Raymond Limited on Tuesday released its fiscal first quarter earnings with Q1 profit recorded at Rs 57.04 crore, up 26.7 per cent in comparison to Rs 45.02 crore reported during the corresponding quarter of FY24. It posted revenue from operations at Rs 937.65 crore, posting a growth of 98.1 per cent as against Rs 473.37 crore during the same quarter of previous financial year. The company EBITDA stood at Rs 101.3 crore.
The company said that its Real Estate and Engineering business recorded consolidated quarterly revenue at Rs 998 crore, posting a growth of 93 per cent as compared to the same quarter of previous financial year and an EBITDA of Rs 162 crore. In Q1FY25, the company achieved a strong booking value of Rs 611 crore, primarily driven by demand for ‘The Address by GS 2.0’ in Thane and the recently launched JDA ‘The Address by GS’ in Bandra.
Gautam Hari Singhania, Chairman & Managing Director, Raymond Limited, said, “We are satisfied with our business performance in Q1 FY25, which underscores the strength and resilience of our business strategy. Our Real Estate business continues to expand its portfolio through the JDA route and we have been appointed as preferred developerin ourfourth project outside thane land in Bandra MIG. Additionally, our foray into the Aerospace business, following the acquisition of MPPL, is showing promising signs with its strong performance in the first quarter. During the quarter we have successfully demerged Lifestyle business into a separate company that will be listed in Q2FY25.”
Raymond’s Q1 performance across businesses
Raymond’s Real Estate business showcased strong sales performance, with 108 per cent growth to Rs 488 crore in Q1 FY25 from Rs 235 crore in the same quarter of the previous year, on sustained home demand and increased customer confidence in Raymond Realty projects. The segment reported an EBITDA of Rs 85 crore in Q1FY25.
Engineering business segment reported sales of Rs 419 crore in Q1FY25, doubling revenue compared to Rs 209 crore in the same quarter of the previous year. Revenue for Q1FY25 includes revenue from MPPL of Rs 220 crore, which was acquired in March 24. The segment delivered an EBITDA margin of 13.2 per cent.
Demerger and acquisitions
Raymond Limited completed the acquisition of Maini Precision Products Limited (MPPL) on 29th March 2024. Starting from Q1FY25, the company has consolidated the performance of its Engineering business to include MPPL.
Furthermore, the demerger of the Lifestyle business was completed on 30th June 2024. The listing of Raymond Lifestyle Limited is expected in the second quarter of this year. During the quarter, the company said, the Lifestyle business was impacted due to subdued consumer demand, prolonged heat waves, general elections, fewer wedding dates and inflation, which impacted overall revenue performance and margins.