Raymond Q4 Profit Jumps 18% Driven By Real-Estate Business
Raymond Realty saw strong booking momentum during the quarter, particularly post the launch of its first joint development project in Bandra, Mumbai. Buoyed by strong demand for its real-estate segment Raymond conglomerate reported an 18 per cent rise in fourth-quarter profit. The company, which sells clothes to luxury homes, said its consolidated profit rose to 2.29 billion rupees ($27.5 million) in the three months to March 31, compared with 1.94 billion rupees a year ago. Its revenue from operations rose 21 per cent in the quarter. Its real estate segment saw strong booking momentum during the quarter, particularly post the launch of its first joint development project in Bandra, Mumbai. The segment accounts for 25 per cent of the revenue mix and its revenue more than doubled during the quarter. The conglomerate's earnings before interest, taxes, depreciation and amortization (EBITDA) margin expanded to 19.2 per cent from 17.3 per cent an year ago. Post consolidation, Raymond aims to set up two units, one of which will focus on aerospace and defense, while the other will cater to the auto components with EV and engineering consumables sector. The company also re-appointed Gautam Hari Singhania as managing director for a term of five years effective from July 1, 2024.
Tags : Raymond Realty booking Mumbai luxury homes revenue EBITDA Gautam Hari Singhania