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Diversified group <keyword id="354650" type="General" weightage="50" keywordseo="raymond-ltd" source="Orion">Raymond Ltd</keyword> on Tuesday reported a 25.84 per cent decline in its consolidated net profit at Rs 196.48 crore in the fourth quarter ended on March 31, 2023, on account of exceptional items. The leading textile and apparel maker had posted a net profit of Rs 264.97 crore during the January-March period of the previous fiscal, <keyword id="6368261" type="General" weightage="100" keywordseo="raymond" source="Orion">Raymond</keyword> said in a regulatory filing. However, its revenue from operations was up 9.8 per cent to Rs 2,150.18 crore during the quarter under review, as against Rs 1,958.10 crore in the year-ago period. Total expenses of the <keyword id="1114" type="General" weightage="50" keywordseo="singhania" source="Orion">Singhania</keyword> family-controlled firm were at Rs 1,939.27 crore, up 17.34 per cent from Rs 1,790.12 crore of the corresponding quarter. Its total income during in the March quarter was at Rs 2,192.20, up 7.89 per cent. "With Q4FY23, Raymond has demonstrated a strong revenue and profitable performance for six consecutive quarters," said Raymond in its earnings statement. During the quarter Raymond registered a loss of Rs 93.03 crore on exception items such as expected credit loss of trade receivables, write-down of inventories, and retrenchment compensation, among others. Its profit before exceptional items and tax was at Rs 266.42 crore. In the March quarter, Raymond's revenue from the textile segment stood at Rs 901.79 crore and it was Rs 187.15 crore from shirting. The apparel segment reported a revenue of Rs 331.54 crore, while garmenting section recorded a revenue of Rs 305.40 crore. "Garmenting segment reported strong sales in a quarter at Rs 305 crore, a growth of 44 per cent. The growth was driven by continued high demand in US and Europe markets from existing customers and new customer acquisitions," said Raymond. In the engineering business, Raymond's tools &amp; hardware business revenue was at Rs 115.49 crore and it was Rs 103.05 crore from auto components. "Engineering business sales grew by 7 per cent in the quarter to Rs 219 crore. Sales performance was mainly driven by growth in key categories in exports markets in a global inflationary environment and was well supported by growth in domestic markets," it said. However, its revenue from real estate and development of property in the March quarter was down 9.97 per cent to Rs 289.16 crore. "In our three projects in Thane, we received bookings for 300 units with a value of Rs 473 crore during the quarter," it said. For the financial year ended March 31, 2023, Raymond's net profit was up two folds to Rs 536.96 crore. It was at Rs 265.12 crore in FY22. Its consolidated revenue from operations in FY23 increased 32.95 per cent to Rs 8,214.72 crore from Rs 6,178.51 crore a year ago. Terming FY23 as "landmark year" Raymond said it has delivered "highest ever revenue and EBITDA of Rs 8,337 crore and Rs 1,322 crore, respectively." "Raymond clocked a healthy double-digit growth of 31 per cent during the year led by a strong momentum and a robust performance," it said. It has "substantially" reduced its consolidated net debt by Rs 399 crore, which stands at Rs 689 crore as on 31st March, 2023, the statement said. Meanwhile in a separate filing, Raymond informed that its board in a meeting held on Tuesday recommended the payment of a dividend of 30 per cent on the equity share capital i.e. Rs 3 per equity share of the face value of Rs 10 each for the financial year ended March 31, 2023. Shares of Raymond Ltd on Tuesday settled at Rs 1,599.55 on <keyword id="35140" type="General" weightage="50" keywordseo="bse" source="Orion">BSE</keyword>, up 0.81 per cent from the previous close. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/end-of-covid-emergency-to-affect-sales-of-diagnostics-cos-globaldata-report/articleshow/100103557.cms">End of Covid emergency to affect sales of diagnostics cos: GlobalData report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/nclt-withholds-merger-of-embassy-group-firms-with-indiabulls-real-estate/articleshow/100103851.cms">NCLT withholds merger of Embassy group firms with Indiabulls Real Estate</a>

