	��	233.01
Expenses not allowable for taxpurposes	32.35	��
Income exempt from Income taxes	��	��
��	��	�
One time charge on account of change in tax regime	�	��
�� Raymond Apparel Limited not recognised in the earlier year by Holding Company (includingtax on consolidation adjustments items).	�	��
Others	103.37	��
Total Tax Expenses /(Credit) (net)	22266.91	20035.62

Notes:

�� Profit before tax.
�� provisions applicable prior to the adoption of the new tax regime, pertaining to the financial year ended 31 March 2022. Similarly the Holding Company has also remeasured/reversed its deferred tax assets (net) including MAT credits, outstanding as at 01 April 2022.

C) The movement in deferred tax assets and liabilities during the year ended March 31, 2023 and March 31, 2024:

Movement during the year ended March 31, 2023 and March 31,2024	As at 1st April, 2022	Credit/ (charge) in Consolidated Statement of Profit and Loss	Credit/(charge) in Other Comprehensive Income	As at 31st March, 2023	Credit/ (charge) in Consolidated Statement of Profit and Loss	Credit/(charge) in Other Comprehensive Income	Addition pursuant to business combination (Refer note 51)	As at 31st March, 2024
Deferred tax assets/(liabilities)
Provision forpost retirement benefits	��	��	82.47	��	��	��	�	2523.13
Provision for doubtful debts and advances	1703.72	��	�	��	��	�	58.17	��
��	��	17.84	�	��	��	�	(20,117.74)	��
��	��	��	�	��	��	�	�	��
��	24847.25	��	�	��	��	�	�	��

311

Raymond Limited

358

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

Movement during the year ended March 31, 2023 and March 31,2024	As at 1st April, 2022	Credit/ (charge) in Consolidated Statement of Profit and Loss	Credit/(charge) in Other Comprehensive Income	As at 31st March, 2023	Credit/ (charge) in Consolidated Statement of Profit and Loss	Credit/(charge) in Other Comprehensive Income	Addition pursuant to business combination (Refer note 51)	As at 31st March, 2024
Indexation benefit on conversion of ��	807.50	(180.00)	�	��	843.30	�	�	1470.80
�� ��	1085.45	��	�	��	(114.22)	�	�	347.23
Adjustment on account of ��	��	��	�	��	��	�	150.50	��
Capital Loss on sale of investments	��	��	�	14,087.22	(1503.12)	�	�	12584.10
Fair valuegains/losses and Others	(323.01)	(171.33)	��	(1152.14)	��	(534.30)	��	(380.33)
Total(A)	33251.31	(15797.05)	(575.33)	16878.93	(2279.72)	(458.30)	(18912.09)	(4771.18)
Mat Credit Entitlements	��	��	�	��	187.02	�	�	��
Total(B)	5278.67	(3399.45)	-	1879.22	187.02	-	-	2066.24
Total(A + B)	38529.98	(19196.50)	(575.33)	18758.15	(2092.70)	(458.30)	(18912.09)	(2704.94)

		(H��
Details of Deferred Tax Assets*	As at 31st March, 2024	As at 31st March, 2023
��
��	��	��
	326.46	4174.89
��
Provision forpost retirement benefits	��	��
Provision for doubtful debts and advances and Incentives	2438.14	��
��	��	��
Mat Credit Entitlements	141.38	��
��	��	3277.81
��	347.23	��
��	1470.80	��
��	��	��
Fair valuegains/losses and Others	��	��
Capital Loss on sale of investments	12584.10	14087.22
	17485.70	23735.41
	17159.24	19560.52

Represents aggregate for entities having net deferred tax assets

*Represents aggregate for entities having net deferred tax assets
		(H��
Details of Deferred Tax Liability*	As at 31st March, 2024	As at 31st March, 2023
��
��	��	��
	26155.82	2528.76
��
Provision forpost retirement benefits	��	��
��	358.08	�
Provision for doubtful debts and advances	��	108.02

312

Annual Report 2023-24

359

Financial Statements

At the Cusp of a New Beginning

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

		(H��
Details of Deferred Tax Liability*	As at 31st March, 2024	As at 31st March, 2023
��	��	83.32
MAT Credit entitlement	��	�
Fair valuegains/losses and Others	��	��
	6291.64	1726.39
	19864.18	802.37
Net Deferred Tax Asset	(2704.94)	18758.15

*represents aggregate for entities having net deferred tax liability

Note: The group has mentioned below losses under the Income Tax Act. In view of, uncertainty over the respective entities ability to ��

		(H��
	As at 31st March, 2024	As at 31st March, 2023
Capital loss	��	��
Business loss	�	�
��	10,550.24	��

Significant Estimates

The Group has recognised deferred tax assets on carried forward tax losses and unabsorbed depreciation incurred by certain subsidiary companies in current and earlier years. Based on future business projections, the Group is reasonably certain that respective subsidiaries would be able to generate adequate taxable income to ensure utilization of carried forward tax losses and unabsorbed depreciation. Further, in calculating the tax expense for the current year and earlier years, the Group had disallowed certain expenditure pertaining to exempt income based on historical tax assessments. These matters are pending with tax authorities.

Note 29 - Assets pledged as securities.

The carrying amounts of assets pledged as security for current and non-current borrowings are:

		(H��
	As at 31st March, 2024	As at 31st March, 2023
Current Assets
Financial assets	��	��
��	��	��
Total Current Assets Pledged as security	511934.74	361704.08
Non Current Assets
Financial assets	��	535.05
��	��	72050.21
Total non-current assets Pledged as security	93568.13	72585.26
Total assets Pledged as security	605502.87	434289.34

��

313

Raymond Limited

360

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

Note 30: Contingent liabilities and commitments (to the extent not provided for)

i) Contingent liabilities

i) Contingent liabilities
		(H��
Particulars	As at 31st March, 2024	As at 31st March, 2023
�� �� ��
Sales Tax	��	��
Royalty	233.88	��
Stampduty*	��	��
Other Matters	��	��
	3317.64	3312.67
*The Group has a contractual right towards reimbursement of 50% of the amount of demand finally determined.
�� (interest thereon not ascertainable atpresent).
Sales Tax	��	��
Goods and services tax	2754.80	1875.71
Compensation for Premises	��	1817.54
Electricityduty	��	��
Water Charges	248.08	��
Other Matters(service tax,labour laws,Civil matters and interest claims)	��	��
�� (interest thereon not ascertainable atpresent.)	��	5480.40
��	3411.81	��
(e) Group's liabilities/obligations pertaining to the period upto the date of transfer of the �� ��	Amount not determinable	Amount not determinable
(f) The Honourable Supreme Court, had passed a judgement on 28th�� �� the purpose of determining contribution to provident fund under the Employees' �� legal advice, is of the view that the applicability of the judgement to the Company, with respect to the period and the nature of allowances to be covered due to interpretation challenges, and resultant impact on the past provident fund liability, cannot be reasonablyascertained.	Amount not determinable	Amount not determinable
(g) Claim in relation to tenancy rights over a portion of the Holding Company’s Land �� believes, has no jurisdiction to adjudicate such matters. All the Revenue Courts �� jurisdiction to adjudicate such matters, have already passed orders in favour of the Holding Company. The Holding Company has been legally advised that they have a good case on law and merits.	Amount not determinable	Amount not determinable
(h) Also refer notes 2(a)(iv)and 40 for other disputes
(i) Share in the contingent liabilities of associate companies andjoint venture	��	��
It is not practicable for the Group to estimate the timing of cash outflows, if any, in respect of the above pending resolution of respective proceedings. The Group does not expect any reimbursement in respect of the above contingent liabilities, other than stampdutymatter mentioned in(a)above.

314 Annual Report 2023-24

361

Financial Statements

At the Cusp of a New Beginning

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

ii) Commitments

(a) Capital commitments

Capital expenditure contracted for at the end of the reporting period but not recognised as liabilities is as follows:

(H ��

		(H��
	As at 31st March, 2024	As at 31st March, 2023
Property, plant and equipment	��	��
Less: Capital advances and CWIP	��	��
Net Capital commitments	10228.29	4230.39

(b) Other commitments

(b) Other commitments
		(H��
	As at 31st March, 2024	As at 31st March, 2023
(i) Future export obligation/commitment under import of capital goods at concessional rate of customs duty	��	��
Equity commitment in joint venture, not exceeding amountH�� March 2023:H�� �� �� enable it to operate and settle its liabilites and obligation as they become due and continue asgoingconcern for the next financialyear.

(c) Capital Commitments related to joint venture and associates

(c) Capital Commitments related to joint venture and associates
		(H��
	As at 31st March, 2024	As at 31st March, 2023
Property, plant and equipment	281.11	��
Less: Capital advances	2.14	��
Net capital commitments	278.97	118.94

(d) Other commitments related to joint venture and associates		(H��
	As at 31st March, 2024	As at 31st March, 2023
Future export obligations/commitments under import of capital goods at concessional rate of customs duty	2214.02	2850.88

315

Raymond Limited

362

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

Note No 31 - Earnings per share

Note No 31 - Earnings per share
		(H��
	Year ended 31st March, 2024	Year ended 31st March, 2023
Earningsper share has been computed as under:(A)
Profit for theyear attributable to equityshareholders	��	��
��	��	��
��	��	��
Basic Earnings Per Share(H ) (Face value ofH��	��	��
��H ) (Face value ofH��	��	��

��

Note 32 (a) : Details of Employee benefits obligations

I. Details of Defined Contribution Plan

The Group has certain defined contribution plan. Contributions are made to provident fund, ESIC, super annuation, etc. for employees as per regulations. The contributions are made to registered provident fund administered by the government. The obligation of the Group is limited to the amount contributed and it has no further contractual nor any constructive obligation. The expense recognised during the year towards defined contribution plan is H ��[st] March 2023, H �� the Consolidated Statement of Profit and Loss for the year ended 31[st] March, 2024 under defined contribution plan.

II. Details of Defined Benefit Plan
i. Gratuity :- �� who are in continuous service for a period of 5 years are eligible for gratuity. The amount of gratuity payable on retirement/ termination is the employees last drawn basic salary per month computed proportionately for 15 days salary multiplied �� funds in India.
ii. Pension benefits:- The Holding Company operates defined benefit pension plan which provide benefits to some of its employees in the form of a guaranteed level of pension payable for certain year after retirement. The level of benefits provided depends on members’ length of service and their salary in the final years leading up to retirement.
iii. Provident fund:- In case of certain employees, the Provident Fund contribution is made to a trust administered by the Holding Company. In terms of the guidance note issued by the institute of Actuaries of India, the actuary has provided a valuation of Provident Fund liability based on the assumptions listed above and determined that there is no shortfall as at 31[st] March, 2024.
iv. Employee benefit schemes recognised in the Consolidated Financial Statements as per actuarial valuation as at 31[st] March 2024 and 31[st] March 2023 are as follows:

A. Amount recognised in the Consolidated Balance Sheet

			(H��	(H��
	Gratuity		Provident Fund
	As at 31st March, 2024	As at 31st March, 2023	As at 31st March, 2024	As at 31st March, 2023
Present value of defined benefit obligations	��	��	��	28185.03
Fair value ofplan assets*	��	17512.77	33330.38	��
��	�	�	��	��
Defined benefit obligation net ofplan assets	5,885.12	2,966.57	-	-

��

316 Annual Report 2023-24

363

Financial Statements

At the Cusp of a New Beginning

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

B.I Movement in plan assets and obligations- Gratuity

						(H��
~~-----~~		2024			2023
	Plan Assets ~~-~~	Obligations ~~--~~	Net ~~--~~	Plan Assets ~~-~~	Obligations ~~--~~	Net ~~--~~
Balance as at 1st April	17512.77	20479.34	2966.57	15811.43	19288.66	3477.23
Current service cost	�	��	��	�	��	��
Interest cost on obligation	�	1523.80	1523.80	�	1378.32	1378.32
Interest income onplan assets	1302.80	�	(1302.80)	��	�	��
Actuarial (gain)/loss arising from changes in demographic assumptions	�	�	0.00	�	��	��
Actuarial (gain)/loss arising from changes in financial assumptions	�	434.80	434.80	�	(714.71)	(714.71)
Actuarial (gain)/loss arising from experience adjustments	�	��	��	�	857.80	857.80
Return on plan assets excluding interest income	448.71	�	(448.71)	(144.27)	�	144.27
Employer contributions	1275.70	��	(1340.80)	��	(102.57)	��
Benefitpayments	��	(1823.75)	(135.07)	(1554.70)	(1584.28)	��
Assets / liabilities transferred in/ acquisitions	1,140.54	��	��	�	�	�
Balance as at 31st March	19991.84	25876.96	5885.12	17512.77	20479.34	2966.57

B.II Movement in plan assets and obligations- Provident Fund

						(H��
		2024			2023
	Plan Assets	Plan liabilities	Net	Plan Assets	Plan liabilities	Net
Balance As at 1st April	30578.68	28185.03	(2393.65)	26655.61	24268.34	(2387.27)
Current service cost	�	1143.83	1143.83	�	��	��
Opening reservers & surplus regrouped	�	(22.48)	(22.48)	�	��	��
Employee contributions	��	��	�	��	��	�
Interest cost	�	��	��	�	��	��
Interest income	��	�	��	��	�	��
Return on plan assets excluding interest income	(22.70)	�	22.70	5.72	�	(5.72)
Asset/ LiabilityTransferred in/(out)	��	��	�	��	��	�
Asset/ LiabilityTransferred in/(out)	��	��	�	��	��	�
Employer contributions	1143.83	�	(1143.83)	��	�	��
Benefitpayments	(4054.72)	(4054.73)	(0.01)	(1877.48)	(1877.48)	�
Balance as at 31st March	33330.38	30936.94	(2393.44)	30578.68	28185.03	(2393.65)

C. Defined Benefit obligations and employer contributions

C. Defined Benefit obligations and employer contributions
	(H��
	Gratuity
	2024	2023
The weighted average duration of the defined benefit obligations	��	��

The Group expects to contribute around H �� H �� plans for gratuity.

317

Raymond Limited

364

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

D. Amount recognised in Consolidated Statement of Profit and Loss and Other Comprehensive income

			(H��	(H��
	Gratuity		Provident Fund
	Year ended 31st March, 2024	Year ended 31st March, 2023	Year ended 31st March, 2024	Year ended 31st March, 2023
Employee benefits:
Current service cost	��	��	1,143.83	��
Past service cost	�	�	�	�
Finance cost net	��	��	�	�
Expense recognised in the Consolidated Statement of Profit and loss	1728.85	1629.82	1143.83	898.79

Remeasurements of the net defined benefits:

	(H��	(H��
	Gratuity
	Year ended 31st March, 2024	Year ended 31st March, 2023
Actuarial(gains)/losses arisingfrom changes in demographic assumptions	�	��
Actuarial(gains)/losses arisingfrom changes in financial assumptions	434.80	(714.71)
Experience losses	��	857.80
Return onplan assets excludingamounts included in net interest(income)/cost	(448.71)	144.27
Expense/(Gain) recognised in Other Comprehensive Income	(141.10)	260.49

E. The Major categories of Plan assets are as follows:

E. The Major categories of Plan assets are as follows:
	(H��
	Gratuity
	Year ended 31st March, 2024	Year ended 31st March, 2023
Quoted
��	��	��
Unquoted
Insurer managed fund	��	17453.52
Other debt instruments	�	�
Others	0.04	0.04
Total	19991.81	17512.77
		(H��
	Provident Fund
	Year ended 31st March, 2024	Year ended 31st March, 2023
Quoted
��	��	��
��	13587.25	12024.10
Others
Quoted	�	�
Unquoted	��	��
Total	33330.38	30578.68

318 Annual Report 2023-24

365

Financial Statements

At the Cusp of a New Beginning

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

F. Assumptions

With the objective of presenting the plan assets and plan liabilities of the defined benefits plans at their fair value on the balance ��

The significant actuarial assumptions were as follows:

			(H��	(H��
	Gratuity		Provident Fund
	As at 31st March, 2024	As at 31st March, 2023	As at 31st March, 2024	As at 31st March, 2023
Financial Assumptions
��	7.15% to 7.50%	��	7.21%	7.47%
SalaryEscalation Rate#	��	��	8.25%	8.15%

��

Demographic Assumptions

��

G. Sensitivity

��

				(H��	(H��
Gratuity	Change in assumption	2024		2023
		Increase / (decrease) in liability	Increase / (decrease) in liability	Increase / (decrease) in liability	Increase / (decrease) in liability
��	0.5% to 1%	(1482.75)	��	��	��
SalaryEscalation Rate#	0.5% to 1%	1553.53	(1428.48)	��	��

The sensitivity analysis above have been determined based on reasonably possible changes of the respective assumptions occurring �� while holding all other assumptions constant. When calculating the sensitivity to the assumption, the same method used to calculate the liability recognised in the balance sheet has been applied. The methods and types of assumptions used in preparing the sensitivity analysis did not change compared with the previous period.

