'My personal life...': Gautam Singhania says business is priority amid bitter divorce dispute with Nawaz Modi
Raymond reported an 18% rise in fourth-quarter profit on Friday, buoyed by strong demand for its real-estate segment. Its revenue from operations rose 21% in the quarter.
- May 6, 2024,
- Updated May 6, 2024 9:27 AM IST
Gautam Singhania, who is in the midst of a bitter divorce dispute with estranged wife Nawaz Modi Singhania, said his personal life has nothing to do with his businesses.
In an interview to the Economic Times, the chairman and MD of the apparel major, said his business was good and growing since the pandemic and he was completely focussed on the same. Nawaz Modi had recently accused Singhania of using his influence to remove her from the company's board.
"They are (using) invalid grounds for my removal. Has the major shareholder promotor lost his confidence in me for doing my job, doing my duty? He (Gautam Singhania) has lost his confidence in me because I am calling him out. I am going to be detailing these points," she had claimed in an interview to India Today.
Three privately held Raymond Group companies – JK Investors (JKI) (Bombay), Raymond Consumer Care (RCCL) and Smart Advisory and Finserve – have already removed Nawaz Modi from their boards.
Though Raymond Ltd, the listed entity, has yet to propose her removal, Modi alleges that Singhania is attempting to exert influence over the decision. Singhania in the ET interview cited "loss of confidence" for the board action.
Raymond reported an 18% rise in fourth-quarter profit on Friday, buoyed by strong demand for its real-estate segment.
The company said its consolidated profit rose to 2.29 billion rupees ($27.5 million)in the three months to March 31, compared with 1.94 billion rupees a year ago. Its revenue from operations rose 21% in the quarter. Its real estate segment saw strong booking momentum during the quarter, particularly post the launch of its first joint development project in Bandra, Mumbai.
The segment accounts for 25% of the revenue mix and its revenue more than doubled during the quarter. The conglomerate's earnings before interest, taxes, depreciation and amortization (EBITDA) margin expanded to 19.2% from 17.3% an year ago. The company re-appointed Singhania as managing director for a term of five years effective from July 1, 2024.
Gautam Singhania, who is in the midst of a bitter divorce dispute with estranged wife Nawaz Modi Singhania, said his personal life has nothing to do with his businesses.
In an interview to the Economic Times, the chairman and MD of the apparel major, said his business was good and growing since the pandemic and he was completely focussed on the same. Nawaz Modi had recently accused Singhania of using his influence to remove her from the company's board.
"They are (using) invalid grounds for my removal. Has the major shareholder promotor lost his confidence in me for doing my job, doing my duty? He (Gautam Singhania) has lost his confidence in me because I am calling him out. I am going to be detailing these points," she had claimed in an interview to India Today.
Three privately held Raymond Group companies – JK Investors (JKI) (Bombay), Raymond Consumer Care (RCCL) and Smart Advisory and Finserve – have already removed Nawaz Modi from their boards.
Though Raymond Ltd, the listed entity, has yet to propose her removal, Modi alleges that Singhania is attempting to exert influence over the decision. Singhania in the ET interview cited "loss of confidence" for the board action.
Raymond reported an 18% rise in fourth-quarter profit on Friday, buoyed by strong demand for its real-estate segment.
The company said its consolidated profit rose to 2.29 billion rupees ($27.5 million)in the three months to March 31, compared with 1.94 billion rupees a year ago. Its revenue from operations rose 21% in the quarter. Its real estate segment saw strong booking momentum during the quarter, particularly post the launch of its first joint development project in Bandra, Mumbai.
The segment accounts for 25% of the revenue mix and its revenue more than doubled during the quarter. The conglomerate's earnings before interest, taxes, depreciation and amortization (EBITDA) margin expanded to 19.2% from 17.3% an year ago. The company re-appointed Singhania as managing director for a term of five years effective from July 1, 2024.