Raymond Q4 profit falls 26% to ₹196.5 crore; income rises 10% to ₹2,150 crore

<ul><li>Shares of <keyword id="6368261" type="General" weightage="20" keywordseo="raymond" source="Orion">Raymond</keyword> surged more than 5% in early trade on Tuesday on the company's announcement to consolidate some of its businesses.</li><li>The company’s tools &amp; hardware and auto components businesses will be merged into an engineering business.</li><li>Its real estate business will be formed into a wholly owned subsidiary.</li></ul>Textile-to-engineering conglomerate Raymond announced a restructuring plan to merge some of its businesses into one and monetise its assets. With this, the company will consolidate its segments of business with the parent company wherein tools &amp; hardware and auto components businesses will be merged into a new segment for engineering business. Meanwhile, the real estate business will be formed into a wholly owned subsidiary. The consolidation plan will improve synergies and provide an opportunity to monetise businesses and pare debt. <a href="https://economictimes.indiatimes.com/industry/cons-products/garments-/-textiles/raymond-board-approves-business-consolidation-to-explore-monetisation-and-deleverage-business/articleshow/86568004.cms">Reportedly</a>, Raymond had a gross debt of ₹2,470 crore as of 31 March, as per Crisil research. This resulted in price gains for Raymond’s stock, on Tuesday, which gained 5% in the early trade. Later at 3:00 p.m., shares of the company were up 2.7% at ₹460 per share. <div type="image" title="raymond" height="900" width="1200" msid="86582730" hostid="261"></div> With a focus to fast track recovery after the coronavirus outbreak, the firm will be consolidating its business-to-consumer business by transferring its apparel business into parent company Raymond, said the company. The company said, “the move will strengthen efficiencies, streamline and simplify processes and bring in synergy benefits in terms of design and innovation, sourcing and retail network.” “We are consolidating the business to explore all options available to us for monetisation, which will enable deleveraging leading to value creation,” said Gautam Hari Singhania, chairman and managing director at Raymond in a statement to BSE. Raymond had reported a consolidated loss of ₹157 crore in June quarter as compared to loss of ₹242 crore in the same quarter previous year. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/finolex-cables-shares-trade-lower-after-two-advisory-firms-accuse-the-firm-of-poor-corporate-governance/articleshow/86580654.cms">Finolex Cables under pressure after two advisory firms accuse the firm of poor corporate governance</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/take-a-deeper-look-at-the-meteoric-rise-of-glance-that-may-have-caught-mukesh-ambanis-eye/articleshow/86579569.cms">Take a deeper look at the meteoric rise of Glance that may have caught Mukesh Ambani’s eye</a>