H. The defined benefit obligations shall mature after the end of reporting period is as follows:

H. The defined benefit obligations shall mature after the end of reporting period is as	follows:	follows:
	(H��
	Defined benefit obligation 2024 2023
		2023
1st year	��	��
2nd year	��	1127.41
3rd year	��	��
4th year	2242.54	1712.05
5th year	��	��
Thereafter	��	��

I. Risk Exposure - Asset Volatility

The plan liabilities are calculated using a discount rate set with reference to bond yields; if plan assets underperform this yield, this will create a deficit. Most of the plan asset investments is in fixed income securities with high grades and in government securities. �� A portion of the funds are invested in equity securities and in alternative investments % which have low correlation with equity securities. The equity securities are expected to earn a return in excess of the discount rate and contribute to the plan deficit.

319

Raymond Limited

366

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

Note 32(b): Details of Defined Plan - Pension Fund

The amounts recognised in the balance sheet and the movements in the defined obligation for the years are as follows:

A. Amount recognised in the Consolidated Balance Sheet

A. Amount recognised in the Consolidated Balance Sheet
	(H��
	Pension
	As at 31st March, 2024	As at 31st March, 2023
Present value of defined benefit obligations	32.58	��
B. Movement in Defined Benefit Obligation - Plan Liabilities Pension		(H��
	2024	2023
As at 1st April	29.74	35.92
Current service cost	1.54	1.72
Interest cost	2.24	��
Actuarial(gain)/loss arisingfrom changes in demographic assumptions	�	(1.55)
Actuarial(gain)/losses arisingfrom changes in financial assumptions	0.73	(1.88)
Actuarial(gain)/losses arisingfrom experience adjustments	��	(7.07)
As at 31st March	32.58	29.74

C. Amount recognised in Consolidated Statement of Profit and Loss and Other Comprehensive Income

C. Amount recognised in Consolidated Statement of Profit and Loss and Other Co	mprehensive Income
		(H��
	Year ended 31st March, 2024	Year ended 31st March, 2023
Employee benefits:
Current service cost	1.54	1.72
Total	1.54	1.72
Finance cost	2.24	��
Expense recognized in Consolidated Statement of Profit and Loss	3.78	4.32

D. Amount recognised in Other Comprehensive Income / (Loss)

D. Amount recognised in Other Comprehensive Income / (Loss)
		(H��
	Year ended 31st March, 2024	Year ended 31st March, 2023
Remeasurement of the net defined benefit liability:
Actuarial(gain)/loss arisingfrom changes in demographic assumptions	�	(1.55)
Actuarial(gain)/losses arisingfrom changes in financial assumptions	0.73	(1.88)
Actuarial(gain)/losses arisingfrom experience adjustments	��	(7.07)
As at 31st March	(0.94)	(10.50)

320 Annual Report 2023-24

367

Financial Statements

At the Cusp of a New Beginning

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

E. Assumptions

With the objective of presenting the plan assets and plan liabilities of the defined benefits plans at their fair value on the balance ��

The significant actuarial assumptions were as follows:

The significant actuarial assumptions were as follows:
		(H��
	As at 31st March, 2024	As at 31st March, 2023
Financial Assumptions
��	7.23%	7.52%
Salaryescalation rate	7.00%	��

The defined benefit obligations shall mature after the end of reporting period is as follows:

	(H��	(H��
	Defined benefit obligation
	2024	2023
2023	�	�
2024	��	�
2025	��	2.30
��	3.41	��
2027	1.07	3.45
2028	1.13	��
Thereafter	52.13	53.44

Demographic Assumptions

��

Note 32(c): Details of Leave obligations

��

The amount of the provision of H ��[st] March 2023 – H �� have an unconditional right to defer settlement for any of these obligations

321

Raymond Limited

368

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

Note 33: Related Party Disclosures under IND AS 24

1. Relationships:

(a) Joint Ventures:

��

(b) Associates J.K. Investo Trade (India) Limited �� J.K. Helene Curtis Limited Raymond Consumer Care Limited (Erstwhile Ray Universal Trading Limited) Ray Global Consumer Trading Limited Ray Global Consumer Products Limited Ray Global Consumer Enterprise Limited

Radha Krshna Films Limited

(c) Other Significant influence (with whom transactions have taken place): J.K. Investors (Bombay) Limited, India Singhania Education Services Limited

��

Body Basic Health Care Private Limited

��

(d) Key Management Personnel and relatives (with whom transactions have taken place): ��

��

(e) Non executive/Independent directors of the Company and enterprises over which they are able to exercise significant influence (with whom transactions have taken place):

�� Mr. Shiv Surinder Kumar (upto 14 February 2024) �� Mr. Ashish Kapadia ��

(f) Trust

Raymond Limited Employees Provident Fund Raymond Limited Employees Gratuity Fund Raymond Limited ESOP Trust

322

Annual Report 2023-24

369

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

2. Transactions carried out with related parties referred in 1 above, in ordinary course of business:

											(H��	(H��
Nature of transactions	Referred in 1(a) above		Referred in 1(b) above		Referred in 1(c) above		Referred in 1(d) above		Referred in 1(e) above		Referred in 1(f) above
	Year ended 31st March, 2024	Year ended 31st March, 2023	Year ended 31st March, 2024	Year ended 31st March, 2023	Year ended 31st March, 2024	Year ended 31st March, 2023	Year ended 31st March, 2024	Year ended 31st March, 2023	Year ended 31st March, 2024	Year ended 31st March, 2023	Year ended 31st March, 2024	Year ended 31st March, 2023
Purchases:
Goods and Materials	��	142.31	��	121.33	��	��	�	�	�	�	�	�
��	�	��	�	45.18	�	�	�	�	�	�	�	�
Sales:
Goods and Materials	��	21.71	��	5.71	��	��	�	�	�	�	�	�
Property, plant and equipment	�	�	�	�	�	�	�	�	�	�	�	�
��	10288.01	��	�	�	�	�	�	�	�	�	�	�
Expenses:
Rent and other service charges	��	��	�	�	31.04	��	��	��	�	�	�	�
��		�	�	�	1,418.53	��	�	�	�	�	�	�
Commission to sellingagents	�	�	�	�	��	��	�	�	�	�	�	�
Employee benefits expense (includingcommission)*	�	�	�	�	�	�	��	��	��	324.30	�	�
Interestpaid	�	�	��	�	��	��	�	�	�	�	�	�
�� �� independent director	�	�	�	�	�	�	��	40.50	��	144.50	�	�
Other reimbursement	�	�	�	�	24.00	24.00	�	�	�	�	�	�
��	�	�	�	�	�	�	�	�	�	�	�	�
Contribution to provident �� Contribution	�	�	�	�	�	�	�	�	�	�1,174.74		��
Contribution to Gratuity �� Contribution	�	�	�	�	�	�	�	�	�	� ��		1,527.70

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

											(H��	(H��
Nature of transactions	Referred in 1(a) above		Referred in 1(b) above		Referred in 1(c) above		Referred in 1(d) above		Referred in 1(e) above		Referred in 1(f) above
	Year ended 31st March, 2024	Year ended 31st March, 2023	Year ended 31st March, 2024	Year ended 31st March, 2023	Year ended 31st March, 2024	Year ended 31st March, 2023	Year ended 31st March, 2024	Year ended 31st March, 2023	Year ended 31st March, 2024	Year ended 31st March, 2023	Year ended 31st March, 2024	Year ended 31st March, 2023
Others:
��	�	�	�	�	�	�	�	�	�	�	�	�
Income:
Rent, corporate facility and other service charges	��	��	27.35	28.22	48.00	48.00	�	�	�	�	�	�
Interest Income	��	��	0.53	1.71	�	�	�	�	�	�	�	�
RoyaltyIncome	�	�	�	��	�	�	�	�	�	�	�	�
Other Receipts:
��	158.47	��	�	304.00	��	55.30	�	�	�	�	�	�
Other reimbursement	��	121.35	87.44	225.20	��	��	�	�	�	�	�	�

											(H��	(H��
Nature of transactions	Referred in 1(a) above		Referred in 1(b) above		Referred in 1(c) above		Referred in 1(d) above		Referred in 1(e) above		Referred in 1(f) above
	Year ended 31st March, 2024	Year ended 31st March, 2023	Year ended 31st March, 2024	Year ended 31st March, 2023	Year ended 31st March, 2024	Year ended 31st March, 2023	Year ended 31st March, 2024	Year ended 31st March, 2023	Year ended 31st March, 2024	Year ended 31st March, 2023	Year ended 31st March, 2024	Year ended 31st March, 2023
Finance
Loansgiven	�	�	�	�	�	�	�	�	�	�	�	�
Loans repaid	�	1000.00	10.00	�	�	�	�	�	�	�	�	�
��	�	�	170000.00	�	�	�	�	�	�	�	�	�
Deposits
Securitydeposits received	�	�	�	�	�	�	�	�	�	�	�	�
Securitydepositspaid	1.00				300.00
Investments
Investments in equityshares	�	2500.00	�	�	�	�	�	�	�	�	�	�

Financial Statements

At the Cusp of a New Beginning

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

*Compensation to Key Management Personnel (Executive Director) from the Holding Company

		(H��
Nature of benefits	Year ended 31st March, 2024	Year ended 31st March, 2023
��	1812.73	��
��	171.54	153.80
Sittingfees	��	5.00
Total compensation #	1993.27	1626.48

This aforesaid amount does not include amount in respect of gratuity and leave entitlement (both of which are determined actuarially) as the same is not determinable.

KMPs for the group have been considered as persons having authority and responsibility for planning, directing and controlling the activities for the group and not for individual entities within the group.

Notes:

All the material transactions stated above with related parties are on arm’s length basis.

3. Balances with related parties referred in 1 above, in ordinary course of business:

Nature of transactions	Referred in 1(a) above	Referred in 1(a) above	Referred in 1(b) above	Referred in 1(b) above	Referred in 1(c) above	Referred in 1(c) above	Referred in 1(d) above	Referred in 1(d) above
	As at 31st March, 2024	As at 31st March, 2023	As at 31st March, 2024	As at 31st March, 2023	As at 31st March, 2024	As at 31st March, 2023	As at 31st March, 2024	As at 31st March, 2023
Outstandings:
Payable	��	��	��	72.10	��	��	��	��
Borrowings Including Interest payable	�	�	175127.88
Receivable & Loans#	5282.10	��	��	221.38	��	1574.83	�	�
��	�	�	�	�	223.84	488.84	�	�
�� receivables	1.00	1.00	�	�	�	�	24.75	24.75
��	�	1.00			12.00	12.00	�	�

��

The amount receivable from PT JayKay Files, Indonesia and its subsidiaries of H �� H ��

Notes:

��

	(H��	(H��
Nature of transactions	Referred in 1(e) above
	As at 31st March, 2024	As at 31st March, 2023
Outstanding Payable
Independent directors	��	100.00

��

325

Raymond Limited

372

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

4. Disclosure in respect of material transactions with related parties during the year

4. Disclosure in respect of material transactions with related parties during the year
		(H��
Disclosure in respect of material transactions with related parties during the year	Year ended 31st March, 2024	Year ended 31st March, 2023
Purchases:
Goods and Materials
��	��	142.31
J.K. Investors(Bombay)Limited	��	��
Raymond Consumer Care Limited	��	121.33
Singhania Education Services Limited	�	48.00
DEPB Licenses Purchases
Raymond Consumer Care Limited	�	45.18
��	�	��
Sales:
Goods and Materials
��	��	21.71
Raymond Consumer Care Limited	��	5.71
J.K. Investors(Bombay)Limited	��	��
��	��	218.07
Job Work Charges
��	10288.01	��
Expenses:
Rent and other service charges
��	��	��
J.K. Investors(Bombay)Limited	31.04	��
��	��	��
Job work Charges
J.K. Investors(Bombay)Limited	1418.53	��
Commission to selling agents
J.K. Investors(Bombay)Limited	��	��
Interestpaid
J.K. Investors(Bombay)Limited	��	��
Raymond Consumer Care Limited	��	�
Employee benefits expense(including Commission)
Mr. Gautam Hari Singhania	��	��
��	��	324.30
Directors Fees and commission to Executive and Non Executive Directors
Mr. Gautam Hari Singhania	13.50	��
��	50.00	31.50
��	��	��
Mr.Shiv Surinder Kumar	53.17	34.00
��	��	31.50
��	��	�
Mr. Ashish Kapadia	��	40.00

326 Annual Report 2023-24

373

Financial Statements

At the Cusp of a New Beginning

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

		(H��
Disclosure in respect of material transactions with related parties during the year	Year ended 31st March, 2024	Year ended 31st March, 2023
Contribution toprovident fund trust
Raymond Limited Employees Provident Fund	1143.83	��
Contribution to Gratuity trust
Raymond Limited Employees GratuityFund	��	1527.70
Other reimbursements
Bodybasic health carepvt ltd	24.00	24.00
Income :
Rent & other service charges
��	��	��
Raymond Consumer Care Limited	27.35	28.22
Singhania Education Services Limited	12.00	12.00
J K Investors(Bombay)Limited	��	��
Interest Income
��	��	��
RayGlobal Consumer TradingLimited	0.53	1.71
Royalty Income
Raymond Consumer Care Limited	�	��
Other Receipts
Deputation of staff
��	158.47	��
Raymond Consumer Care Limited	�	304.00
J.K. Investors(Bombay)Limited	��	55.30
Other reimbursements
��	��	121.35
Raymond Consumer Care Limited	87.44	225.20
J.K. Investors(Bombay)Limited	��	153.18
Singhania Education Services Limited	��	15.14
Finance
Loans repaid
��	�	1000.00
RayGlobal Consumer TradingLimited	10.00	�
NCD Received(Borrowings)
Raymond Consumer Care Limited	1,70,000.00	�
Security Deposits
J.K. Investors(Bombay)Limited	�	�
Security Deposits Paid
��	1.00	�
J.K. Investors(Bombay)Limited	300.00	�
Investments in equity shares
��	�	2500.00

327

Raymond Limited

374

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

		(H��
Outstandings:	As at 31st March, 2024	As at 31st March, 2023
Payable
��	��	��
Raymond Consumer Care Limited	��	72.10
J.K. Investors(Bombay)Limited	��	��
Bodybasic health carepvt ltd	��	��
Mr. Gautam Hari Singhania	��	��
��	40.00	25.00
Singhania Education Services Limited	��	��
Other Non executive and Independent Directors(Payable)
Mr.Shiv Surinder Kumar	��	25.00
��	40.00	25.00
��	40.00	25.00
��	40.00	�
Mr. Ashish Kapadia	40.00	25.00
Receivable
��	4,304.04	��
RayGlobal Consumer TradingLimited	�	10.00
Raymond Consumer Care Limited	�	��
J.K. Investors(Bombay)Limited	��	��
��	�	��
��	��	�
Other receivable
��	��	��
Raymond Consumer Care Limited	��	��
J.K. Investors(Bombay)Limited	584.31	��
Singhania Education Services Limited	��	��
��	�	50.12
Raymond Consumer Care Private Limited	�	�
Singhania Education Services Limited	�
��
Raymond Consumer Care Limited	1,70,000.00	�
��
Raymond Consumer Care Limited	5,127.88	�
��
J.K. Investors(Bombay)Limited	223.84	488.84
��
J K Investors(Bombay)Limited	��	��
Singhania Education Services Limited	3.00	3.00
��	�	1.00
��
��	1.00	1.00
��	24.75	24.75

328 Annual Report 2023-24

375

Financial Statements

At the Cusp of a New Beginning

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

Note 34 - Segment Information

Operating Segments:

a) Textile : Branded fabric
b) Shirting : Shirting fabric (B to B)
c) Apparel: Branded readymade garments
d) Garmenting : Garment manufacturing
e) Tools and Hardware
f) Auto components
g) Precision w.e.f 28 March 2024 (refer note 52)
h) Real estate development
��

Identification of segments:

�� decision about resource allocation and performance assessment. Segment performance is evaluated based on profit or loss and is measured consistently with profit or loss in the financial statements.The measurement of each segment’s revenues, expenses and assets is consistent with the accounting policies that are used in preparation of the Group’s consolidated financial statements. Operating segment have been identified on the basis of nature of products and other quantitative criteria specified in the Ind AS 108.

