Raymond Ltd Reports 26.7% Profit Boost Amid Strategic Business Shifts

Raymond Ltd announced a 26.7% increase in consolidated net profit for Q1 2024, earning Rs 57.04 crore, up from Rs 45.02 crore last year. Revenue surged to Rs 937.65 crore. Following a demerger, the company's focus is now on real estate and engineering. Raymond also ventures into aerospace through MPPL acquisition.

Raymond Ltd on Tuesday reported a significant 26.7 per cent increase in consolidated net profit from continuing operations, reaching Rs 57.04 crore for the first quarter that ended in June 2024.

The company saw a substantial increase from the Rs 45.02 crore net profit it had recorded during the same period last year, according to a regulatory filing. Revenue from continuing operations also saw a notable rise, standing at Rs 937.65 crore compared to Rs 473.37 crore in the year-ago period.

Raymond Ltd underwent a major restructuring during the quarter ending June 30, 2023, with the demerger of its lifestyle business into Raymond Lifestyle Ltd. The demerger was completed on June 30, 2024, and the newly formed lifestyle business is expected to list in the second quarter of this year.

The company's primary focus now includes real estate and engineering sectors. According to Chairman & MD Gautam Hari Singhania, Raymond's real estate business continues to expand, exemplified by new projects like the Bandra MIG development. Additionally, the company's recent venture into the aerospace industry, following the acquisition of Maini Precision Products Ltd, is showing promising results.

(With inputs from agencies.)