Investors cheer Raymond’s restructuring plan to reduce debt

Earlier this week, another product contending for the future of AI companionship made its debut: an eavesdropping necklace called Friend. The device was introduced in a glossy, A24-style promotional video in which fresh-faced Zoomers speak to an AI pendant that provides emotional support, commentary, and playful jabs in the form of canned text messages. "This show is completely underrated," it texts a woman while she's watching a show and eating falafel on her lunch break. Then it texts, "How's the falafel?" The woman is seemingly heartened by this. "It's dank," she tells her necklace, "I could eat one of these every day."The internet, however, has found Friend to be less than dank.Unlike Siri, <a target="_blank" class="" href="https://www.businessinsider.com/amazon-healthcare-one-medical-billion-loss-cost-cutting-profitability-2024-7">Alexa</a>, and their brethren, Friend is not an ask-and-tell robot assistant. Instead, the $99 device aspires to take the place of human companionship, capitalizing on a culture in which nearly 10 percent of Americans say they have no close friends. With Friend, you're never alone — which, depending on how much you value solitude and privacy, is either extremely comforting or extremely creepy.If any of this sounds bleak or dystopian, then you'll understand the vitriolic reactions to the product across the internet. A sampling from X: "Friend strikes me as a product for losers, which is a totally valid market," and "One of the more depressing things I've ever seen…Do whatever the opposite of this is." Many compared Friend to a "Black Mirror" episode.The online commentary grew only more heated when Friend's founder, a 21-year-old Harvard dropout named Avi Schiffmann, revealed that he spent $1.8 million of Friend's $2.5 million funding to buy the website domain "Friend.com.""People think it's outrageous that I would buy a domain like that, but this is the point of VC money," Schiffmann told me in an interview. (He is not the first entrepreneur to purchase an expensive domain — Elon Musk, Schiffmann was quick to point out, spent some $11 million to acquire Tesla.com.) Friend's investors include Caffeinated Capital's Raymond Tonsing, <a target="_blank" class="" href="https://www.businessinsider.com/perplexity-ai-forbes-wired-explained-2024-6">Perplexity AI</a> CEO Aravind Srinivas, and Morning Brew cofounder Austin Rief. "People think my investors hate me, but they could not love me any more," he said.Still, Schiffmann admits that the online reaction to Friend is not what he expected. "I honestly think it's because the video was too good," he said."That, maybe, was my biggest mistake. There hasn't been a video this high quality about AI companionship since 'Her,'" — the Oscar-winning 2013 film in which Scarlett Johansson plays an AI voice assistant so transfixing Joaquin Phoenix's human character falls in love with her.Schiffmann's original vision for an AI hardware device was a pendant that would act as a more standard-fare AI assistant called Tab — he once described it as a "<a target="_blank" href="https://www.thecrimson.com/article/2023/12/3/avi-schiffmann-wearable-ai/">wearable mom</a>." But after spending a lonely night in Tokyo, he began considering a more intimate version, a "friend" that could offer camaraderie and emotional support. "A good friend that sends you a text like 'Good luck on the interview' is more productive than reminding you that you have a meeting in five minutes," he said.A venture-funded AI friendship necklace is something of a hard pivot for Schiffmann. In 2020, when he was 17, he built one of the first COVID-tracking websites. Anthony Fauci presented him with a Webby Person of the Year award. He went on to build a tool that tracked Black Lives Matter protesters and a website that helped refugees fleeing war-torn Ukraine find people offering spare rooms and couches around the world. But Schiffmann sees a throughline in all these projects: "These are all really just big art projects to me," he said. "I haven't been able to come up with a stronger intrinsic [reason] why it's worth doing anything like this at all. It's just something to do and I'm bored. But maybe I've just read too much Camus.""I'm building friends for myself, but I also have a ton of friends," he added. "I don't think it's a complete substitution. If one of your five close friends is an AI, it's a good thing, especially if you fear judgment from other people. It can fill in gaps when you're traveling and it's late at night and you want to talk to someone."Of the many AI hardware devices that launched in recent months, such as Humane's AI pin, Meta's smart glasses, and Rabbit's AI-powered R1, Friend is the most personal contender. Not only does it aspire to be a close confidante, but it's privy to all its users' conversations. As in, it never stops listening. The incessant eavesdropping that people fear when it comes to devices like Siri and Alexa, is a selling point to allay Friends' users who fear being alone. Friend needs to have access to every aspect of your life in order to work, says Schiffmann. "You wouldn't put headphones over your dog," he said. "It makes it feel like it's actually there with you. It's nice to be with a sentient entity." Schiffmann is not the only tech founder building an AI companion in the form of a pendant. In fact, on the day Friend launched, a competing AI hardware founder named Nik Shevchenko released <a target="_blank" href="https://x.com/kodjima33/status/1818452878018646369">a diss track</a> — as any self-respecting 23-year-old AI hardware founder would do — insinuating that Schiffmann stole his idea. Shevchenko is also building an open-source competitor AI pendant, which he wears in his rap video, that looks a lot like Friend's. It is, in what seems to be more than a coincidence, also named Friend. "For those who don't know / I built Friend / renamed your Tab/ jacked my style," Shevchenko raps.When I asked Schiffmann about Shevchenko's claims, Schiffmann told me it was the opposite: Shevchenko had copied him. (It would not be the first time that Shevchenko built an open source competitor that closely resembled another AI hardware device. In March, the AI pin company Humane <a target="_blank" href="https://x.com/kodjima33/status/1764472814353183199">sent Shevchenko a cease and desist</a> after he launched a similar device called Whomane.) "There are a lot of people building open source competitors," said Schiffmann. "[Shevchenko] is the most annoying one.""Maybe I am annoying," Shevchenko said when I reached him for comment. But he disagreed with at least some of Schiffmann's claims. He actually had been copying another AI companion pendant, he said. "The project that we built was indeed fascinated by another project but it was not Avi's Tab. It was an open-source wearable called Adeus." There are nearly as many upstart AI companion pendant necklaces, it seems, as there are Taylor Swift friendship bracelets.At least from the world's initial reaction to it, Friend appears to be a long way from product/market fit in that people do not want this product.. Schiffmann disagrees. "People underlyingly want this," he told me. As for Friend's online detractors, they are just "being Twitter tech people and, like, yappin'," he said.Schiffmann is unbothered by the vitriol, he says. When it comes to creating Friend, "every decision I made was guided by personal vibes.""I'm just chilling at my house smoking cigarettes and continuing to work," he continued. Schiffmann says he has big plans for Friend. "I fully plan on winning the industry," he said. "If this is what I can do with 2.5 million dollars, wait till you see what I can do with $100 million."<a target="_blank" rel="" class="" href="https://www.businessinsider.com/author/zo-bernard">Zoë Bernard</a> is a feature writer based in Los Angeles. She writes about technology, crime, and culture. Formerly, she covered technology for The Information and Business Insider.