Segment revenue and results:

The expenses and income which are not directly attributable to any business segment are shown as unallocable expenditure (net of allocable income).

Segment assets and Liabilities:

Segment assets include all operating assets used by the operating segment and mainly consist of property, plant and equipment, trade receivables, inventories and other operating assets. Segment liabilities primarily includes trade payable and other liabilities. Common assets and liabilities which can not be allocated to any of the business segment are shown as unallocable assets / liabilities.

Inter segment transfer:

�� segment transfer are eliminated at the group level.

329

Raymond Limited

376

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

(a) Summary of segment Information as at and for the year ended 31[st] March,2024 and 31[st] March,2023 is as follows:

==> picture [648 x 380] intentionally omitted <==

----- Start of picture text -----

(H ��
Textile Shirting Apparel Garmenting Tools & Hardware Auto Components Precision Real Estate Others Elimination Total
Particulars Current Previous Current Previous Current Previous Current Previous Current Previous Current Previous Current Previous Current Previous Current Previous Current Previous Current Previous
year year year year year year year year year year year year year year year year year year year year year year
Segment Revenue
External Revenue �� 132758.52 �� 37480.74 �� 111514.43 �� 821471.83
�� 7132.84 �� 4772.80 2227.04 3.80 3.80 �� (44738.05) ��
Total Revenue �� 132758.52 �� 110033.11 �� 37480.74 �� 111514.43 �� (44738.05) �� 821471.83
Segment Result �� 5537.01 �� 130437.12 ��
Add / (Less):
Unallocated income/ ��
��
Finance costs (32472.13) ��
(unallocable)
�� (10714.88)
(Refer note 44)
Tax expense / (credit) ��
Share in Profit / (Loss) �� 1540.82
in Associates and Joint
��
��
Other Information:
Segment Assets 215541.17 �� 70233.34 �� 22823.18 �� 178413.87 �� 207207.51 ��
Investment in Associate ��
��
Unallocated assets ��
Total Assets 215541.17 �� 70233.34 �� 22823.18 �� 178413.87 �� 207207.51 ��
Segment Liabilities �� 105240.57 72783.38 �� 8848.35 21457.54 �� 1045.50 ��
Borrowings 342552.40 ��
Others ��
Total Liabilities �� 105240.57 72783.38 �� 8848.35 21457.54 �� 1045.50 �� 523100.70
Capital Expenditure ��
Segment capital �� 2512.04 1547.54 331.08 �� 1082.73 �� 2317.70 20.00 �� 17.38 ��
expenditure
Unallocated capital �� 438.14
expenditure
Total capital expenditure �� 2512.04 1547.54 331.08 �� 1082.73 �� 2317.70 20.00 �� 17.38 ��
��
Amortisation:
Segment depreciation 7348.78 �� 5337.88 �� 830.77 1014.07 �� 477.01 �� 20587.25
and amortisation
Unallocated �� 3238.12 ��
depreciation and
amortisation
Total depreciation and 7348.78 �� 5337.88 �� 830.77 1014.07 �� 477.01 ��
amortisation
----- End of picture text -----

Financial Statements

At the Cusp of a New Beginning

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

(b) Summary of Segment Revenue and Segment assets

					(H��	(H��
Nature of transactions	India		Rest of the world		Total
	Current year	Previous Year	Current year	Previous Year	Current year	Previous Year
Segment Revenue*	735270.44	��				821471.83
Carryingcost of segment assets**			��	��		��
��**@			��	��	��	��
Additions to Property, plant and equipments includingIntangible Assets**	��	��	10.05	35.25	��	��

Based on location of Customers

** Based on location of Assets

@ Excluding Financial Assets, Investments accounted for using equity method and deferred tax asset.

Note:-

1 Considering the nature of businesses in which the Group operates, the Group deals with various customers across multiple geographies. Consequently, none of the customer contribute materially to the revenue of the Group.

Note :- 35 Financial risk management objectives and policies

�� are listed below:

(a) Market Risk:-

�� financial instrument. The value of a financial instrument may change as a result of changes in the interest rates, foreign currency �� loans and borrowings.

�� which are approved by Senior Management and the Audit Committee. The activities of this department include management of cash resources, implementing hedging strategies for foreign currency exposures, borrowing strategies and ensuring compliance ��

(a) (i) Market Risk- Interest rate risk.

�� by balancing the proportion of fixed rate and floating rate financial instruments in its total portfolio.

��

331

Raymond Limited

378

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

		(H��
Particulars	As at 31st March, 2024	As at 31st March, 2023
Borrowings bearingfloatingrate of interest	1,43,173.13	1,52,828.00
Interest rate sensitivity A change of 50 bps in interest rates would have following Impact on profit before tax		(H��
Particulars	2023-2024	2022-23
��*	715.87	��
��*	715.87	��

Sensitivity is calculated based on the assumption that amount outstanding as at reporting dates were utilised for the whole financial year.

(a) (ii) Market Risk- Foreign currency risk.

The Group operates internationally and portion of the business is transacted in several currencies and consequently the group is �� currencies. Foreign currency exchange rate exposure is partly balanced by purchasing of goods, commodities and services in the respective currencies.

��

Details of Hedged and Unhedged Foreign Currency Receivable and Payable

								��	��	��
Particulars		As at 31 March, 2024					As at	31 March, 2023
	USD	EURO	GBP	AUD	Others	USD	EURO	GBP	AUD	Others
Trade Receivables ~~----~~	�� ~~--~~		31.53	�� ~~--~~		�� ~~-~~	71.50 ~~-~~	�� ~~-~~	� ~~-~~	281.47 ~~-~~
Less: Foreign currency forward contracts(Sell)	303.14	��	31.44	�	�	��	31.33	�	�	�
Unhedged Receivable	��	��	��	��		��	40.17	��	�	281.47
Trade Payable and borrowings	��	��	��	52.03	174.51	��	104.71	0.72	127.8	��
Less: Foreign currency forward contracts(Buy)	1.34	�	�	52.01	�	��	�	0.02	48.87	�
Unhedged Payable	��	��	��	0.02	174.51	230.85	104.71	0.70	��	��

A details of foreign exchange forward contracts outstanding as at reporting date

			(H��	(H��
Foreign currency	As at 31st March, 2024		As at 31st March, 2023
	Sell Contract	Buy Contract	Sell Contract	Buy Contract
�� ~~--------~~	244.14 ~~--~~	1.34 ~~-~~	�� ~~--~~	�� ~~--~~
EURO	��	�	31.33	�
GBP	31.44	�	�	�
��	�	52.01	�	48.87
Others	�	�	�	�

332 Annual Report 2023-24

379

Financial Statements

At the Cusp of a New Beginning

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

A details of foreign exchange forward contracts outstanding as at reporting date

			(H��	(H��
Foreign currency ~~--------~~	As at 31st March, 2024		As at 31st March, 2023
	Sell Contract ~~--~~	Buy Contract ~~--~~	Sell Contract ~~--~~	Buy Contract ~~--~~
��	��	111.72	3782.48	��
EURO	��	�	2807.48	�
GBP	��	�	�	�
��	�	��	�	��

Foreign Currency Risk Sensitivity

A change of 5% in Foreign currency would have following Impact on profit before tax

A change of 5% in Foreign currency would have following Impact on	profit before tax	profit before tax
			(H��
Particulars ~~--------~~	As at 31st March, 2024		As at 31st March, 2023
	5% Increase ~~--~~	5% decrease ~~--~~	5% Increase ~~--~~	5% decrease ~~--~~
��	(1027.38)	1027.38	��	��
EURO	��	��	��	��
GBP	��	��	152.20	(152.20)
��	��	��	(217.10)	217.10
Others	4.50	(4.50)	��	��
Increase /(decrease) inprofit or loss	(1324.33)	1324.33	(203.87)	203.87

(a) (iii) Market Risk- Price Risk

(a) Exposure

��

(b) Sensitivity

The table below summarises the impact of increases/decreases of the index on the group's equity and profit for the year. The analysis is based on the assumption that the index has increased by 5 % or decreased by 5 % with all other variables held constant, and that all the group's equity instruments moved in line with the index.

constant, and that all the group's equity instruments moved in line with the index.
	(H��
	Impact on Profit before tax
	As at 31st March 2024	As at 31st March 2023
��	31.58	��
��	(31.58)	��

Above referred sensitivity pertains to quoted equity investment. Profit for the year would increase/ (decrease) as a result of gains/ losses on equity securities as at fair value through profit and loss.

(b) Credit risk

��

333 380

Raymond Limited

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

The Group considers the probability of default upon initial recognition of asset and whether there has been a significant increase ��

i) Actual or expected significant adverse changes in business,
ii) Actual or expected significant changes in the operating results of the counterparty,
iii) Financial or economic conditions that are expected to cause a significant change to the counterparty's ability to meet its obligations,
��
�� credit enhancements.

Financial assets are written off when there is no reasonable expectations of recovery, such as a debtor failing to engage in a �� payments greater than 2 years past due. Where loans or receivables have been written off, the group continues engage in enforcement activity to attempt to recover the receivable due. Where recoveries are made, these are recognized in profit or loss.

Assets in the nature of Investment, security deposits, loans and advances are measured using 12 months expected credit losses �� measured using life time expected credit losses.

Financial Assets for which loss allowances is measured using the Expected credit Losses (ECL)

The Ageing analysis of Account receivables has been considered from the date the invoice falls due

		(H��
Particulars	As at 31 March, 2024	As at 31 March, 2023
��	��	71,717.08
��	��	2,443.43
��	2,550.42	3,320.14
��	��	2,158.40
More than 3years	��	��
Total	148740.46	81574.70

The following table summarizes the changes in loss allowances measured using life time expected credit loss model

		(H��
Particulars	As at 31 March, 2024	As at 31 March, 2023
Opening provision	7142.21	3476.62
��	1,058.40	��
��	��	�
��	(427.10)	(1,584.13)
Closing provision	8025.13	7142.21

��

334

Annual Report 2023-24

381

Financial Statements

At the Cusp of a New Beginning

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

(c) Liquidity Risk

�� The group's treasury department is responsible for liquidity, funding as well as settlement management. In addition, processes �� through rolling forecasts on the basis of expected cash flows.

Maturity patterns of other Financial Liabilities- other than borrowings and lease obligation

					(H��
As at 31 March, 2024	0-3 months	3-6 months	6 months to 12 months	beyond 12 months	Total
Trade Payable	200443.20	��	32.00	��	��
��	1023.70	�	�	��	��
��	��	�	�	�	��
Total	248510.82	5726.57	32.00	10142.01	264411.40
					(H��
As at 31 March, 2023	0-3 months	3-6 months	6 months to 12 months	beyond 12 months	Total
Trade Payable	��	4150.78	5538.02	�	��
��	��	�	�	��	��
��	��	537.48	��	�	��
Total	198934.73	4688.26	7223.87	9946.26	220793.12

Maturity patterns of borrowings (excluding interest accrued thereon) and leases

								(H��
Particulars		As at 31st March, 2024				As at 31st March, 2023
	0-1 years	1-5 years	beyond 5years	Total	0-1 years	1-5 years	beyond 5years	Total
Long term borrowings (Including current maturity of longterm debt)	��	��	��	��	��	82573.24	��	��
Short term borrowings	��	�	�	��	72413.23	�	�	72413.23
Total	99193.85	220424.63	16,336.64	335955.12	110913.59	82573.24	16500.00	209986.83
								(H��
Particulars		As at 31st March, 2024				As at 31st March, 2023
	0-1 years	1-5 years	beyond 5years	Total	0-1 years	1-5 years	beyond 5years	Total
Lease liabilities	��	��	��	75554.20	8347.82	��	��	40200.74
Total	11340.89	36718.61	27494.70	75554.20	8347.82	22060.08	9792.84	40200.74

335

Raymond Limited

382

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

Note 36 - Fair Value measurements

Financial Instrument by category and hierarchy

The following methods and assumptions were used to estimate the fair values:

�� assets approximate their carrying amounts largely due to short term maturities of these instruments.
Financial instruments with fixed and variable interest rates are evaluated by the Group based on parameters such as interest rates and individual credit worthiness of the counterparty. Based on this evaluation, allowances �� different from their carrying amounts.

The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:

��

Level 2: Other techniques for which major inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly.

�� data (Unobservable input data).

336

Annual Report 2023-24

383

Financial Statements

At the Cusp of a New Beginning

==> picture [344 x 649] intentionally omitted <==

----- Start of picture text -----

H ( �� Total �� 24141.72 �� 24,141.36 �� 20403.13 140715.33 18223.22 �� 240464.25
Level 3 �� - �� 20403.15 140715.33 18223.22 �� 216322.89
Level 2 �� 0.26 �� 0.26
Carrying at amortised cost
Level 1 �� 24141.72 �� 24,141.72 �� 24,141.72
Total �� 16249.90 �� 16249.90
Level 3 �� - �� -
Routed through OCI Level 2 ��
�� 16129.44 16129.44
Level 1 �� 120.46 �� 120.46
Total �� 74228.24 �� 17342.21 99153.22 �� 99153.22
Level 3 15.55 �� 17342.21 23462.94 �� 23,462.94
Level 2 �� - �� -
Routed through Profit and Loss ��
Level 1 �� 74228.24 75690.28 75690.28
Total �� 24141.72 74228.24 �� 17342.21 139544.48 �� 20403.13 140715.33 18223.22 �� 355867.37
Current �� 14213.50 74228.24 �� 17342.21 107245.99 2,544.81 �� 140715.33 18223.22 �� 309246.03
Total Amount
Non Current �� 32299.12 102.34 14220.51 �� 46621.97
�� instruments �� cumulative �� capital fund �� Securities �� papers �� Financial Assets �� receivable �� Cash equivalent �� Balance
March'2024
st
Financial Assets and Liabilities as at 31 Financial Assets Investment �� Other Assets ��
----- End of picture text -----

337

Raymond Limited

384

==> picture [471 x 649] intentionally omitted <==

----- Start of picture text -----

H ( �� Total 342552.52 75554.20 58013.88 �� 682517.12 H ( �� Total �� 28,830.48 �� 0.00 28830.74
Level 3 342552.52 75554.20 58013.88 �� 682517.12 Level 3 �� -
Level 2 �� - Level 2 �� 0.26
Carrying at amortised cost Carrying at amortised cost
Level 1 �� - Level 1 �� 28,830.48 �� 28,830.48
Total �� - Total 11510.21 �� 11510.21
Level 3 �� - Level 3 �� -
Routed through OCI Level 2 �� - Routed through OCI Level 2 ��
�� 11458.98
Level 1 �� - Level 1 51.23 �� 51.23
Total �� - Total �� 70175.78 �� 79647.12
Level 3 �� - Level 3 �� 7592.80
Level 2 �� - Level 2 �� -
Routed through Profit and Loss �� - Routed through Profit and Loss ��
Level 1 Level 1 1878.54 70175.78 72054.32
Total Total 0.00 �� 0.00
75554.20 58013.88 March'2023 based on Fair value Hierarchyst �� 28830.48 70175.78 ��
342552.52 �� 682517.12 119988.07
Current �� 371596.77 Current 1878.54 �� 70175.78 �� 0.00 88531.58
Total Amount Total Amount
Non Current �� 310920.85 Non Current 11525.85 �� 17,252.12 �� 0.00 �� 31456.49
#
March'2024 �� (Including accrured interest) �� liabilities �� Financial Liabilities �� March'2023 �� instruments �� shares �� cumulative �� capital fund �� Securities �� papers �� deposits
st st
Financial Assets and Liabilities as at 31 Financial Liabilities �� All above amounts are net of provision for impairment. Financial Assets and Liabilities as at 31 Financial Assets and Liabilities as at 31 Financial Assets Investment ��
----- End of picture text -----

