Real estate and engineering company Raymond reported a consolidated third quarter revenue of Rs 953.9 crore, which was 41 percent higher compared to a year ago. Net profit from continuing operations came in at Rs 72.28 crore, higher by 75 percent on year. The numbers reflect the demerger of Raymond's lifestyle business, which was listed as a separate entity last year.
The third quarter EBITDA came in at Rs 138 crore, a rise of 75.6 percent on year.
The management has expressed confidence in the growth outlook for the engineering business, as well as on the new launches in the real estate space.
"We witnessed continued growth momentum in our Real Estate business during the quarter, with a strong booking value on account of successful launch of a new residential tower and continued traction in high street retail shops on our Thane land. Additionally, we remain optimistic about the future of our Engineering business, particularly in the aerospace sector, where we foresee significant growth opportunities," Gautam Hari Singhania, Chairman & Managing Director, Raymond said.
The real estate business performed well in Q3FY25 to achieve a booking value of Rs 505 crore, said the company, helped by a new launch in Mumbai suburb and sale of retail shops in Thane. Raymond clocked a surplus cash position for the third quarter with Rs 696 crore available for growth.
Raymond said the total potential revenue from its real estate business is over Rs 32,000 crore, including Rs 25,000 crore from Thane land parcel and Rs 7,000 crore from four separate joint projects.
The company also announced plans to invest Rs 50 crore in unit Ten X Realty West, a wholly-owned subsidiary of the company, to support a joint redevelopment project.
The Engineering business clocked a revenue of Rs 433 crore for Q3FY25.
The management informed that it has received the stock exchange approval for the vertical demerger of the real estate business, and the scheme has been filed with NCLT with shareholder and creditor's approval.
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