| 1 | © Raymond Limited
1
Disclaimer
Numbers mentioned in this note in respect of consolidated revenues and results and additional
information including but not limited to retail sales, branded sales etc. but other than Raymond
Limited(“the Company”) Standalone financial results have been compiled by the management and are
being provided only by way of additional information. These are not to be construed as being provided
under any legal or regulatory requirements. The accuracy of this information have neither been vetted
nor approved by the Audit Committee and the Board of Directors of the Company, nor have they been
vetted or reviewed by the Auditors of the Company and therefore may differ significantly from the
actual. The Company assumes no responsibility for the use of information mentioned herein.
Statements in this “Presentation” 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 may differ materially from those expressed or implied.
Important factors that could make a difference to the Company’s operations include global and Indian
demand supply conditions, finished goods prices, input material availability and its prices, cyclical
demand and pricing in the Company’s principal markets, changes in Government regulations, tax
regimes, economic developments within-outside India and the countries within which the company
conducts its businesses and other factors such as litigation and labor negotiations. The Company
assumes no responsibility to publicly amend, modify or revise any forward looking statement, on the
basis of any subsequent development, information or events, or otherwise.
| 2 | © Raymond Limited
2
India Consumption Story
Average 10-yr growth rate has
exceeded the average global,
emerging markets and ASEAN-5
growth rates for each of the past
four decades
India will have 68 cities with a
population of more than 1 million by
2030, up from 42 today. Urban India
will drive a nearly fourfold increase
in average national income. Cities
will account for nearly 30% of India’s
GDP by 2030
India’s middle class is likely to
expand from 5-10% of the
population today to 90% by 2039,
according to OECD projections
Per-capita income increased from
USD 100 to USD 500 over 33 years
(1971-2003). Then took just 5
years to double from USD 500 to
USD 1,000
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Market Size and Opportunity
Source: KSA Technopak
Market Size (INR billion)
1000
842
800
600
383
400
2006
2007
Mens Wear
300
250
200
150
100
50
0
Men’s wear accounts for
a major portion of the
market
CAGR 15%
2008
2009
2014
Womens wear
Kidswear
Rs. in '000
248
140
60
65
35
30
28
Household income
225
192
181
21
0
CAGR 10%
331
158
200
Large domestic market
opportunity
539
481
446
CAGR 10%
82
33%
32%
31%
30%
29%
28%
27%
26%
25%
24%
Household income levels
are expected to increase
leading to higher
disposable incomes
32%
30%
27%
Discretionary Expenditure
1995
2005E
2015E
Household income
Source: Mckinsey Global Institute
The share of discretionary
expenditure will continue
to expand in the
consumer’s wallet
2025F
2003
2008
2013
Source: India Consumer Trends, Technopak analysis
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Raymond Group
One of India's largest branded fabric and fashion retailer, with some of the
best brands in its portfolio
Eight decades old Group, in operation since 1925
Integrated across the value chain
One of the largest exclusive retail networks in the textile and fashion space
in India
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Evolution of Raymond (since 1925)
2011
2006
1925
1958
1986
Set up of
Raymond
Woollen mill
in Thane
First Exclusive
Raymond retail
outlet
Launch of
Park
Avenue
1925
1950
1958
1968
1986
1999
2002
Launch of
Parx
Acquisition
of
ColorPlus
1996
1999
2002
Setup of 3rd
worsted unit at
Vapi
Set up of
Raymond
Zambaiti at
Kolhapur
2003
1950
1968
1996
2003
Set up of JK Files
and Tools
(engineering files)
Set up of readymade
garments plant at
Thane
Launch of
Raymond Denim
Setup of Silver Spark
Apparel Ltd (mfg
suits, trousers)
2006
2009
Thane settlement
during FY 11
Regional launch of
‘Makers’ brand
600th TRS outlet
opened
2011
2012
2009
2012
Vapi Phase II
commenced
commercial
production
Relocation of
Thane plant to
Jalgaon and Vapi
Super 240s
fabric launched
– a world
record
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Business Overview
Domestic Market
Brands
State of the Art
operations
Garments
•Shirts
•Trousers
•Suits
•Jeans
In addition to our own
network, the company’s
products are retailed
through ~20000 touch
points
Retail
Fabrics
•Suiting
•Shirting
•Denim
Exports
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Premium Clothing Company
Raymond is one of the few Premium Clothing companies of India offering a
One Stop Solution
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Brand Positioning and Size
Branded Clothing Business
Fabric
Formal wear
FY12 Revenue
Casual wear
Super
Premium