338

Annual Report 2023-24

385

Financial Statements

At the Cusp of a New Beginning

st	Total		2518.03	11544.48	��	��	15385.41 149900.85	15385.41 149900.85	��	40200.74	��	�� 473741.22
amortised co	Level 3		2518.03	11544.48	��	��	15385.41 121070.11		��	40200.74	��	�� 473741.22
		I	� 11	�	� I	� I	� 0.26 I		� I	I	� I	� - I
			�	�	�	�	� 28,830.48		�		�	� -
			�	�	�	�	� 11510.21		�		�	� -
			�	�	�	�	� -		�		�	� -
			�	�	�	�	� 11458.98		�		�	� -
	Level 1	I	� 11	�	� I	� I	� 51.23 I		� I	I	� I	� - I
			�	��	�	�	� 79670.04		�		�	� -
			�	�	�	�	� 7592.80		�		�	� -
			�	��	�	�	� 22.92		�		�	� -
			�	�	�	�	� 72054.32		�		�	� -
			2518.03	��	��	��	15385.41 241081.10		��	40200.74	��	�� 473741.22
			��	��	��	��	15385.41 200052.04		��	8347.82	��	�� 332868.80
			753.73	8818.84	�	�	� 41029.06		��	��	��	� 140872.42
		Other Assets	� ��	� �� Financial Assets	� �� receivable	� �� Cash equivalent	� �� Balance	Financial Liabilities	� �� (Including accrured interest)	� �� liabilities	� �� Financial Liabilities#	� �� Payables

339 386

Raymond Limited

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

Movement of Financial assets fair valued and classified in Level -3

Movement of Financial assets fair valued and classified in Level -3
				(H��
	Venture capital fund*	Commericial Papers	Others	Total
Opening Balance as at 01st April'2022	783.51		15.64	799.15
��
Acquisitions	��	��	�	��
��	�	�	�	�
Gain/(Losses)recognised in statement ofprofit or loss	��	�	3.21	101.52
Closing balance as at 31st March'2023	2678.26	4898.90	18.85	7596.01
��
Acquisitions	3250.00	12443.31	�	��
��	��	�	�	��
Gain/(Losses)recognised in statement ofprofit or loss	��	�	(3.30 )	��
Closing balance as at 31st March'2024	6105.18	17342.21	15.55	23462.94

�� companies. Company has considered the fair value on the basis of the valuation report provided by venture capital fund.

Fair Value of Non current Financial Assets and Liabilities carrying at amortised Cost

			(H��	(H��
	As at 31st March, 2024		As at 31stMarch'2023
	Carrying amount	Fair Value	Carrying amount	Fair Value
Financial Assets
� ��	��	��	��	��
� ��	�	�	�	�
� ��	��	��	28830.74	28830.74
	32631.31	32631.31	36139.86	36139.86
Financial Liabilities
� ��	342552.52	342552.52	��	��
� ��	75554.20	75554.20	40200.74	40200.74
	418106.72	418106.72	252948.10	252948.10

�� other current financial assets, current borrowings, trade payables, other current financial liabilities are considered to be approximately equal to the fair value.

Significant Estimates

�� end of each reporting period.

Valuation techniques used for Fair valuations of Financial assets which are fair valued

��

340

Annual Report 2023-24

387

Financial Statements

At the Cusp of a New Beginning

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

Note 37 - Interest in Other Entities

(1) The Consolidated Financial Statements present the Consolidated Accounts of Raymond Limited with its following Subsidiaries, Joint Ventures (and its subsidiaries and Joint Ventures), Associates (and it's Subsidiaries and Joint Ventures):

(H ��

				(H��	(H��
Name		Country of Incorporation	Activities	Proportion of Ownership of Interest
				As on 31st March 2024	As on 31st March 2023
A.	Subsidiaries
	Indian Subsidiaries:
	(a) ��thMarch 2024)	India	Apparel	0%	100%
	(b) Pashmina Holdings Limited	India	Others	100%	100%
	(c) Everblue Apparel Limited	India	Garmenting	100%	100%
	(d) J K Files & Engineering Limited (Formerly,J K Files(India)Limited)	India	Tools and Hardware	100%	100%
	(e) Ultrashore Realty Limited (Formerly, Colorplus RealtyLimited) (till 30 March 2024)	India	* Others	0%	100%
	(f) ��	India	Garmenting	100%	100%
	(g) Celebrations Apparel Limited	India	Garmenting	100%	100%
	(h) Scissors EngineeringProducts Limited	India	% Auto Components	100%	100%
	(i) RingPlus Aqua Limited	India	$ Auto Components	��	��
	(j) JK Talabot Limited	India	# Tools and Hardware	��	��
	��Maini Precesion products Limited (w.e.f. 28 March 2024)	India	& Precision	��	�
	(l) Raymond Woollen Outerwear Limited	India	Textile	��	��
	(m)Raymond LuxuryCottons Limited	India	Shirting	��	��
	(n) Raymond Realty Limited (Formerly Known as Raymond Lifestyle Limited)	India	Textile apparel and real estate development	100%	100.00%
	(o) Ten X Realty Limited (w.e.f 24th��	India	@ Real Estate development	100%	100%
	(p)��	India	@ Real Estate development	100%	�
	(q) ��	India	@ Real Estate development	100%	�
	(r) Ten X Realty West Limited (w.e.f.Jan 03, 2024)	India	@ Real Estate development	100%	�
	(s) JKFEL Tools and Technologies Limited(w.e.f. Jan 22,2024)	India	@ Engineering	100%	�

	% Held by J K Files & Engineering Limited (Formerly, J K Files (India) Limited) w.e.f 31stOctober, 2021. Prior to this held by Raymond Limited)
	$ Held by J K Files & Engineering Limited (Formerly, J K Files (India) Limited) w.e.f 11th��
	# Held by J K Files & Engineering Limited (Formerly, J K Files (India) Limited)
	@ Held by Raymond Lifestyle Limited
	& Held by Ringplus Aqua Limited
	Foreign Subsidiaries :
	(a) ��	Switzerland	Textile	100%	100%
	(b) Raymond (Europe) Limited	United Kingdom	Garmenting	100%	100%
	(c) R&A Logistics Inc.	United States of America	+ Garmenting	100%	100%

341

Raymond Limited

388

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

					(H��	(H��
Name			Country of Incorporation	Activities	Proportion of Ownership of Interest As on 31st March 2024 As on 31st March 2023
						As on 31st March 2023
	(d) ��		United Arab Emirates	+ Garmenting	100%	100%
	��		Ethiopia	@ Garmenting	100%	100%
	(f)	Raymond Lifestyle(Bangladesh)Private Limited	Bangladesh	Garmenting	100%	100%
	(g)	Raymond America Apparel Inc. (w.e.f.April 25,2023)	United States of America	+ Garmenting	100%	�
	+	��
	^	��
	@	��
B.	Joint Ventures and Jointly controlled entities
	�� ��		India	��	50%	50%
	��
	UCO Fabrics Inc. And its Subsidiaries (Liquidated duringtheyear)		United States of America
	UCO Testatura S.r.l.		Romania
	��		Belgium
	��		India	Realty	�	�
C.	Associates and their Subsidiary and Joint Venture : (Effective Holding)
	(a) ��		Indonesia	$ Tools and Hardware	��	��
	(b) J.K Investo Trade ( India) Limited (and its ��			FMCG	��	��
	J.K. Helene Curtis Limited		India	+	��	��
	(c) Ray Global Consumer Trading Ltd and its �� Consumer TradingPrivate Ltd)		India	FMCG	��	��
	�� as RayUniversal TradingLimited)		India	#	��	��
	RayGlobal Consumer Products Limited		India	#
	Ray Global Consumer (Enterprises) Products Limited		India	#
	(d) Radha Krshna Films Limited		India	Entertainment	25.38%	25.38%
	$ ��
	+ 100% Subsidiary of J K Investo Trade ( India) Limited
	# 100% Subsidiary of Ray Global Consumer Products Limited

342 Annual Report 2023-24

389

Financial Statements

At the Cusp of a New Beginning

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

(2) Details of Summarised Financial Information , Summarised Performance and other details of joint venture and associates

i) Investment in joint venture

i) Investment in joint venture
		(H��
	Country of Incorporation	Percentage of Ownership interest
		As at 31st March, 2024	As at 31st March, 2023
��	India	50%	50%

ii) Investment in associates		(H��	(H��
	Country of Incorporation	Percentage of Ownership interest
		As at 31st March, 2024	As at 31st March, 2023
1)J.K. Investo Trade(India)Limited	India	��	��
2)Raymond Global Consumer TradingLimited	India	��	��
��	Indonesia	��	��
4)Radha Krshna Films Limited	India	25.38%	25.38%

Summarised Financial Information of joint venture and associates

(H ��

	Joint venture	Joint venture			Associates	Associates
	Raymond Uco Denim Private Limited		J K Investo Trade (India) Limited		Ray Global Consumer Trading Limited		Other Associates
	As at 31st March, 2024	As at 31st March, 2023	As at 31st March, 2024	As at 31st March, 2023	As at 31st March, 2024	As at 31st March, 2023	As at 31st March, 2024	As at 31st March, 2023
(A) Non Current Assets	��	��	218057.80	��	��	5788.58	��	1310.50
(B) Current Assets
i) Cash and cash equivalent	302.43	��	551.21	1045.15	��	2,124.10	��	518.34
ii)Others	��	47777.07	��	��	��	23440.45	��	��
Total Current Assets	47698.90	48319.43	656.85	1099.51	58041.72	25564.55	4119.29	3631.80
Total Assets(A+B)	72966.62	76103.03	218714.65	149058.78	246250.87	31353.13	5378.81	4942.30
(A) Non Current Liabilities
i) Financial Liabilities	14877.87	7038.15	�	�	�	178.32	�	�
��	��	��	�	�	0.00	2172.25	44.20	��
Total Non Current Liabilities	16037.38	8497.01	-	-	0.00	2350.57	44.20	56.55
(B) Current Liabilities
i) Financial Liabilities	��	��	��	��	��	��	��	��
��	��	��	��	��	10132.20	��	158.28	��
Total Current Liabilities	48316.24	47602.38	12552.49	4013.06	11856.66	14987.76	994.83	698.84
Total Liabilities(A+B)	64353.62	56099.39	12552.49	4013.06	11856.66	17338.33	1039.03	755.39
Net Assets /(Liabilities)	8613.00	20003.64	206162.16	145045.72	234394.21	14014.80	4339.78	4186.91

343

Raymond Limited

390

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

Summarised Performance of joint venture and associates

(H ��

	Joint Venture	Joint Venture			Associates	Associates
	Raymond Uco Denim Private Limited		J K Investo Trade (India) Limited		Ray Global Consumer Trading Limited		Other Associates
	2023-2024	2022-2023	2023-2024	2022-2023	2023-2024	2022-2023	2023-2024	2022-2023
Revenue	��	��	553.58	��	��	��	��	��
Profit/(Loss)before Tax	(11001.51)	��	��	503.47	��	4824.55	(227.41)	��
Tax Expense	�	�	��	��	��	��	0.00	13.14
Profit/(Loss)after Tax	(11001.51)	��	88.05	��	��	��	(227.41)	385.43
Other comprehensive ��	��	(327.02)	��	40842.13	��	��	(3.28)	(1.88)
Total comprehensive ��	��	(1054.88)	��	��	220412.30	3518.81	��	383.55
�� Amortisation	3712.05	��	113.02	��	211.44	��	�	�
Interest Income	31.51	278.10	157.13	81.35	18,151.74	234.17	1.14	1.14
Interest Expense	��	��	�	�	18.34	151.58	(13.10)	�

Refer note 30 for contingency and commitments of joint venture and associates

(3) Reconciliation of net assets considered for consolidated financial statements to net assets as per financial statements / consolidated financial statements of joint venture and associates

			(H��	(H��
	Joint venture		Associates
	As at 31st March, 2024	As at 31st March, 2023	As at 31st March, 2024	As at 31st March, 2023
Net assets asper entity's financial statements	��	10001.82	211700.20	��
Add/(less): Consolidation adjustment
(i)Fair value of Investment**	�	�	��	(23732.84)
��	�	�	��	��
Net assetsper consolidated financial statements	4306.50	10001.82	138747.14	32088.26

** Elimination of fair value gain on parents equity shares held by one of entity in the Group.

(4) Reconciliation of profit and loss/ other comprehensive income (OCI) considered for consolidated financial statements to profit and loss/ OCI as per financial statements / consolidated financial statements of joint venture and associates

(H ��

			(H��	(H��
	Joint venture		Associates
	Year ended 31st March, 2024	Year ended 31st March, 2023	Year ended 31st March, 2024	Year ended 31st March, 2022
Profit/(loss) asper entity's financial statements	(5500.75)	(332.87)	��	��
Add/(less): Consolidation adjustment
��	�	�	(170.73)	(171.24)
(ii)others	�	�	�	�
Net Profit / (loss) as per consolidated financial statements	(5500.75)	(332.87)	104824.76	1873.69
OCI asper entity's financial statements	��	��	��	��
Add/(less): Consolidation adjustment
(i)Fair valuation**	�	�	��	��
(ii)others	�	�	�	�
OCI asper consolidated financial statements	(194.57)	(163.51)	(1.60)	32.89

344

Annual Report 2023-24

391

Financial Statements

At the Cusp of a New Beginning

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

(5) Movement of Investment using equity method

(I) Interest in associates

(a) P T Jaykay Files Indonesia

(H ��

	As at 31st March, 2024	As at 31st March, 2023
Interest as at 1stApril	��	��
��	��	��
��	��	(0.74)
Balance as at 31st March	1701.20	1791.62

(b) J K Investo Trade (India) Limited

(b) J K Investo Trade (India) Limited
		(H��
	As at 31st March, 2024	As at 31st March, 2023
Interest as at 1stApril	��	25437.35
��	(127.84)	��
��	�	�
��	�	(5.11)
Balance as at 31st March	25317.80	25445.63

(c) Ray Global Consumer Trading Limited

(H ��

	As at 31st March, 2024	As at 31st March, 2023
Interest as at 01stApril	��	��
��	105042.71	��
��	(1.27)	(32.15)
Balance as at 31st March	111728.14	6686.70
Total Interest in Associates	138747.14	33923.95

(II) Interest in Joint Ventures

(a) Raymond Uco Denim Private Limited

(H ��

	As at 31st March, 2024	As at 31st March, 2023
Interest as at 1stApril	10001.82	��
��	(5500.75)	(332.87)
��	��	��
��	�	2500.00
��	�	4.54
Balance as at 31st March	4306.50	10001.82
Total Interest in Joint Ventures	4306.50	10001.82

345

Raymond Limited

392

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

Note: -38 Capital Management

(a) Risk Management

The Group aims to manage its capital efficiently so as to safeguard its ability to continue as a going concern and to optimise returns to its shareholders.

�� maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders or issue new shares.

The Group policy is to maintain a stable and strong capital structure with a focus on total equity so as to maintain investor, �� steps in order to maintain, or if necessary adjust, its capital structure.

(b) Dividend

Under the terms of major borrowing facilities, the group is required to comply with certain terms and conditions attached with these facility and the Group has complied with these terms and conditions throughout the reporting period.

