Synopsis
Raymond Lifestyle Limited reported a cybersecurity incident affecting some IT assets, but core systems remain secure. The company is actively investigating and taking measures to mitigate the situation. Despite this, operations continued normally, and financial results showed a significant profit drop due to market challenges.Key Takeaways
- Cybersecurity incident reported by Raymond Lifestyle.
- Core systems remain unaffected.
- Customer operations continued without disruption.
- Significant profit decline attributed to market conditions.
- Revenue from operations saw a slight increase.
Mumbai, Feb 19 (NationPress) Raymond Lifestyle Limited announced on Wednesday that it encountered a cybersecurity breach impacting several of its IT assets.
Despite this incident, the company reassured that its core systems and overall operations remained intact.
In its filing to the stock exchanges, the company indicated that its technical team, along with cybersecurity specialists, acted promptly to reduce the breach's impact and protect its systems.
Furthermore, customer and store operations continued to run smoothly without any interruptions.
“The company is currently investigating the situation, and suitable containment and remediation measures are being implemented in a controlled manner to tackle the incident,” the company mentioned in an update to the exchanges.
This information is provided for your awareness and further dissemination, it added.
Raymond’s stock value fell by 1.3 percent, closing at ₹1,172.95 on the National Stock Exchange (NSE) on Wednesday.
Additionally, Raymond Lifestyle reported a significant drop of 60.5 percent in its consolidated net profit for the third quarter ending December 31, 2024 (Q3 FY25).
The net profit stood at ₹64.17 crore, down from ₹162.43 crore in the same quarter of the previous fiscal year (Q3 FY24).
This decline was attributed to challenging market conditions and increasing expenses, as stated in its filing.
Revenue from operations in Q3 reached ₹1,754.21 crore, representing a slight rise from ₹1,726.26 crore in the corresponding period last year.
However, total expenses surged to ₹1,708.37 crore, compared to ₹1,546.22 crore in Q3 of the previous fiscal year.
The cost of materials used also climbed to ₹366.02 crore from ₹339.47 crore.
The company’s branded textile division witnessed a 6 percent revenue decline, falling to ₹856 crore in Q3 from ₹909 crore in the same period last year. This downturn was linked to diminished consumer demand.