Premium
Formal
Rs 14060 mn
[domestic only]
Rs 1905 mn
Rs 818 mn
(Mid premium)
Casual
Rs 2896 mn
Rs 1485 mn
Popular / Mass segment
(Mid premium)
Rs. 346 mn
Source: ColorPlus internal data; Technopak Advisors, June 2007; CRISIL research
Strong portfolio of Fabric and Apparel brands that straddle various price points
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Brand Strength
‘Raymond’ has maintained its leadership position in brand track studies as compared to
its competitors; it has also been the proud recipient of the ‘Most Trusted Apparel Brand’,
according to the Economic Times Brand Equity Ranking over the past several years
including 2011
Raymond has consistently been the no. 1 brand in the Brand
salience studies
Brand Salience - Spontaneous Recall
Brand Salience - Top of Mind Recall
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
70%
60%
50%
40%
30%
20%
10%
0%
Raymond Vimal Siyarams Reid &
Taylor
Jan-Mar' 11
Apr-Jun' 11
Dinesh
Jul-Sept '11
Source: TNS Global Market research
Mayur
Digjam
Oct-Dec' 11
Raymond Vimal Siyarams Reid &
Taylor
Jan-Mar' 11
Apr-Jun' 11
Dinesh
Jul-Sept '11
Mayur
Digjam
Oct-Dec' 11
Source: TNS Global Market research
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Brand Achievements
“Raymond - Most Respected Company of the Year – 2011”
(Textile & Apparel)
Source – Businessworld 2011
“Raymond - Most Trusted Apparel Brand – 2011”’
Source – ET Brand Equity 2011
“Park Avenue - Most Admired Men’s Formalwear Brand Of the Year - 2011”
Source – Images Fashion Awards 2011
“Raymond - Most Respected Company of the Year – 2010”
(Textile)
Source – Businessworld 2010
“Raymond - Most Trusted Brand – 2010”
Source – ET Brand Equity 2010
(Textile)
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Summary of Strengths
Domestic
Consumption Play
• Raymond is one of India’s leading conglomerates operating in
the Branded Lifestyle space
Powerful Brands
• Raymond has a strong portfolio of brands, both in fabric and
apparel segments that make it best positioned to cater to the
brand conscious customers in both these segments
Retail Network
Integrated Business
Model
Product Quality
• The company has one of the largest exclusive retail networks
spread across the country and the products are retailed through
18000+ touch points
• One of the few companies that is integrated across the value
chain
• The company has state of the art manufacturing capabilities in
all its businesses
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Sales and Profitability Mix
SALES - FY12
Ring Plus Aqua
4%
Others
3%
Elimination
-6%
Tools & Hardware
9%
Raymond Ltd.
Standalone
51%
Denim India
10%
High Value
Shirting
3%
Garmenting
5%
EBITDA - FY12
Branded Apparel
21%
Denim India
Ring Plus Others
Tools
&
7%
Aqua
1%
Hardware 5%
7%
High
Value
Shirting
3%
Elimination
-4%
Branded
Apparel
15%
Raymond Ltd.
Standalone
61%
Garmenting
4%
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Suiting Business
Raymond commands about 60%
market share in worsted
suiting in India and ranks amongst the top three fully
integrated manufacturers of worsted suiting in the world
Raymond is perhaps the only company to produce nearly
20,000 designs and colors of suiting fabric &
exports to more than 55 countries
Raymond became not only the first Indian textile company
to produce a suit length of such fineness (240s) but also the
world’s first - ahead of companies from Europe and Japan
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Suiting Business
SALES ( INR Million)
15000
18646
23% CAGR
20000
EBITDA ( INR Million)
14854
5000
25% CAGR
3718
4000
12229
3000
10000
4042
2603
2000
5000
1000
0
0
FY10
FY11
FY12
FY10
FY11
FY12
Raymond has consistently maintained its leadership position over
the years which is reflected in the performance
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Branded Apparel Business
Premium Contemporary
Formal wear
Premium Smart
Casual wear
Premium
Formal wear
Premium Formal wear
for Women
Smart
Casual wear
All Brands are well positioned to target different segments
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Branded Apparel Business
SALES ( INR Million)
8000
17% CAGR
EBITDA ( INR million)
7593
6411
6000
1000
40% CAGR
790
800
5562
664
600
4000
400
2000
200
0
0
FY10
FY11
FY12
406
FY10
FY11
FY12
Business has achieved profitable growth backed by strong portfolio
of brands owned by Raymond
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Shirting, Denim & Garmenting Business
2500
2000
2118
2290
1632
1500
1000
372
319
300
500
0
FY10
FY11
Sales (INR Million)
700 2000
600
500 1500
400
1000
300
200 500
100
0
0
1734
243
2000
100
FY10
FY11
FY12
Sales (INR Million)
EBITDA (INR Million)
FY12
EBITDA (INR Million)
Garmenting business
CAGR - Sales 31%, EBITDA 24%
1200
8071
6427
5135
4000
143
200
0
CAGR - Sales 18%, EBITDA -10%
10000
6000
300
1009
High value Cotton Shirting business
8000
400
1276
158
500
822
594
402
0
1000
800
600
400
Denim business