		(H��
	31st March, 2024	31st March, 2023
Equity shares(Face value ofH10 each)
(i) Equity Shares(Holding Company)
Final dividend for the year ended 31stMarch 2023 ofH3 (31stMarch 2022 –H3) per fully paid share.	��	��
(ii) Dividends not recognised at the end of the reporting period(Holding Company)
The directors have recommended the payment of a final dividend ofH10 per fully paid equity share (31stMarch 2023–H3). This proposed dividend is subject to the approval of shareholders in the ensuingannualgeneral meeting.	��	��

Note 38 (c): Net debt reconciliation

Note 38 (c): Net debt reconciliation
		(H��
Particulars	As at 31st March, 2024	As at 31st March, 2023
��	��	17123.87
��	��	��
Current borrowings	��	(72413.23)
Lease Liabilities	(75554.20)	(40200.74)
Interest(payable)/ receivable(net of interest subsidy)	��	��
Net Debt	(400674.12)	(234910.10)

346

Annual Report 2023-24

393

Financial Statements

At the Cusp of a New Beginning

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

						(H��
	Cash and cash equivalents (net of Bank Overdrafts)	Non-current borrowings (including current maturities)	Current borrowings	Lease Liabilities	Interest (payable) / receivable (Net of interest subsidy)	Total
Balance outstanding as at 1st April 2022	16169.15	(145091.22)	(61540.76)	(26086.37)	231.50	(216317.70)
Cash flows	��	��	(10872.47)	��	�	5338.87
��	�	�	�	(21851.00)	(1855.75)	��
Finance costs recognised	�	�	�	(2853.37)	��	��
Finance costspaid	�	�	�	2851.00	��	25501.04
Balance outstanding as at 31st March 2023	17123.87	(137573.60)	(72413.23)	(40200.74)	(1846.40)	(234910.10)
Cash flows	��	��	��	��	�	��
��	�	��	(24347.10)	��	�	��
Finance costs recognised	�	�	�	(5111.12)	(32470.55)	��
Finance costspaid	�	�	�	5110.00	��	��
Balance outstanding as at 31st March 2024	16518.24	(258484.17)	(77470.95)	(75555.32)	(5682.76)	(400674.96)

Note: -39 (a) Government Grants

Capital Subsidy: The Group is entitled to subsidy, on its investment in the property plant and equipment, on fulfilment of the conditions stated in those Scheme. The subsidy being Government Grant is accounted as stated in the Accounting policy on Government Grant ��

Export Promotion Capital Goods (EPCG) scheme allows import of certain capital goods including spares at zero duty subject to an export obligation for the duty saved on capital goods imported under EPCG scheme. The duty saved on capital goods imported under EPCG scheme being Government Grant, is accounted as stated in the Accounting policy on Government Grant (Refer note 1).

The Government Grant mentioned above represents unamortised amount of the subsidy referred to above, with the corresponding adjustment to the carrying amount of property, plant and equipment disclosed in note 17 (i) and 17 (ii).

Note: -39 (b) Employee Stock Option plan

�� 1[st] �� plan is at the board's discretion and no individual has a contractual right to participate in the plan or to receive any guaranteed benefits. Once vested, the options remain exercisable for a period of one year. Options are granted under the plan and carry no dividend or voting rights. When exercisable, each option is convertible into one equity share of face value H 10 per share. �� Further the said scheme was terminated vide Circular Resolution dated February 28, 2024. In consequence, all options were terminated during the year.

Fair Value of options granted :

�� the option, the share price at the grant date and expected price volatility of the underlying share, the expected dividend yield and ��

347

Raymond Limited

394

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

The details of the Scheme are as under :

The details of the Scheme are as under :
��	��
��	��st��
��	11835(as at 31st��
��	��st��
��	��st��
Exercisepriceper option	H10.00
��	Over a period of 4 years from the date of initial public offering (IPO) of RPAL as under :
	40% of Options at the time of RPAL's IPO
	20% of Options after completing1year of RPAL's IPO
	20% of Options after completing2years of RPAL's IPO
	20% of Options after completing3years of RPAL's IPO
Exerciseperiod	Oneyear from the date of vesting
Expected Terms	��
Share Price atgrant date	277
Expected Price volatilityof the Company's Shares	48%
Expected dividendyield	0%
��	��

�� Raymond Limited ESOP Trust (the 'Trust') formed for the purpose. The shares would be acquired through fresh issues made by ��
(i) Fair value of options granted
- ��
��

Raymond Employees Stock Option Plan 2023

						(H��
	Raymond ESOP 2023 - Tranche 1 (Time Based)	Raymond ESOP 2023 - Tranche 1 (Performance based)	Raymond ESOP 2023 - Tranche 1 (Market based)	Raymond ESOP 2023 - Tranche 2 (Time Based)	Raymond ESOP 2023 - Tranche 2 (Performance based)	Raymond ESOP 2023 - Tranche 2 (Market based)
��	��	��	��	��	��	��
��	��	��	271724.00	��	��	��
Exercise Price(H)	��	��	��	��	��	��
Interest Rate	0.07	0.07	0.07	0.07	0.07	0.07
��	48.40%	48.40%	48.40%	��	��	��
��	0.20%	0.20%	0.20%	0.20%	0.20%	0.20%
Expected Life(Years)	450.00%	��	��	��	��	��
��	775.80	787.00	311.10	��	��	��
��	��	��	��	��	��	��
Minimum Period	2	2.1	2 .1	4	4.1	4.1
Maximum Period	7	7.1	7.1	�	��	��
Expected Life	4.50	��	��	��	��	��

348 Annual Report 2023-24

395

Financial Statements

At the Cusp of a New Beginning

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

Note: -39 (c) CVD Receivables

��[th] July 2004, subject to �� protest amounting to H ��

��[rd] March �� H ��

��[rd] �� amount in financial year ended 31[st] ��

�� H �� H �� the head Other income. Further the Company has reassed the claim recievable and identified the additional H ��

Note: -40

��[st] �� [st] March, 2015 by subscription to the rights issue of equity shares of Raymond Luxury Cottons ��

�� request for voluntary winding up including composition of its creditors in the Court of Bergamo, Italy. Consequent to this, RLCL as at 31[st] �� Judicial Commissioner of the Composition (the Commissioner) appointed by the Court of Bergamo, Italy. In protraction of matter with Cotonificio Honegger S.p.A (‘CH’), Italy, the Judicial Commissioner of the Composition (“the Commissioner”) appointed by the Court of Bergamo,

Italy, has declared RLCL as unsecured creditor for the amount outstanding from ‘CH’. Further ‘CH’ had also sought permission from the Court of Bergamo, Italy, for initiating proceeding against RLCL in India.

RLCL had received a notice dated 23[rd] �� [th] �� in RLCL shall not be reduced further and the fixed assets of RLCL also shall not be alienated till further order. Subsequently, the �� [th] �� [th] �� [th] ��[th] June, 2023 for reporting settlement.

349

Raymond Limited

396

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

�� applications in the matter. The matter was settled amicably by the parties by way of a Settlement Agreement dated January 17, 2023, ��

Note: 41 Discontinued operation

�� operations in 2008. The disclosures with respect to these discontinuing operations are as under:

	(H��	(H��
	Subsidiaries of Raymond Uco Denim Private Limited
	2023-24	2022-23
Group's share of total Assets at the close of theyear	��	��

Note: - 42 (a) Ind AS 116, 'Leases'

The Company's lease asset primarily consist of leases for land (reclassified) and for buildings (premises) for retail stores and warehouses having various lease terms.

The maturity analysis of lease liabilities are disclosed in note 35 (c)

The weighted average incremental borrowing rate applied to lease liabilities is 8.5%.

The Group has recognised H �� H ��

��
		(H��
Particulars	As at 31st March, 2024	As at 31st March, 2023
The Balance sheet discloses the following amounts relating to leases:
Right-of-use assets
Leasehold Land	1005.48	��
Buildings	��	��
	70503.37	36737.38
Lease Liabilities
Current	��	8347.82
��	��	��
	75554.20	40200.74
		(H��
Particulars	Year ended 31st March 2024	Year ended 31st March 2023
Amounts recognised in statement ofprofit and loss:
Depreciation charged on Right of Use Assets
Leasehold Land	103.43	2.77
Buildings	��	8341.77
	12165.96	8344.54
Interest Expense included in Finance Cost	5111.12	2853.37
Total cash outflow for leases during financial year (excludingshort term leases and includinginterest)	(14778.00)	��
Additions to the right of use assets duringthe current financialyear	��	��

350

Annual Report 2023-24

397

Financial Statements

At the Cusp of a New Beginning

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

�� are as follows:

are as follows:
		(H��
Particulars	As at 31st March, 2024	As at 31st March, 2023
Less than 1year	��	��
��	50440.01	��
More than 5year	��	��
Total	99481.59	56874.09

Note :- 43 (a)

��

(H ��

Name of the Entities	Net Assets i.e minus total	. total assets liabilities	Share in Pr	ofit /(Loss)	Share in Other Comprehensive Income / (Loss)	Share in Other Comprehensive Income / (Loss)	Share in Total Comprehensive Income / (Loss)	Share in Total Comprehensive Income / (Loss)
	As a % of consolidated net assets	Amount	As a % of consolidated Profit	Amount	As a % of other Comprehensive Income	Amount	As a % of total Comprehensive Income	Amount
Parent:
Raymond Limited	55.75%	��	��	��	��	��	34.00%	��
Subsidiary:
� ��
Celebrations Apparel Limited	0.12%	��	0.04%	��	0.00%	�	0.04%	��
�� asColorplus RealtyLimited)	0.00%	�	0.05%	��	�	�	0.04%	��
Everblue Apparel Limited	0.31%	��	0.05%	78.41	��	��	0.03%	��
* J.K. Files(India)Limited	��	��	��	��	��	��	2.82%	��
Pashmina Holdings Limited	��	��	0.02%	25.51	��	77.24	��	102.75
Raymond Apparel Limited	0.00%	�	0.14%	��	0.00%	�	0.13%	��
Raymond Woollen Outerwear Limited	0.03%	��	0.00%	��	�	�	0.00%	��
��	��	��	��	��	8.14%	��	3.35%	��
Raymond LuxuryCottons Limited	5.41%	��	��	��	2.85%	(115.28)	��	��
�� as Raymond Lifestyle Limited)	(0.01%)	��	(2.71%)	(4430.45)	�	�	��	(4430.45)
� ��
Raymond(Europe)Limited	��	��	0.02%	��	(2.51%)	��	0.08%	��
��	��	3280.00	0.01%	21.42	(2.08%)	��	��	105.58
Raymond Lifestyle (Bangladesh) Private Limited(w.e.f. 30th��	0.00%	��	(0.00%)	��	��	3.28	(0.00%)	��
Subtotal		414565.62		61634.23		4241.63		65875.86
Intercompany Elimination and Consolidation Adjustments	��	��	2.04%	3348.80	(0.00%)	0.03	2.00%	3348.84
Total		318680.58		64983.04		4241.66		69225.02
��	��	��	(0.33%)	(532.37)	(0.05%)	2.04	(0.32%)	(530.33)
Associates( Investment asper Equity method):
Indian
J K Investo Trade(India)Limited #	5.01%	25317.80	(0.08%)	(127.84)	�	�	��	(127.84)
RayGlobal Consumer TradingLimited #	22.10%	111728.14	��	105041.75	0.01%	(0.31)	��	105041.44
Radha Krshna Films Limited	�	�	�	�	�	�	�	�
� ��
��	0.34%	1701.20	��	��	0.03%	��	��	��
��
��	0.85%	��	��	(5500.75)	4.81%	��	��	��
Grand Total	100.00%	505526.05	100.00%	163774.91	100.00%	4047.63	100.00%	167822.24

Figures for J K Files & Engineering Limited are figures after consolidation with its subsidiaries Scissors Engineering Products Limited, Ring Plus Aqua Limited J K Talobat Limited and Maini Precision products limited ( control acquired on 28[th] March 2024).

�� Logistics Inc and Raymond America Apparel Inc.

��

'@ Figures of Raymond Realty Limited Includes along with subsidiaries Tenx Realty Limited, Rayzone property services Limited, Ten X Realty East Limited and Ten X Realty West Limited.

351

Raymond Limited

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

Note :- 43 (b)

��

							(H��	(H��
Name of the Entities	Net Assets i.e minus total	. total assets liabilities	Share in Pro	fit /(Loss)	Share in Other Comprehensive Income / (Loss)		Share in Total Comprehensive Income / (Loss)
	As a % of consolidated net assets	Amount	As a % of consolidated Profit	Amount	As a % of other Comprehensive Income	Amount	As a % of total Comprehensive Income	Amount
Parent:
Raymond Limited	��	��	��	41045.84	��	��	82.20%	��
Subsidiary:
� ��
Celebrations Apparel Limited	��	��	0.11%	57.28	(0.00%)	0.13	0.10%	57.41
Colorplus RealtyLimited	(0.03%)	��	(0.02%)	(8.55)	�	�	(0.02%)	(8.55)
Everblue Apparel Limited	0.51%	��	0.15%	78.37	��	��	��	��
*J.K. Files(India)Limited	10.11%	30155.42	��	��	��	��	��	7241.71
Pashmina Holdings Limited	0.47%	��	0.04%	21.32	(0.34%)	10.51	��	31.83
Raymond Apparel Limited	(0.03%)	��	��	��	0.00%	�	(0.25%)	��
Raymond Woollen Outerwear Limited	��	��	0.01%	7.30	�	�	0.01%	7.30
��	4.25%	��	��	4278.40	��	��	4.22%	��
Raymond LuxuryCottons Limited	��	��	��	��	3.25%	(100.30)	��	��
Raymond Lifestyle Limited	(0.14%)	��	��	(417.80)	�	�	(0.75%)	(417.80)
� ��
Raymond(Europe)Limited	0.22%	��	0.00%	(0.41)	��	(58.54)	(0.11%)	��
��	��	3174.42	(0.01%)	(1.48)	��	��	0.50%	274.42
Raymond Lifestyle (Bangladesh) Private Limited(w.e.f. 30thJanuary, 2020)	0.00%	��	(0.01%)	(1.41)	0.01%	��	0.01%	(1.87)
Subtotal		302140.19		53669.00		3250.50		56919.50
Intercompany Elimination and Consolidation Adjustments	(18.82%)	��	��	(1513.51)	��	8.00	��	(1505.51)
Total		245971.37		52155.49		3258.50		55413.99
��	2.85%	8500.80	(1.52%)	��	(0.75%)	��	��	��
Associates( Investment asper Equity method):
Indian
J K Investo Trade(India)Limited #	8.53%	��	0.03%	��	�	�	0.02%	��
RayGlobal Consumer TradingLimited #	2.24%	��	3.23%	��	1.04%	(32.15)	3.00%	��
Radha Krshna Films Limited	�	�	�	�	�	�	�	�
� ��
��	��	��	��	��	0.02%	(0.74)	0.27%	150.35
��
��	3.35%	10001.82	��	(332.87)	5.30%	��	��	��
Grand Total	100.00%	298397.94	100.00%	52893.82	100.00%	3085.36	100.00%	55979.18

Figures for J K Files & Engineering Limited are figures after consolidation with its subsidiaries Scissors Engineering Products Limited, Ring Plus Aqua Limited and J K Talobat Limited

�� R&A Logistics Inc.

��

352

Annual Report 2023-24

399

Financial Statements

At the Cusp of a New Beginning

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

Note: -44 Exceptional items - gain/(loss), (net)

Note: -44 Exceptional items - gain/(loss), (net)
		(H��
Particulars	Year ended 31st March 2024	Year ended 31st March 2023
��	��	�
��	(2323.00)	(335.37)
��	�	��
Gain on exchange of land surrendered in lieu of development rights(unallocable)	�	0.00
��	�	��
Write down of inventories(Apparel)	�	��
Interest SubsidyReceivable on TUF Loan written off(unallocable)	�	0.00
Insurance claim received(Unallocable)	�	��
��	�	��
��	�	��
�� Arbitration Award. (Award is in favour of the Company, rejected all other claims) (Unallocable)	�	(707.18)
Expenses incurred towards sale of investments in subsidiary through IPO process (Unallocable)	�	��
Expenses towards acquisition of Control in Subsidiary	��
Total	(4320.29)	(10714.88)

Note - 45

�� of the Company, “JKFEL”) and Auto Components business carried out by Ring Plus Aqua Limited (step down subsidiary of the �� Products Limited (holding company of Ring Plus Aqua Limited and wholly owned subsidiary of the Company) to JK Files & Engineering ��

�� time barred during the year ended 31 March 2023, it was considered more favourable to defer further pursuit of JKFEL IPO. Accordingly, the group had recognised the expenses incurred towards the IPO process in the consolidated financial results during the year ended 31 March 2023.