Meet the 21-year-old Harvard dropout behind Friend, the creepy new AI necklace 

<ul><li><keyword id="11586983" type="UNKNOWN" weightage="20" keywordseo="vendaxo">Vendaxo</keyword> is a B2B e-commerce platform for buying and selling used machinery.</li><li>It offers machinery liquidation solutions to MSMEs as well as large enterprises.</li><li>The acquisition will give Vendaxo a wider market to work with and <keyword id="3119222" type="PERSON" weightage="20" keywordseo="Moglix">Moglix</keyword>’s technology</li></ul> Business-to-business (B2B) e-commerce platform Moglix on Wednesday, July 7, announced that it has acquired Vendaxo, an e-commerce platform for buying and selling of used machinery. The acquisition will allow the company to provide high value capital goods at economical prices to manufacturers, Moglix said in its press note. The financial details of this acquisition have not been disclosed. Vendaxo is a B2B e-commerce player just like Moglix. It was founded in 2017 by Poonam Choudhary and Nirat Patel. Its users include micro, small and medium enterprises (MSMEs) as well as large manufacturing enterprises such as <keyword id="73372" type="CITY" weightage="20" keywordseo="Siemens">Siemens</keyword>, Arvind India, Marico, Raymond and Torrent Pharma. The company claims to have about 40,000 buyers and sellers registered on its platform and verified listings of 31,000 stock keeping units (SKU). Commenting on this deal, Moglix’s founder and chief executive Rahul Garg, said, “We are excited to welcome Vendaxo into the Moglix ecosystem. We started Moglix with the vision of providing doorstep access to high quality, affordable industrial products. The integration of Vendaxo with our platform is aligned with our vision to bring the ease and speed of e-commerce to the manufacturing sector.” Meanwhile, Vendaxo’s Choudhary added that the company wll be able to reach out to a larger number of users through Moglix. Besides this, the acquisition will also enable Vendaxo to integrate with Moglix’s integrated suite of technology, credit lines, distribution network, and on ground supply chain capabilities for greater market penetration.” Moglix was founded by Garg in 2015 as an e-commerce marketplace for different kinds of industrial tools such as power tools, hand tools, adhesives, and electricals. It also procures and supplies safety tools, hardware, office supplies and more to the industries. According to its previous press notes, the company is serving more than 500,000 small and medium enterprises (SMEs) and 3,000 manufacturing plants across India, Singapore, the UK and the United Arab Emirates. It also works with Hero MotoCorp, Vedanta, <keyword id="6357147" type="COMPANY" weightage="20" keywordseo="tata-steel">Tata Steel</keyword>, <keyword id="45009" type="CITY" weightage="20" keywordseo="Unilever">Unilever</keyword> and public sector undertakings such as Air India and NTPC to help them procure indirect material through its platform. Moglix became the<a href="https://www.businessinsider.in/business/startups/news/ratan-tata-backed-moglix-is-the-13th-unicorn-from-india-this-year/articleshow/82702143.cms"> thirteenth startup</a> to enter the unicorn club this year, after raising $120 million funding at a valuation of $1 billion. A unicorn is a private company valued at or more than $1 billion. The Series E round, closed in April 2021, was led by Falcon Edge Capital and Harvard Management Company (HMC), with participation from Tiger Global, Sequoia Capital India and <keyword id="4346570" type="PERSON" weightage="20" keywordseo="Venture-Highway">Venture Highway</keyword>. SEE ALSO <a href="https://www.businessinsider.in/tech/news/a-small-hospital-assam-is-using-ai-to-detect-strokes-in-tea-planters/articleshow/84194042.cms">A small hospital in a remote corner of Assam is using AI to detect strokes in tea planters</a> <a href="https://www.businessinsider.in/business/startups/news/payments-firm-pine-labs-raises-600-million-as-it-plans-to-go-public-by-2022/articleshow/84162996.cms">Payments firm Pine Labs raises $600 million as it plans to go public by 2022</a> <a href="https://www.businessinsider.in/business/startups/news/zomato-investor-info-edge-has-invested-in-a-drone-startup-skylark/articleshow/84144201.cms">Zomato investor Info Edge has invested in a drone startup helping Swiggy make deliveries</a>

