Mumbai, Feb 19, 2025
Raymond Lifestyle Limited on Wednesday said it faced a cybersecurity incident that affected some of its IT assets.
However, the company said that its core systems and overall operations were not impacted.
In its regulatory filing with the stock exchanges, the company stated that its technical team, along with cybersecurity experts, took swift action to minimise the impact and safeguard its systems.
It also confirmed that customer and store operations continued to function as usual without any disruption.
“The company is investigating the matter and appropriate containment, and remediation actions are being taken in a controlled manner to address the incident,” the company said in an update to the bourses.
This is for your information and appropriate dissemination, it added.
Raymond’s stock closed 1.3 per cent lower at Rs 1,172.95 on the National Stock Exchange (NSE) on Wednesday.
Meanwhile, Raymond Lifestyle reported a sharp decline of 60.5 per cent in its consolidated net profit for the third quarter ending December 31, 2024 (Q3 FY25).
The company posted a net profit of Rs 64.17 crore, which was lower than the Rs 162.43 crore recorded in the same quarter of the previous fiscal Q3 FY24).
The decline was attributed to weak market conditions and rising expenses, the company said in its filing.
Revenue from operations in Q3 stood at Rs 1,754.21 crore — a slight increase from Rs 1,726.26 crore in the corresponding period last year.
However, total expenses rose significantly to Rs 1,708.37 crore, compared to Rs 1,546.22 crore in Q3 of the previous fiscal.
The cost of materials consumed also increased to Rs 366.02 crore from Rs 339.47 crore.
The company’s branded textile segment faced a 6 per cent decline in revenue, dropping to Rs 856 crore in Q3 from Rs 909 crore in the year-ago period. The company attributed this decline to weaker consumer demand.(Agency)
FOLLOW NOW