Note - 46

�� H 25 �� H �� item. Further, it has given the retrenchment compensation (full and final settlement) to its eligible employees at Pithampur unit in �� H �� H �� for the quarter and year ended 31 March 2023 respectively, have also been disclosed as an exceptional item.

353

Raymond Limited

400

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

Note - 47

�� proposed under this scheme is 1 April 2023. Pending receipt of statutory approvals as required, no adjustments are made in the ��

However, the management believes that the said scheme will be effective before the date of filing of income tax return for the ��

Note - 48

�� Scheme') between the Company and Raymond Lifestyle Limited (wholly owned subsidiary of the Company) for demerger of the �� at its meeting held on 27 April 2023 have approved the withdrawal of the Real Estate Scheme.

Note - 49

�� H 10.00 per share of face value H 10.00 each (Previous year H 3) for the ��

Note - 50

�� (including all brands therein) except for the sexual wellness manufacturing location at Aurangabad, Maharashtra to a third party �� H �� of Associates for the year ended includes gain on sale of business of H ��

Note - 51

�� on 28 March 2024. The acquisition has been accounted for as a business combination using the acquisition method of accounting in accordance with Ind AS 103, ‘Business Combinations’. The purchase price has been allocated to the assets acquired (including intangible assets) and liabilities assumed based on the estimated fair values at the date of acquisition. The excess of the purchase price over the fair value of the net assets acquired has been allocated to goodwill.

For the preparation of Consolidated Financial Statements, while the Group acquired control over MMPL with effect from March 28, 2024, the Group has considered March 31, 2024 as the acquisition date of MMPL considering the events between March 31,2024 i.e. ‘convenience date’ and March 28, 2024 i.e. ‘actual acquisition date’ did not result in material changes in the amounts recognized and therefore MMPL has been considered for consolidation w.e.f. March 31, 2024. Accordingly, the Consolidated Balance Sheet of the Group includes financial position in relation to the MMPL as at March 31, 2024 and Consolidated Statement of Profit and Loss for the year ended March 31,2024 does not include financial operations relation to the MMPL considering acquisition date considered of March 31, 2024.

354

Annual Report 2023-24

401

Financial Statements

At the Cusp of a New Beginning

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

As per Ind AS 103 'Business Combinations', purchase consideration has been allocated on the basis of the fair value of acquired assets and liabilities.

assets and liabilities.
Particulars	Amount in Lakhs
Non-current assets
Property, plant and equipment	��
Right of use assets	��
��	��
Other intangible assets	��
Financial assets
� ��	0.57
� ��	102.34
� ��	��
��	��
��	��
Current assets
Inventories	��
Financial assets
� ��
� ��	��
� ��	��
� ��	1.51
� ��	40.43
� ��	��
Other current assets	��
Total Assets(A)	154129.74
Non-current liabilities
Financial liabilities
� ��	3471.02
� ��	��
Provisions	��
��	��
Current liabilities
Financial Liabilities
� ��	��
� ��	572.51
� ��	��
� ��	��
Provisions	��
Current tax liabilities(net)	270.42
Other current liabilities	478.40
Total Liabilities(B)	70960.05
Total identifiable net assets acquired at fair value(C) =(A - B)	83169.69
Non-Controlling Interest(D)	41358.69
Purchase Consideration(E)	68208.00
Goodwill on acquition(F) =(E - C + D)	26397.00

�� Scheme of Arrangement between JKFEL, Maini Precision Products Limited (“MPPL”), Ring Plus Aqua Limited (“RPAL”), JKFELTools and Technologies Limited and Ray Global Consumer Enterprise Limited ('the Scheme’) under the provisions of Sections 230 to 232 read ��

355

Raymond Limited

402

Notes to the Consolidated Financial Statements

for the year ended 31st March, 2024

Note - 52

��

Note - 53

The Ministry of Corporate Affairs (MCA) has prescribed a new requirement for companies under the proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 inserted by the Companies (Accounts) Amendment Rules 2021 requiring companies, which use �� changes were made and ensuring that the audit trail cannot be disabled.

�� (edit log) facility and the same has been operated throughout the year for all relevant transactions recorded in the software, except for instances mentioned below –

a) The audit trail feature was not enabled at the database level for accounting software SAP to log any direct data changes, used for maintenance of all accounting records by the Holding Company, its four subsidiaries and one associate. Accounting software �� performance significantly. Audit trail (edit log) is enabled at the application level.
�� audit trail (edit log) facility. However, the audit trail feature was not enabled.
�� recording audit trail (edit log) facility.
d) One subsidiary has enabled the audit trail (edit logs) facility of the accounting software Stage used for maintenance of all accounting records. However, the audit trail (edit logs) is enabled at the application level. The Company has used an accounting ��

Note - 54

�� of financial statements.

Note:-55

The Financial Statements were authorised for issue by the directors on 03[rd] May 2024.

This is the summary of the significant accounting policies and other explanatory information referred to in our report of even date.

For WALKER CHANDIOK & CO LLP

For and on behalf of Board of Directors

Chartered Accountants

��

Adi P. Sethna

��

�� Mumbai, 3[rd] May, 2024

Amit Agarwal

��

Gautam Hari Singhania

��

Rakesh Darji

Company Secretary Mumbai, 3[rd] May, 2024

356 Annual Report 2023-24

403

Financial Statements

At the Cusp of a New Beginning

��	statement of subsidiaries/associate companies/joint ventures	Part “A”: Subsidiaries	SI No. Name of the Subsidiary Reporting period for the subsidiary concerned, if different from the holding company’s reporting period Reporting currency and Exchange rate as on the last date of the relevant Financial year in the case of foreign subsidiaries. Share capital Reserves & surplus Total assets Total Liabilities Investments Turnover Profit before taxation Provision for taxation Profit after taxation % of shareholding I I I	1 1 I	1 Celebration Apparel Limited 271.00 350.28 �� �� � �� �� �� �� 100%	2 Ultrashore Realty Limited � � � � � � (8.55) � (8.55) 0% 1 1 I	(Earstwhile Colorplus Realty	Limited $	3 Everblue Apparel Limited 1150.00 313.18 �� �� � �� 75.73 �� (17.04) 100% 4 J.K.Files (India) Limited* 1048.88 �� �� �� �� �� �� �� �� 100% 5 JKFEL Tools and Technologies 1.00 � 1.00 � � � � � � 100% 111 111 I I I	LImited }	� Pashmina Holdings Limited 74.00 1424.41 �� 0.87 573.72 � 30.35 4.85 25.50 100% 7 Raymond Apparel Limited ! $ � � � � � � �� � �� 0% 8 Raymond Woollen Outerwear �� (20.10) �� �� 0.20 � �� � �� �� 111 111 I I I	Limited	� �� �� �� �� �� � �� �� �� �� 100% 10 Raymond (Europe) Limited # 31.12.2023 �� 0.03 �� 8718.02 �� � �� �� � �� 100% 11 �� 31.12.2023 �� �� �� 3285.52 5.52 �� �� 21.42 � 21.42 100% 12 Raymond Lifestyle �� �� 42.87 �� 12.14 �� � � �� � �� 100% 1111 1111 I I I I	(Bangladesh) Private limited #	13 Raymond Realty Limited ( 15.00 �� �� �� � � �� �� (4430.45) 100% I I I	��	Lifestyle Limited ) @	14 Raymond Luxury Cottons �� 14588.32 �� 43043.53 � 83007.78 �� 1344.58 �� 100% I I I	Limited %	��	*Figures for J K Files and Engineering Limited are figures after consolidation with its subsidiaries J K Talobat, Scissor enginnering Products Limited,Ring Plus Aqua Limited, and Maini Precision Products limited( acquired on 28 March 2024).	��	��	��	��	��	��	}JKFEL Tools & Technologies Limited ( Incorporated on 22 January 2024	Part “B”: Associates and Joint Ventures	Statement pursuant to Section 129 (3) of the Companies Act, 2013 related to Associate Companies and Joint Ventures	2. Shares of Associate/Joint Ventures held by the 6. Profit / Loss for the year	SI No. Name of Associates/Joint Ventures 1. Latest audited Balance Sheet Date company on the year end 3. Description of how there is significant influence 4. Reason why the associate/joint venture is not consolidated 5. Networth attributable to Shareholding as per latest audited Balance Sheet No. Amount of Investment in Associates/Joint Venture Extend of Holding % i. Considered in Consolidation i. Not Considered in Consolidation	1 �� 31.03.2024 �� �� 50% �� �� �� (5500.75) �	2 J.K.Investo Trade (India) Limited 31.03.2024 �� �� �� �� �� 25317.80 (127.84) �	3 �� 31.12.2023 �� 134.71 �� �� �� 1701.20 �� �	4 Ray Global Consumer Trading 31.03.2024 3487378 �� �� �� �� 111728.14 105042.71 �	Limited

357

Raymond Limited

404

Ten Year Highlights

										(H��
Particulars ~~---~~	*2023-24 ~~-~~	2022-23 ~~-~~	2021-22 ~~-~~	2020-21 ~~-~~	2019-20 ~~--~~	2018-19 ~~-~~	2017-18 ~~-~~	2016-17 ~~-~~	2015-16 ~~-~~	2014-15 ~~-~~
INCOME
Sales and Other Income	��	��	��	��	��	344052	��	��	��	��
��	��	31.00	��	��	��	��	��	��	5.01	21.75
Gross Profit before interest and depreciation	127753	��	��	13871	38307	��	��	��	��	35334
As % of Sales and Other Income	18.58	17.75	��	7.33	��	��	��	��	��	12.75
Net Profit/(Loss) after Tax	52667	41046	(39592)	(11849)	9432	7382	9807	3383	8209	10000
ASSETS EMPLOYED
��	��	128851	118523	110233	125141	111780	��	��	��	77882
Investments	188435	154535	��	55323	��	70518	80413	��	83445	��
��	��	��	��	117835	111383	��	28321	��	��	57044
Total	547115	420013	338200	283391	301323	259894	220953	214975	226839	205793
��	��	��	��	��	��	��	2.78	(5.23)	10.23	��
EQUITY FUNDS AND EARNINGS
Shareholders' Funds:
Shareholders' Investments	2402	2404	2404	2404	��	1885	1885	1885	1885	1885
Bonus Shares	4253	4253	4253	4253	4253	4253	4253	4253	4253	4253
Reserves	��	��	174575	��	171805	130743	��	��	��	��
Total	281815	225249	181232	166901	178277	136881	131706	122404	123844	116776
Contribution to Country's Exchequer	��	14572	3011	��	7343	��	��	7545	��	��
Per Equity Share of Rs.10:
��	423.45	338.35	272.23	250.70	��	223.00	��	��	201.80	��
Earnings	��	��	��	(17.80)	15.12	12.03	��	5.51	13.37	��
��	10.00	3.00	3.00	��	��	3.00	3.00	1.25	3.00	3.00

��

358

Annual Report 2023-24

405

Corporate Information

Gautam Hari Singhania

��

Nawaz Singhania

��

Dinesh Lal

��

Ashish Kapadia

��

K. Narasimha Murthy

��

Gautam Hari Singhania

��

S L Pokharna

��

Amit Agarwal

��

K A Narayan

��

Sunil Kataria

��

Statutory Auditors

Mukeeta Jhaveri

��

S L Pokharna

��

Harmohan Sahni

��

Balasubramanian V

��

�� Chartered Accountants

Internal Auditors

�� Chartered Accountants

Chief Financial Officer

Amit Agarwal

Company Secretary

��

Arvind Mathur

��

Jatin Khanna

��

Cost Auditors

��

Secretarial Auditor

��

Website

��

Corporate Identification

Number (CIN) ��

Registered Office

��

Registrar & Share Transfer Agent

��

406

407

408

409

410

411

412

413

414

415

416

417

418

419

420

421

422

423

424

425

426

��

427

428

429

430

431

432

433

434

435

436

437

438

439

440

441

442

443

444

445

446

447

448

449

450

452

453

454

455

456

457

458

459

460

461

462

463

464

465

466

467

468

469

470

471

472

473

474

475

476

477

478

479

480

481

482

483

484

485

486

487

488

489

490

��

491

492

493

494

495

��

496

497

498

499

��

500

501

502

503

504

505

506

507

��

508

509

510

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December 20 , 2024

Board of Directors, Raymond Realty Limited, C/o Raymond Limited, Jekegram, Pokharan Road No. 1, Thane West- 400606, Maharashtra, India

Dear Sir/Madam,

Sub: Confirmation on the adequacy and accuracy of disclosure of information pertaining to Raymond Realty Limited in the format of abridged prospectus in relation to the Scheme of Arrangement between Raymond Limited (“Demerged Company” or “Raymond”) and Raymond Realty Limited (“Resulting Company” or “RRL”) and their respective shareholders and creditors under Section 230 to 232 and other applicable provisions of the Companies Act, 2013 (“Scheme” or “Scheme of Arrangement”)

This is with reference to engagement letter dated May 06, 2024 with Axis Capital Limited, entered by Raymond for certifying the adequacy and accuracy of disclosure of information pertaining to RRL in the abridged prospectus prepared by RRL and included in the notice to the shareholders and creditors of Raymond for seeking their approval for the Scheme.

The Scheme is pursuant to the provisions of Sections 230 to 232 and other applicable provisions of the Act and provides for the following:

i. Demerger, transfer and vesting of the Demerged Undertaking from the Demerged Company into the Resulting Company on a going concern basis and issue of equity shares by the Resulting Company to the shareholders of the Demerged Company, in consideration thereof, in accordance with the provisions of Section 2(19AA) of the Income Tax Act (as defined hereinafter);
ii. reduction and cancellation of the entire pre-scheme share capital of the Resulting Company; and
iii. Listing of the equity shares of Resulting Company on the stock exchanges .

SEBI vide its circular no. SEBI/HO/CFD/SSEP/CIR/P/2022/14 dated February 4, 2022, read with SEBI Master Circular SEBI/HO/CFD/POD-2/P/CIR/2023/93 dated June 20, 2023 (“SEBI Circular”) prescribed requirements to be fulfilled by listed entities when they propose a Scheme of Arrangement. The SEBI Circular, inter alia, provides that in the event a listed entity enters into a scheme of arrangement with an unlisted entity, the listed entity shall disclose to its shareholder’s applicable information pertaining to the unlisted entity in the format specified for abridged prospectus as provided in Part E of Schedule VI of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 as amended (“SEBI” ICDR Regulations”).

We have been appointed as the merchant banker for the purposes of compliance with part I (A) paragraph no. 3(a) of the SEBI Circular to certify the adequacy and accuracy of disclosure of information pertaining to unlisted entity.

Accordingly, we have been provided with the abridged prospectus of RRL (‘Abridged Prospectus’ ) as prepared by RRL for inclusion of the same in the shareholder notice and creditor notice by Raymond. The Abridged Prospectus will be circulated to the shareholders of Raymond at the time of seeking their approval to the Scheme as a part of the explanatory statement to the notice.

Based on the information, documents, confirmation, representation, undertakings and certificates provided to us by RRL and Raymond and as per discussions with their management, directors and officers, we confirm that the information contained in the Abridged Prospectus of RRL is adequate and accurate in terms of the SEBI Circular read with SEBI Circular on Disclosures in the abridged prospectus dated February 4, 2022 and Part E of Schedule VI of the SEBI ICDR Regulations.

