Raymond Lifestyle Limited has confirmed that it recently experienced a cyber attack that impacted certain IT assets. However, the company reassured its stakeholders that its core systems and overall business operations remained unaffected.
In an official filing with the stock exchanges, Raymond Lifestyle stated that its technical team, working alongside cybersecurity experts, acted swiftly to minimize the impact and secure the affected systems. Despite the attack, customer services and store operations continued without disruption, ensuring that business activities remained stable.
The company has launched a thorough investigation into the incident, and necessary measures are being taken to contain and resolve the issue. Raymond Lifestyle emphasized that it is addressing the situation in a controlled and systematic manner to prevent further risks.
Raymond Lifestyle Stock Reacts
Following the announcement of the cyber incident, Raymond Lifestyle’s stock price saw a decline on the National Stock Exchange (NSE). On Wednesday, the company’s shares closed 1.3% lower at Rs 1,172.95. Investors closely monitored the development, with concerns over the potential impact on the company’s digital infrastructure.
Despite the cyber attack, Raymond Lifestyle remains confident in its security protocols and reassured stakeholders that necessary actions are being taken to protect sensitive data and prevent future incidents. The company has not disclosed any specific details about the nature of the breach or whether any customer data was compromised.
Raymond Lifestyle Reports Decline
Alongside the cyber attack news, Raymond Lifestyle also reported a sharp decline in its financial performance for the third quarter ending December 31, 2024 (Q3 FY25). The company’s consolidated net profit dropped by 60.5%, falling to Rs 64.17 crore, compared to Rs 162.43 crore in Q3 FY24.
The company attributed this decline to challenging market conditions and rising expenses. Despite an increase in revenue, the significant rise in operational costs put pressure on overall profitability.
Revenue from operations in Q3 stood at Rs 1,754.21 crore, a slight improvement from Rs 1,726.26 crore recorded in the same period last year. However, total expenses surged to Rs 1,708.37 crore, up from Rs 1,546.22 crore in Q3 FY24. The cost of materials consumed also increased, reaching Rs 366.02 crore, compared to Rs 339.47 crore in the previous fiscal year.
Branded Textile Segment
Raymond Lifestyle’s branded textile division reported a 6% decline in revenue. Sales in this segment dropped from Rs 909 crore in Q3 FY24 to Rs 856 crore in Q3 FY25. The company cited weaker consumer demand as the primary reason behind this decline.
Despite the challenges, Raymond Lifestyle remains committed to strengthening its market position. The company is actively focusing on cost management strategies and operational efficiency to navigate the current economic conditions.
As Raymond Lifestyle works through the aftermath of the cybersecurity attack and financial slowdown, industry analysts and investors will closely watch how the company responds to these challenges in the coming months.