CAGR - Sales - 25%, EBITDA 43%
200
0
FY10
FY11
FY12
Sales (INR Million)
EBITDA (INR Million)
| 18| © Raymond Limited
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Engineering Business
3280
3500
3000
2500
600
2598
500
2120
2000
400
1500
1000
700
335
394
280
500
300
200
100
0
0
FY10
FY11
FY12
Sales (INR Million)
EBITDA (INR Million)
1600
1400
1200
1000
800
600
400
200
0
1486
1123
760
256
210
120
FY10
FY11
Sales (INR Million)
FY12
EBITDA (INR Million)
Tools and Hardware Business
Auto Component Business
CAGR - Sales 24%, EBITDA 19%
CAGR - Sales 40%, EBITDA 46%
• Engaged in manufacturing and marketing
• Manufactures Starter
of Steel Files
• Largest producer
world
of Steel Files in the
400
350
300
250
200
150
100
50
0
Gears and
Integral Shaft Bearings
• OEM supplier to some of the marquee
auto companies
| 19| © Raymond Limited
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Retail
A passionate consumer connect story which began with a pioneering
effort in retail men’s wear category over 50
years ago
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Aggressive Retail Thrust
No. of Exclusive Stores ( in India and Overseas )
900
800
700
600
500
400
300
200
100
0
853
739
676
547
• Almost 1.7 million square feet of exclusive retail
space (as of Mar’12)
584
• Like to like Stores growth has been 5%, 10% and
6% over the last 3 years
• Thrust on smaller towns & cities (Tier 3/4/5)
• Unique asset light franchisee model
2007-08
2008-09
2009-10
2010-11
Retail Space ( '000 sq. ft. )
1800
1600
1400
1200
1000
800
600
400
200
0
• One of the largest exclusive retail networks in the
textile and apparel space in India
1197
1328
1431
1524
2011-12
1674
Town Class
Total
TRS Presence
Balance
CLASS 1
7
7
0
CLASS 2
28
28
0
CLASS 3
36
36
0
CLASS 4
318
212
106
CLASS 5
394
65
329
Grand Total
783
348
435
The above table shows the untapped opportunity
that lies in class 4 & 5 towns
2007-08 2008-09 2009-10 2010-11 2011-12
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Brand - Exclusive Brand outlet
“Park Avenue” new Retail identity
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Brand - Exclusive Brand outlet
“Parx” Young & Vibrant – New Retail format
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Brand - Exclusive Brand outlet
Colorplus – Retail store
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Recent Initiatives
‘Raymond Made-to-Measure’ has won the ‘Most Innovative Store Design’
of the year award at the ET Retail awards 2011
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Turnaround in Performance
EBITDA (INR Million)
20.0%
15.0%
EBITDA Margin
13.3%
10.9%
10.0%
4823
5.4%
5.0%
2609
0.0%
14.7%
5353
3336
8000
6000
4000
2000
1392
0
2007-08
2008-09
2009-10
23962
25595
25078
SALES
15.8%
2010-11
30434
2011-12
36424
Note: All figures in Rs. Million.
• ERP roll out issues
• Denim business
• GAS joint venture & Denim
business
• Forex losses
• Duplicate plant costs (Thane &
Vapi)
• Implementation of
turnaround strategy
including trouble
shooting
• Refocus on
long term
strategic
thrust areas
Successful resolution of all historical issues has enabled the Company to turnaround from FY09 to present
This is also visible from the uptrend in ROCE which has increased from lower single digits to 12% in FY12
| 26| © Raymond Limited
Strategic Thrust Areas
Focus to build an efficient Supply
chain that will help reducing lead
time
Supply Chain
Management
Cement Raymond’s
position to maintain
leadership status in a
vibrant domestic market
Leadership
Position
Market
Access
Continue with rapid
penetration into smaller
towns and cities
spearheaded by the
exclusive retail network and
widen distribution reach
Brand Focused
Approach
Focus on power brands to help maintain pricing
and profitability through premium positioning
| 27| © Raymond Limited
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Manufacturing Facilities - Fabric
Fabric
Worsted Fabric
Processes
• Combing
• Spinning
• Weaving
• Finishing
High Value Cotton • Weaving
Shirting Fabric
• Finishing
Denim Fabric
• Spinning
• Dyeing
• Weaving
• Finishing
Capacity
38 mmpa
21.6 mmpa
47 mmpa
Location
• Chhindwara – 14 mmpa
• Vapi – 14 mmpa
• Jalgaon – 10 mmpa
Kolhapur
• Yavatmal, India – 40 mmpa
• Romania – 7 mmpa
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Manufacturing Facilities - Garmenting
Garment
Capacity
Location
Operations
Celebrations Apparel Shirts
1.83 mn p.a.
Bangalore
Garmenting for group
companies
Bangalore
Has domestic and
international clients
Silver Spark Apparel
- Jackets (excl. Premium)
- Trousers
- Premium Jackets
- 0.64 mn p.a.
- 1.14 mn p.a.
- 60,000 p.a.
Denim Garmenting
1.5 mn p.a.
Bangalore
Hived off into the
denim JV
- 0.84 mn p.a.
- 0.87 mn p.a.
Bangalore
Hand made suits
Suit Plant
- Jackets
- Trousers
All the facilities cater to domestic and international clients and is part of
the One-Stop Shop strategy of the company
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Board of Directors