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The above confirmation is based on the information and documents provided by RRL and Raymond, explanations provided by the management of RRL and Raymond and information available in public domain. Wherever required, appropriate representations from RRL and Raymond have also been obtained. This certificate is based on such information and explanations as are received or provided till the date of this Certificate. We have relied on the financial information and representations provided to us on an as is basis and have not carried out an audit or investigation of such information. Our scope of work does not constitute an audit or investigation for financial information and accordingly we do not express an opinion on the fairness of the financial information referred to in the Abridged Prospectus and have assumed that the same is complete and accurate in all material aspects on an as is basis. This Certificate is a specific purpose certificate issued in terms of and in compliance with the SEBI Circular and hence it should not be used for any other purpose or transaction. This certificate is not, nor should it be construed as our opining or certifying the compliance of the proposed Scheme of Arrangement with the provisions of any law including companies, taxation and capital market related laws or as regards any legal implications or issues arising thereon, in their respective jurisdiction, except for the purpose expressly mentioned herein. For the purpose of this certificate, we have made no investigation of, and assume no responsibility for the title to assets or liabilities against the companies. We are not responsible for the unauthorized use of this certificate. We shall not assume any responsibility to any third party to whom this certificate is disclosed or otherwise made available except expressly mentioned herein.

We express no opinion whatsoever and make no recommendation at all on the Raymond’s decision to affect the Scheme or how the holders of equity shares and/or unsecured creditors should vote at their respective meetings held in connection with the proposed Scheme. We do not and should not be deemed to have expressed any views on any terms of the Scheme or its success. We also express no opinion, and accordingly accept no responsibility for or as to the price at which the equity shares of RRL and Raymond will trade following the Scheme or as to the financial performance of RRL and Raymond following the consummation of the Scheme. We express no opinion whatsoever and make no recommendations at all (and accordingly take no responsibility) as to whether shareholders / investors should buy, sell or hold any stake in Raymond or any of its related parties. We shall not be liable for any losses whether financial or otherwise or expenses arising directly or indirectly out of the use of or reliance on the information set out here in this certificate. In the ordinary course of business, Axis Capital Limited and its affiliates are engaged in securities trading, securities brokerage and investment activities, as well as providing investment banking and investment advisory services. In the ordinary course of its trading, brokerage and financing activities, any member of the Axis Capital Limited may at any time hold long or short positions, and may trade or otherwise effect transactions, for its own account or the accounts of customers, in debt or equity securities or senior loans of any company that may be involved in the transaction.

Yours sincerely,

For and on behalf of Axis Capital Limited

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Authorised Signatory Name: Pavan Naik

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Ref: NSE/LIST/42938

November 21, 2024

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The Company Secretary Raymond Limited Plot No. 156/H No. 2, Village Zadgaon, Ratnagiri - 415 612,

Kind Attn.: Mr. Rakesh Darji

Dear Sir,

Sub: Observation Letter for draft and other applicable provisions of the Companies Act, 2013.

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We are in receipt of captioned draft scheme of arrangement filed by Raymond Limited.

Based on our letter reference no. NSE/LIST/42938 dated September 09, 2024, submitted to SEBI pursuant to SEBI Master Circular dated June 20, 2023 read with 94(2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR Regulations), SEBI vide its letter dated November 21, 2024, has inter alia given the following comment(s) on the draft scheme of arrangement:

a) The Company shall ensure to disclose all details of ongoing adjudication & recovery proceedings, prosecution initiated, and all other enforcement action taken, if any, against the Company, its promoters, and directors, before Hon'ble NCLT and shareholders, while seeking approval of the Scheme.
b) The Company shall ensure that additional information, if any, submitted by the Company after filing the Scheme with the Stock Exchange, from the date of receipt of this letter, is displayed on the websites of the listed Companies and the Stock Exchanges.
c) The Company shall ensure compliance with the SEBI circulars issued from time to time.
d) The entities involved in the Scheme shall duly comply with various provisions of the Circular and ensure that all the liabilities of Transferor Company are transferred to the Transferee Company.

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Ref: NSE/LIST/42938 November 21, 2024

e) The Company shall ensure that the information pertaining to all the Unlisted Companies involved, if any, in the scheme shall be included in the format specified for abridged prospectus as provided in Part E of Schedule VI of the ICDR Regulations, 2018, in the explanatory statement or notice or proposal accompanying resolution to be passed, which is sent to the shareholders for seeking approval.
f) The Company shall ensure that the financials in the scheme including financials considered for valuation report are not for period more than 6 months old.
g) The Company shall ensure that the details of the proposed scheme under consideration as provided by the Company to the Stock Exchanges shall be prominently disclosed in the notice sent to the shareholders.
h) The Companies shall disclose the following as a part of explanatory statement or notice or proposal accompanying resolution to be passed to be forwarded by the company to the shareholders while seeking approval u/s 230 to 232 of the Companies Act 2013:
i. Need for the demerger, rationale of the scheme, synergies of business of the entities involved in the scheme, impact of the scheme on the shareholders and cost benefit analysis of the scheme.
ii. Value of assets and liabilities of and listed Company, unlisted Resulting Company and Demerged Undertaking that are being transferred to and Post-Merger Balance sheet of RL and RRL.
iii. Impact of scheme on revenue generating capacity of RL along with future prospects of RL. iv. Capital build-up of RRL, since incorporation date.
v. Certificate issued by the MGM & Company, Chartered Accountants, in respect of the capital buildup of the RRL.
i) The Companies shall ensure that all the applicable additional information, if any, shall form part of disclosures to the shareholders, which was submitted by the Company to the Stock Exchange as per Annexure M of Exchange checklist.
j) The Company shall ensure that the proposed equity shares to be issued in terms of the
k) complying with the relevant clauses mentioned in the scheme document.

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Ref: NSE/LIST/42938 November 21, 2024

l) The Company shall ensure that no changes to the draft scheme except those mandated by the regulators/ authorities/ tribunals shall be made without specific written consent of SEBI.
m) The Company shall ensure that the observations of SEBI/Stock Exchanges shall be incorporated in the petition to be filed before NCLT and the Company is obliged to bring the observations to the notice of NCLT.
n) The Company shall ensure to comply with all the applicable provisions of the Companies Act, 2013, rules and regulations issued thereunder including obtaining the consent from the creditors for the proposed scheme.
o) It is to be noted that the petitions are filed by the company before NCLT after processing and communication of comments/observations on draft scheme by SEBI/stock exchange. Hence, the company is not required to send notice for representation as mandated under section 230(5) of Companies Act, 2013 to SEBI again for its comments / observations / representations.

It is to be noted that the petitions are filed by the company before NCLT after processing and communication of comments/observations on draft scheme by SEBI/ Stock exchange. Hence, the company is not required to send notice for representation as mandated under section 230(5) of Companies Act, 2013 to National Stock Exchange of India Limited again for its comments/observations/representations.

Please note that the submission of documents/information, in accordance with the Circular to SEBI and National Stock Exchange of India (NSE), should not in any way be deemed or construed that the same has been cleared or approved by SEBI and NSE. SEBI and NSE does not take any responsibility either for the financial soundness of any scheme or for the correctness of the statements made or opinions expressed in the documents submitted.

The Listed entities involved in the proposed Scheme shall disclose the No-Objection Letter of the Stock Exchange(s) on its website within 24 hours of receiving the same.

Based on the draft scheme and other documents submitted by the Company, including undertaking given terms of Regulation 37 of SEBI (LODR) Regulations, 2015, so as to enable the Company to file the draft scheme with NCLT.

with other applicable statutory requirements. However, the listing of shares of Raymond Realty Limited is at the discretion of the Exchange.

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Ref: NSE/LIST/42938

November 21, 2024

The listing of Raymond Realty Limited pursuant to the Scheme of Arrangement shall be subject to SEBI approval & the Company satisfying the following conditions:

To submit the Information Memorandum containing all the information about Raymond Realty Limited and its group companies in line with the disclosure requirements applicable for public issues the public through website of the companies. The following lines must be inserted as a disclaimer clause in the Information Memorandum:

any manner be deemed or construed that the Scheme has been approved by NSE; and/ or NSE does not in any manner warrant, certify or endorse the correctness or completeness of the details provided for the unlisted Company; does not in any manner take any responsibility for the financial or other soundness of the Raymond Realty Limited

To publish an advertisement in the newspapers containing all the information about Raymond Realty Limited in line with the details required as per SEBI Master Circular No. SEBI/HO/CFD/POD-2/P/CIR/2023/93 dated June 20, 2023. The advertisement should draw a specific reference to the aforesaid Information Memorandum available on the website of the company as well as NSE.
To disclose all the material information about Raymond Realty Limited to NSE on continuous basis so as to make the same public, in addition to the requirements, if any, specified in SEBI (LODR) Regulations, 2015 for disclosures about the subsidiaries.
The following provision shall be incorporated in the scheme:
till

shareholding pattern or control in Raymond Realty Limited between the record date and the listing which may affect the status of this

With reference to Part II (A) (5) of SEBI Master Circular dated June 20, 2023, Raymond Realty Limited shall ensure that steps for listing of specified securities are completed and trading in securities commences , simultaneously on all the stock exchanges where the equity shares of the listed entity (or transfer entity) are/were listed. Accordingly, the company must initiate necessary steps to ensure strict adherence to said timeline.

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Ref: NSE/LIST/42938

November 21, 2024

However, the Exchange reserves its rights to raise objections at any stage if the information submitted to the Exchange is found to be incomplete/ incorrect/ misleading/ false or for any contravention of Rules, Bye-laws and Regulations of the Exchange, Listing Regulations, Guidelines/ Regulations issued by statutory authorities.

from November 21, 2024, within which the Scheme shall be submitted to NCLT.

Kindly note, this Exchange letter should not be construed as approval under any other Act /Regulation/rule/bye laws (except as referred above) for which the Company may be required to obtain approval from other department(s) of the Exchange. The Company is requested to separately take up matter with the concerned departments for approval, if any.

The Company shall ensure filing of compliance status report stating the compliance with each point of Observation Letter on draft scheme of arrangement on the following path: NEAPS > Issue > Scheme of arrangement > Reg 37 of SEBI LODR, 2015> Seeking Observation letter to Compliance Status.

Yours faithfully,

For National Stock Exchange of India Limited

Khyati Vidwans Senior Manager

- - - - - - - URL:https://www.nseindia.com/companies listing/raising capital further issues main sme checklist

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ANNEXURE XIV

Details of ongoing adjudication & recovery proceedings, prosecution initiated, and all other enforcement action taken, if any, against Raymond Limited (‘Company’), its promoters and directors (Status as on 30 September 2024)

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562

SR. NO.	Court/ Tribunal Authority	Parties	Brief summary of case	Current Status	Against (Company/ Promoter/ Director)
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SR. Court/ Parties Brief summary of case Current Against
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Disclaimer: Legal notices not converted to litigations /proceedings have not been captured in the list above

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THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH, COURT-1

C.A.(CAA)/239/MB/2024

In the matter of The Companies Act, 2013 (18 of 2013) and Section 232 r/w Section 230 of The Companies Act, 2013 and other applicable provisions of the Companies Act, 2013 read with the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016; In the matter of Scheme of Arrangement

Raymond Limited CIN: Ll7117MH1925PLC001208 …Applicant Company 1/ Demerged Company Raymond Realty Limited CIN: U41000MH2019PLC332934 …Applicant Company 2/ Resulting Company

(Collectively referred as Applicant Companies)

Order delivered on 19.12.2024

Coram: Shri Prabhat Kumar Justice V.G. Bisht (Retd.) Hon’ble Member (Technical) Hon’ble Member (Judicial)

(Appearances)

574

THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH, COURT-1

C.A.(CAA)/239/MB/2024

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For the Applicant Companies : Mr. Hemant Sethi a/w Ms. Tanaya Sethi, Advocates

ORDER

Heard the learned Counsel for the Applicant Companies.
The present Scheme is Scheme of Arrangement sought under Section 232 r/w Section 230 and r/w Section 66 of the Companies Act, 2013 and other applicable provisions of the Companies Act, 2013 between Raymond Limited (“Demerged Company”) and Raymond Realty Limited (“Resulting Company”) and their respective shareholders (‘Scheme’).
The resolutions passed by the Board of Directors of the Applicant Companies in their respective meetings conducted on 4 July 2024 approved the Scheme. The Appointed Date fixed under the Scheme is 1 April 2025.
The rationale for the Scheme of Arrangement: - Raymond Limited seeks to reorganize the real estate business carried on by itself and through its subsidiaries. To exploit the growth potential of the real estate business and attract fresh set of investors / strategic partners to participate in the real estate business, it is proposed to consolidate the entire real estate business of the Group under one single entity. Therefore, it is proposed to demerge the Real Estate Business Undertaking of Raymond Limited into Raymond Realty Limited thereby unlocking value of the real estate business of Raymond Limited as a whole.

The proposed restructuring results in the following benefits:

Page 2 of 13

575

THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH, COURT-1

C.A.(CAA)/239/MB/2024

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i. The Real Estate Business Undertaking and the Remaining Undertaking have their own set of strengths and dynamics in the form of nature of risks, competition, challenges, opportunities and business methods, leading to different growth potentials. Hence, segregation of the two undertakings would enable a focused management to explore the potential business opportunities effectively and efficiently.
ii. The segregation of the business verticals shall enable them to move forward independently, with specialization building on their respective capabilities. It will also help to channelize resources required for all the businesses to focus on the growing businesses and attracting right talent and providing enhanced growth opportunities to existing talent in line with a sharper strategic focus on each business segment under separate entities.
iii. The Scheme will also enable the Demerged Company and the Resulting Company to focus and enhance their respective management structure ensuring better and more efficient management control.
iv. Bifurcation of these businesses will enable unlocking value of each vertical thereby paving way for focused growth with a view to create significant stakeholder value, will attract distinct investor base and at the same time allow investors to allocate their portfolio into separate entities, focused on the distinct businesses. Further, it will enable independent and distinct capital allocation approach and balance sheet management based on the distinct needs of each business.

Page 3 of 13

576

THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH, COURT-1

C.A.(CAA)/239/MB/2024

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v. Pursuant to the Scheme, the equity shares issued by the Resulting Company would be listed on BSE Limited & National Stock Exchange of India Limited. Therefore, the existing shareholders of the Demerged Company would hold the shares of two listed entities after the Scheme becoming effective, giving them flexibility in managing their investment in the two entities having differential dynamic.
vi. The Scheme is therefore in the interest of the shareholders, creditors and all other stakeholders of the Parties and is not prejudicial to their interests or the public at large.
The consideration of the Scheme, as determined by the Valuation report dated 4 July 2024 issued by KPMG Valuation Services LLP, The Share Entitlement ratio is as follows:

For Equity Shareholders of the First Applicant Company

Upon the Scheme becoming effective and upon vesting of the Real Estate Business Undertaking of the Demerged Company into the Resulting Company, the Resulting Company shall, without any further application or deed, have determined to issue and allot equity shares, on a fully diluted basis, to the shareholders of the Demerged Company whose name appears in the register of members of the Demerged Company as on the Record Date or to their respective heirs, executors, administrators, legal representatives or the successors in title, as the case may be as may be recognized by the Board of Directors of the Resulting Company, in the following proportion:

Page 4 of 13

577

THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH, COURT-1

C.A.(CAA)/239/MB/2024

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“One (1 only) equity share of Raymond Realty Limited of INR 10/each fully paid up for every One (1 only) equity share of Raymond Limited of INR 10/- each fully paid up”

The pre and post Scheme net worth of the Applicant Companies as on 31 March 2024 are as follows:

Sr. No.	Applicant Company	Pre-Scheme Net worth (INR crores)	Post-Scheme Net worth (INR crores)
1.	First Applicant Company	2,926.30	1,934.13
2.	Second Applicant Company	(1.13)	991.04

There are 7 (Seven) Equity Shareholders in the Second Applicant Company. The Applicant Company 2 submits that all the equity shareholders of the Applicant Company 2 have given consent for approval of the scheme in writing. In view of the fact that all the equity shareholders of Resulting Company have given consent, the question of convening of meeting does not arise, accordingly, dispensed with.
There is 1 (One) Secured Creditor of value INR 14,787.90/- lakhs in the First Applicant Company. The Applicant Company 1 submits that the sole secured creditor has given consent for approval of the scheme. In view of the fact that the sole secured creditor has given consent, the question of convening of meeting does not arise. Accordingly, dispended with.
There are no Secured Creditors in the Second Applicant Company and therefore the question of issuing notices to the Secured Creditors of the Second Applicant Company does not arise.