Tiger Global-backed Moglix acquires Vendaxo, a startup that sells used machinery to companies

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>In the early nineties, when Microsoft was still working on Windows 95, the pressure was high.And so, when programmers weren't performing up to snuff, Microsoft's managers would&#xa0;threaten to throw them to the dogs.Specifically, that they'd be reassigned to work on Microsoft Dogs, an obscure 1995 CD-ROM the company made to inform dog owners of the proper care and feeding for 500 different breeds of dogs."That's the threat you would use if you wanted to tell someone that maybe this operating system stuff isn't cut out for you," says Raymond Chen, a long-time Microsoft Windows engineer who joined the company in 1992.&#xa0;This story comes from <a href="https://channel9.msdn.com/Shows/Defrag-Tools/Defrag-Tools-143-Raymond-Chen-Microsoft-Archives-Part-1">a video posted by Microsoft this week</a>, chronicling a walkthrough of Microsoft's massive <a href="https://channel9.msdn.com/Tags/ms+archives">Microsoft Archives</a>&#xa0;- where the company&#xa0;stores products, memorabilia, and one-of-a-kind curiosities from its 40-year history.Chen, along with fellow Microsoft veterans Andrew&#xa0;Richards and&#xa0;Chad Beeder, take an hour-long look at the company's history, reminiscing over artifacts from the company's history.Microsoft Dogs&#xa0;was absolutely a real thing. Check out this video:<div></div>&#xa0;Other tidbits from the walkthrough video:<ul><li>In the early nineties, Microsoft had two competing operating system groups: The ambitious, enterprise-focused Windows NT, codenamed "Cairo," and the more consumer-focused&#xa0;Windows 95, codenamed "Chicago." According to Chen, "Chicago" was chosen because "We might not make it to Cairo, but we can make it to Chicago."&#xa0;</li><li>Similarly, when Windows NT 3.51 came out in 1995, it carried the internal codename "Tukwila," a town located just outside Microsoft's hometown of Redmond, because that's as far as they thought it had come toward the Cairo vision.&#xa0;</li><li>Windows ME, a stopgap release between Windows 98 and Windows XP released in 2000, was so notoriously dead on arrival that even Microsoft employees dissed&#xa0;it. When Microsoft employees lined up to get their complimentary copy on release day, one employee quipped to Chen that "I bet this is the longest line of people ever waiting for a copy of Windows ME."</li><li>Microsoft Neptune, an attempt at completely reinventing Windows back in 1999, had interesting features that&#xa0;most operating systems still don't have&#xa0;- for instance,&#xa0;it saved files automatically as you were working on them.</li><li>The collected Microsofties agreed that the development of Windows Vista, Microsoft's most&#xa0;prominent flop ever, was "troubled." But they also think it could have really taken off "if it had been released two years later, on slightly bigger hardware." Chen jokes that "[Vista] is&#xa0;going to be the subject of a VH1 Behind the Music documentary someday."</li><li>Chen shared a story he had heard from Microsoft's early days: Back when the company sold software printed on <a href="https://en.wikipedia.org/wiki/Punched_tape">paper tape</a>, a customer placed an order for Microsoft Focal, a programming tool. But when they went down to ship the order, they couldn't find the master, and couldn't even make a copy. Which means that there's at least one Microsoft product lost forever.</li></ul>It's a fascinating look at the company's history. If you want to watch the whole hour-long extravaganza, here you go:<div></div> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/smart-mirror-evan-cohen-2015-10">This Microsoft developer built a voice-controlled smart mirror in 20 hours</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="1iOTVkeDqqvx_2bw6UMm2VMGBAJpl6Xc" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

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Raymond Q4 profit falls 26% to ₹196.5 crore; income rises 10% to ₹2,150 crore

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Investors cheer Raymond’s restructuring plan to reduce debt

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Meet the 21-year-old Harvard dropout behind Friend, the creepy new AI necklace

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Tiger Global-backed Moglix acquires Vendaxo, a startup that sells used machinery to companies

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