Dr. Vijaypat Singhania, Chairman Emeritus



Mr. Gautam Hari Singhania, Chairman & Managing Director



Has 37 years of experience in Banking, Finance and Currency, Former Executive Director, Reserve Bank of India, was an
Advisor to the United Nations and has been the Director of Small Industries Development Bank of India
Mr. Pradeep Guha, Independent Director



Was appointed the Whole-time Director on the Board of Raymond Ltd. in 1990 and was elevated to the position of
Managing Director in mid-1999
Has steered Raymond Limited with a single-minded focus of being the best brand in India
Mr. I D Agarwal, Independent Director


Has nearly four decades of experience in the management of several industrial units as the Chief Executive, even before
his current position
Has been instrumental for the successful growth and diversification plans of the Company
Has recently finished a very successful stint as the CEO of India's largest satellite broadcasting network, Zee
Entertainment Enterprises Ltd
Associated with the print medium for 29 years and was President of The Times of India group
Mr. H. Sunder, Whole-time Director


Has over 26 years of experience in finance, taxation, accounts, legal, secretarial areas, international business and general
corporate management
He is the President – Finance and Group Chief Financial Officer of the Company since 2006. He has been with the
Company for over 14 years
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Board of Directors

Mr. P K Bhandari, Independent Director



Mr. Nabankur Gupta, Independent Director




A renowned Chartered Accountant, Director on the Board of 20 highly acclaimed public and private companies holding
the position of Chairman or Member of Audit Committee in ten of them
Was a member of the ICAI's Group on Implementation of Convergence with IFRS, has been awarded "The Best Non
Executive Independent Director Award 07" by Asian Centre for Corporate Governance
Mr. Akshay Chudasama, Independent Director



Joined the Company as Group President on August 1, 2000 and was co-opted on the Board of Directors of the Company
as Whole-time Director and Group President effective January 15, 2001
Was the first Indian to receive recognition by the Advertising Age International, New York, in 1995 with the title of
‘Marketing Superstar‘
Mr. Sailesh Haribhakti, Independent Director


Has over 25 years of experience in the field of project finance, industry, business and corporate management
Joined the Company in 1989, played a key role in strategizing and implementing the Company's restructuring program
Partner in JSA, a reputed Law Firm
He specializes in Mergers & Acquisitions, Joint Ventures, Cross Border Investments, Private Equity, Real Estate,
Hospitality, Franchising and Media & Entertainment law
Mr. Boman R Irani, Independent Director


He is the chairman of Rustomjee Group
Leading Real estate developer and leader in construction industry.
entrepreneur
He is a first generation developer and an
| 31| © Raymond Limited
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