Gautam Singhania, the current chairman and managing director of Raymond Ltd, has been appointed as the managing director of the company for a term of five years, starting from July 1, 2024. Despite ongoing personal challenges, including a controversial divorce with his wife Nawaz Modi Singhania, Gautam Singhania remains focused on his business affairs.
In an interview with The Economic Times, Singhania emphasized that his personal life is separate from his professional responsibilities. He declined to comment on the specifics of his personal situation, stating that his primary focus is on his businesses and delivering results. Singhania highlighted the growth of all the businesses under his leadership and reaffirmed his commitment to maintaining a clear distinction between his personal and professional spheres.
The interview comes amidst accusations made by Nawaz Modi Singhania, who alleged that Gautam Singhania used his influence to orchestrate her removal from several boards within the Raymond Group. Despite being removed from boards of three privately held Raymond Group entities, Nawaz Modi Singhania's removal from Raymond Ltd. is yet to be proposed.
Singhania defended the board's decisions, citing a "loss of confidence" as the primary reason for her removal. Meanwhile, Raymond Ltd. reported a significant 18% increase in fourth-quarter profit, driven by strong demand in its real estate segment. The company's robust performance was attributed to a surge in revenue from its real estate segment, which more than doubled during the quarter, particularly after the launch of a joint development project in Bandra, Mumbai.
With an expanded EBITDA margin reflecting improved operational efficiency, Raymond Ltd. continues to thrive under Singhania's leadership. His tenure as managing director has been extended for another five years, indicating confidence in his ability to steer the company forward amidst both professional and personal challenges.