Page 5 of 13

578

THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH, COURT-1

C.A.(CAA)/239/MB/2024

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The First Applicant Company is listed on BSE Limited and National Stock Exchange of India Limited (together referred to as the “Stock Exchanges”) and has 1,72,704 (One Lakh Seventy-Two Thousand Seven Hundred and Four) Equity Shareholders as on 30 June 2024. That pursuant to the SEBI/HO/CFD/POD-2/P/CIR/2023/93 dated 20 June 2023 as amended from time to time (“SEBI Circular”) read with Regulation 37 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“LODR Regulations”), the First Applicant Company had applied to the Stock Exchanges for their “Observation Letter” to file the Scheme for sanction of the National Company Law Tribunal (‘Tribunal’) and received observation letter with “no adverse observations” dated 21 November 2024 from the Stock Exchanges to file the Scheme with the Tribunal.
There are 534 (Five Hundred and Thirty-Four only) Unsecured Creditors of value INR 59,296.31/- lakhs in the First Applicant Company to the Company Application.
The bench directs that the meeting of the Equity Shareholders as well as unsecured creditors of the First Applicant Company be convened and held video conferencing and/or other audio-visual means, within 60 (sixty) days from the date of uploading of the order at a date and time as may be decided by the Chairperson for the purpose of considering, and, if thought fit, approving with or without modification(s) the proposed arrangement embodied in the Scheme.
In view of provisions of Section 230(4) read with Section 108 of the Companies Act, 2013 read with Rule 20 and other applicable provisions of the Companies (Management and Administration)

Page 6 of 13

579

THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH, COURT-1

C.A.(CAA)/239/MB/2024

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Rules, 2014 and in accordance with Regulation 44(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the First Applicant Company proposes to provide the facility of remote e-voting to its Equity Shareholders as well as unsecured creditors in respect of the resolution to be passed at the meeting of the Equity Shareholders of the First Applicant Company. The Equity Shareholders of the First Applicant Company as well as unsecured creditors are also allowed to avail the facility of e-voting during the aforesaid meeting to be held through video conferencing and/or other audio-visual means. The remote e-voting facility and e-voting facility during the meeting for the Equity Shareholders as well as unsecured creditors of the First Applicant Company shall be provided in compliance with the conditions specified under the Companies (Management and Administration) Rules, 2014, Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Secretarial Standard on General Meetings (SS2) issued by the Institute of Company Secretaries of India, as applicable.

That at least 30 (thirty) days before the said meeting of the Equity Shareholders as well as unsecured creditors of the First Applicant Company to be held as aforesaid, a notice convening the said meeting at the place date and time as aforesaid, together with a copy of the Scheme, a copy of statement disclosing all material facts as required under Section 230(3) of the Companies Act 2013 read with Rule 6 of the Companies (Compromises, Arrangements and Amalgamations) Rule, 2016 notified on 14 December 2016, shall be sent to the Equity Shareholders as well as unsecured creditors of the First Applicant Company by electronic mail to their registered email address, as per the records of the First Applicant Company, in terms

Page 7 of 13

580

THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH, COURT-1

C.A.(CAA)/239/MB/2024

==> picture [44 x 44] intentionally omitted <==

of circular dated 19 September 2024 read together with circulars dated 25 September 2023, 28 December 2022, 5 May 2022, 8 December 2021, 23 June 2021, 31 December 2020, 28 September 2020, 15 June 2020, 13 April 2020 and 8 April 2020 (including any amendments and clarifications thereto), issued by the Ministry of Corporate Affairs, as applicable to the manner in which notices are required to be sent. The First Applicant Company shall ensure that, the equity shareholders of the First Applicant Company as well as unsecured creditors whose email addresses are not available with the First Applicant Company or who have not received notice convening said meetings, can access/ download the said notices from the website of the First Applicant Company viz. www.raymond.in and the websites of the Stock Exchanges, i.e., BSE Limited and National Stock Exchange of India Limited at www.bseindia.com and www.nseindia.com, respectively. The said notices will mention the procedure to register and vote on the resolution proposed under respective notices.

That at least 30 (thirty) days before the meeting of the Equity Shareholders as well as unsecured creditors of the First Applicant Company to be held as aforesaid, a notice convening the said meeting, indicating the place, date and time of meeting as aforesaid be published and stating that copies of the Scheme and the statement required to be furnished pursuant to Section 230(3) of the Companies Act 2013 read with Rule 6 of the Companies (Compromises, Arrangements and Amalgamations) Rule, 2016 can be obtained free of charge at the Registered Office of the First Applicant Company as aforesaid and / or at the office of their Advocates, M/s. Hemant Sethi & Co., 307, Ram Nimi Building, 3[rd] Floor, Mandlik Rd, Colaba – Mumbai 400005.

Page 8 of 13

581

THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH, COURT-1

C.A.(CAA)/239/MB/2024

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That the Notice of the meetings of the Equity Shareholders as well as unsecured creditors of the First Applicant Company shall be advertised in two local newspapers viz. “Business Standard” in English having nationwide circulation and “Navshakti” in Marathi, having circulation in Maharashtra not less than 30 (thirty) days before the date fixed for the meeting.
That Dr. Binod Kumar Sinha, Former Member, Technical, Mob: 9868367189, email: [email protected] shall be the Chairman of the First Applicant Company of the aforesaid meeting of the Equity Shareholders as well as unsecured creditors of the First Applicant Company with a remuneration of Rs.2,00,000/-. The Scrutinizer for the aforesaid meeting of the Applicant Company No. 1 is Mr. Jigar Darji, Practicing Company Secretary, COP 21802, Mobile No. 8082044008, email [email protected] with a remuneration of Rs.50,000/-.
That the Chairperson appointed for the aforesaid meeting of the Equity Shareholders as well as unsecured creditors of the First Applicant Company are authorized to issue the advertisement and send out the notices of the meetings referred to above. The said Chairpersons shall have all powers as per Articles of Association and also under the Companies Act, 2013 in relation to the conduct of the meeting, including for deciding procedural questions that may arise or at any adjournment thereof or resolution, if any, proposed at the aforesaid respective meeting by any person(s).
The value and the number of shares held by each Equity Shareholder as well as unsecured creditors of the First Applicant Company shall be in accordance with the books/register of the First Applicant

Page 9 of 13

582

THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH, COURT-1

C.A.(CAA)/239/MB/2024

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Company or depository records and where the entries in the books/register/depository records are disputed, the Chairperson of the said meeting shall determine the value for the purpose of the meetings of Equity Shareholders as well as unsecured creditors of the First Applicant Company and his/her decision in that behalf would be final.

That the Chairperson of the meeting of the Equity Shareholders as well as unsecured creditors of the First Applicant Company to file an affidavit not less than 7 (seven) days before the date fixed for the holding of the said meeting and to report to this Tribunal that the direction regarding the issue of notices and the advertisement have been duly complied with.
The Chairperson of the meeting of the Equity Shareholders as well as unsecured creditors of the First Applicant Company shall report to this Tribunal, the results of the aforesaid meeting within 30 (thirty) days of the conclusion of the aforesaid meeting of the Equity Shareholders as well as unsecured creditors of the First Applicant Company, and the said report shall be verified by his Affidavit as per Rule 14 of the Companies (Compromises, Arrangements and Amalgamations) Rules 2016.
The quorum for the aforesaid meeting of the Equity Shareholders as well as unsecured creditors First Applicant Company shall be as prescribed under Section 103 of the Companies Act, 2013 and would include Equity Shareholders as well as unsecured creditors present through video conferencing and/or other audio-visual means. In case the required quorum as stated above is not present at the commencement of the meeting, the meeting shall be adjourned

Page 10 of 13

583

THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH, COURT-1

C.A.(CAA)/239/MB/2024

==> picture [44 x 44] intentionally omitted <==

by 30 (thirty) minutes and thereafter the persons present shall be deemed to constitute the quorum.

The voting by proxy shall not be permitted in the case of meeting of Equity Shareholders as well as unsecured creditors the First Applicant Company, as the aforesaid meeting would be held through video conferencing and/ or other audio-visual means. However, voting in case of body corporate be permitted, provided the prescribed form/authorisation is filed with the First Applicant Company at [email protected] not later than 48 (fortyeight) hours before the start of the aforesaid meeting as required under Rule 10 of the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016.
That there are no Unsecured Creditors in the Second Applicant Company and therefore the question of issuing notices to the Unsecured Creditors of the Second Applicant Company does not arise.
The Applicant Companies are accordingly directed to serve notices along with copy of scheme upon-
a. the Central Government through the office of Regional Director, Western Region, Mumbai;
b. Registrar of Companies, Mumbai and Pune;
c. the concerned Income Tax Authorities within whose jurisdiction the Applicant Company’s assessments are made i.e., for the First Applicant Company, having PAN AAACR4896A and address at Central Circle 8(1), Aayakar Bhawan, Mumbai, for the Second Applicant Company, having PAN AAJCR9076K and address at Ward 3(4), Qureshi Mansion, Gokhale Road, Thane and also to the Nodal Officer

Page 11 of 13

584

THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH, COURT-1

C.A.(CAA)/239/MB/2024

==> picture [44 x 44] intentionally omitted <==

at Pr. CCIT Mumbai, 3[rd] floor, Aaykar bhavan, Maharashi Karve Road, Mumbai 400020;

d. the concerned Goods and Service Tax Authorities within whose jurisdiction of the Applicant Company’s assessments are made;
e. Maharashtra Real Estate Regulatory Authority;
f. BSE Limited (only in case of the First Applicant Company);
g. The National Stock Exchange of India (only in case of the First Applicant Company);
h. The Securities Exchange Board of India (only in case of the First Applicant Company);
i. RERA, if applicable.

pursuant to sub-section (5) of Section 230 of the Companies Act, 2013 and as per Rule 8 of the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016, with a direction that they may submit their representations, if any, within a period of 30 (thirty) days from the date of receipt of such notice to the Tribunal with copy of such representations shall simultaneously be served upon the Applicant Companies, failing which, it shall be presumed that the authorities have no representations to make on the proposals.

The Applicant Companies to serve notices upon any other sectoral authorities, if applicable, pursuant to Section 230(5) of the Companies Act, 2013 read with Rule 8 of the Companies (Compromises, Arrangements, and Amalgamations) Rules, 2016. If no response is received by the Tribunal from the concerned sectoral authorities or authorities within 30 (thirty) days of the date of receipt

Page 12 of 13

585

THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH, COURT-1

C.A.(CAA)/239/MB/2024

==> picture [44 x 44] intentionally omitted <==

of the notice, it will be presumed that the concerned sectoral regulators or authorities have no objection to the proposed Scheme.

The Applicant Companies are directed to host notices along with the copy of the Scheme on their respective websites if any.
The Applicant Companies will submit, to the extent not forming part of the Scheme Application, –
i. Details of Corporate Guarantee, Performance Guarantee and Other Contingent Liabilities, if any.
ii. List of pending IBC cases, if any, along with all other litigation;
iii. pending against the Applicant Companies having material impact on the proposed Scheme.
iv. The Applicant Companies shall submit details of all Letters of Credit sanctioned and utilized as well as Margin Money details; if any.
The Applicant Companies to file an affidavit of service within 10 working days after serving to notice to all the regulatory authorities as stated above and do report to this Tribunal that the directions regarding the issue of notices have been duly complied with.

Sd/- Sd/-

Prabhat Kumar Justice V.G. Bisht Member (Technical) Member (Judicial)

Page 13 of 13

586

AI assistant

Raymond Limited — Proxy Solicitation & Information Statement 2024

60956_rns_2024-12-24_2ea1d29a-02e1-4e88-92b1-4cc84562007b.pdf

Sub: Notice convening the Meeting of the Equity Shareholders and Unsecured Creditors of Raymond Limited pursuant to the Order of the Hon’ble National Company Law Tribunal, Mumbai Bench (‘NCLT’) dated December 19, 2024

For Raymond Limited

Rakesh Darji Company Secretary

NOTICE CONVENING MEETING OF UNSECURED CREDITORS OF

FORM NO. CAA. 2

Raymond Limited ���

NOTICE CONVENING MEETING OF UNSECURED CREDITORS

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Registered Office:

Procedure for remote e-voting

Step 1: Access to NSDL e-voting system

Step 2: Cast your vote electronically on NSDL e-voting system

Procedure for e-voting at the Meeting

Procedure for attending the Meeting through VC / OAVM

General Guidelines

AND

Raymond Limited ���

I. MEETING FOR THE SCHEME

II. DATE, TIME AND MODE OF MEETING

III. NEED FOR DEMERGER/ RATIONALE AND BENEFITS OF THE SCHEME/ SYNERGIES OF THE BUSINESS OF THE ENTITIES INVOLVED IN THE SCHEME/ IMPACT OF THE SCHEME ON THE SHAREHOLDERS/ COST BENEFIT ANALYSIS OF THE SCHEME

IV. BACKGROUND OF THE COMPANIES:

A. Particulars of the Demerged Company/ Company (Raymond Limited)

V. SALIENT FEATURES OF THE SCHEME

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VI. RELATIONSHIP SUBSISTING BETWEEN PARTIES TO THE SCHEME

VII. BOARD APPROVALS

VIII. INTEREST OF DIRECTORS, KEY MANAGERIAL PERSONNEL (KMPs) AND THEIR RELATIVES

IX. EFFECT OF THE SCHEME ON STAKEHOLDERS

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X. NO INVESTIGATION PROCEEDINGS

XI. AMOUNTS DUE TO UNSECURED CREDITORS

XII. DETAILS OF SHARE CAPITAL/ DEBT RESTRUCTURING, IF ANY

XIII. VALUATION REPORT AND FAIRNESS OPINION

Background

XIV. INFORMATION PERTAINING TO UNLISTED COMPANIES INVOLVED IN THE SCHEME IN THE FORMAT SPECIFIED FOR ABRIDGED PROSPECTUS

XV. SHAREHOLDING PATTERN

(i) Company

(ii) Resulting Company

B. Pre/ post Scheme capital structure of the parties to the Scheme

(i) Company

(ii) Resulting Company

XVI. AUDITORS CERTIFICATE ON CONFORMITY OF ACCOUNTING TREATMENT IN THE SCHEME WITH ACCOUNTING STANDARDS

XVII. DETAILS OF ASSETS AND LIABILITIES OF DEMERGED UNDERTAKING TRANSFERRED TO THE RESULTING COMPANY

XVIII. DETAILS OF ASSETS AND LIABILITIES OF THE COMPANY PRE AND POST ARRANGEMENT

XIX. DETAILS OF ASSETS AND LIABILITIES OF THE RESULTING COMPANY PRE AND POST ARRANGEMENT

XX. IMPACT OF ARRANGEMENT ON REVENUE GENERATING CAPACITY OF THE COMPANY/FUTURE PROSPECTS OF THE COMPANY

XXI. SHARE CAPITAL BUILD-UP OF RESULTING COMPANY

XXII. APPROVALS AND INTIMATIONS IN RELATION TO THE SCHEME

XXIII. INSPECTION OF DOCUMENTS

Mumbai, December 24, 2024

Registered Office:

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At the Cusp of a New Beginning Lifestyle | Real Estate | Engineering

At the Cusp of a New Beginning

Lifestyle | Real Estate | Engineering

Index

02-31

About Raymond & Year in Review

32-63

Business Review

64-158

Directors’ Report and others

159-251

Standalone financial statements

252-358

Consolidated financial statements

Our Values

Trust

Quality

Excellence

Our Businesses

Raymond Limited Proxy Solicitation & Information Statement 2024

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