Raymond Delivers Strong Quarterly Performance in Real Estate & Engineering Business

Successfully demerged its Lifestyle business into a separate entity expected to be listed in Q2FY25

·         Real Estate business maintained strong booking of ~₹ 611 Cr with 85% YoY growth

·         Real Estate and existing Engineering business without Maini Precision grew by 50%

·         Engineering business recorded a revenue of ~₹ 419 Cr with a growth of 100 % YoY

·         Company has initiated the process of demerger of Real Estate Business

Bengaluru, 6th August, 2024: Raymond Limited today announced its unaudited financial results for the quarter ended 30th June, 2024. Raymond Limited now includes Real Estate and Engineering businesses, excluding the Lifestyle business, which has been demerged into Raymond Lifestyle Limited.

A snapshot of the consolidated financial results: (Post IND AS 116)

Consolidated Results Snapshot
₹ in Crores	Q1FY25	Q1FY24	Y-o-Y%
Net Revenue	998	517	93%
EBITDA	162	89	82%
EBITDA %	16.2%	17.3%
PBT (before exceptional Items)	92	66	40%
PBT % (before exceptional Items)	9.2%	12.7%

Note: Raymond Limited now includes Real Estate and Engineering businesses, excluding the Lifestyle business, which has been demerged into Raymond Lifestyle Limited.

Raymond Limited continues its growth momentum, delivering a robust performance with consolidated quarterly revenue from Real Estate and Engineering business of ₹ 998 Cr, reflecting a 93 % increase compared to the same quarter of the previous financial year, and an EBITDA of

₹162 Cr with an EBITDA margin of 16.2%. In Q1 FY25, the company achieved a strong booking value of ₹ 611 Cr, primarily driven by demand for ‘The Addressby GS 2.0’ in Thane and the recently launched JDA ‘The Address by GS’ in Bandra.

Raymond Limited completed the acquisition of Maini Precision Products Limited (MPPL) on 29th March 2024. Starting from Q1 FY25, the company has consolidated the performance of its Engineering business to include MPPL. The segment has shown strong performance post-

acquisition, marking Raymond Group’s entry into the sunrise sectors of Aerospace, Defense, and EV components.

Commenting on the performance, Gautam Hari Singhania, Chairman C Managing Director, Raymond Limited said; “We are satisfied with our business performance in Ǫ1 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 developer in our fourth 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 Ǫ2FY25.”

Q1FY25 Segmental Performance (Post IND AS 116)

Real Estate business the business showcased strong sales performance, with 108% growth to ₹ 488 Cr in Q1 FY25 from ₹235 Cr in the same quarter of the previous year. Sustained home demand and increased customer confidence in Raymond Realty projects were the quarter’s highlights, with our committed delivery timelines much appreciated by our customers. The segment reported an EBITDA of ₹ 85 Cr in Q1 FY25 from ₹54 Cr in Q1FY24.

Engineering business segment reported sales of ₹ 419 Cr in Q1 FY25, doubling revenue compared to ₹209 Cr in the same quarter of the previous year. Revenue for Q1 FY 25 includes revenue from MPPL of ₹220 Cr, which was acquired in March 24. The segment delivered an EBITDA margin of 13.2%.

Strategic Initiatives:

In line with our objective of simplification of group structure, Raymond Limited has initiated the vertical demerger of its Real Estate Business into its wholly owned subsidiary, Raymond Realty Limited (RRL). Upon completion of this demerger, Raymond Ltd and Raymond Realty Limited (RRL) will operate as separate listed entities within the Raymond Group, pending all statutory approvals. The new entity will seek automatic listing on stock exchanges, and according to the scheme of arrangement, each Raymond Ltd (RL) shareholder will receive 1 share of RRL for every 1 share held in Raymond Limited. This strategic move comes as Raymond’s Real Estate Business has achieved scale, reporting revenue of ₹1,593 Cr (43% YoY growth) and EBITDA of ₹370 Cr in FY24, positioning it well to chart its own growth path as a separate entity.

Lifestyle business operational highlights:

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, and the information pertaining to the operational highlights of the Lifestyle business are below.

During the quarter, our 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.

Operational Highlights of the Lifestyle Business
₹ in Crores	Q1FY25	Q1FY24	Y-o-Y%
Net Revenue	1,249	1,353	(8%)
EBITDA	87	180	(51%)