Raymond Ltd Reports Record Profit and Revenue Growth in Q2
Raymond Ltd, a leading conglomerate, has announced outstanding financial results for the second quarter. The company’s consolidated net profit doubled year-on-year, reaching an impressive Rs 59 crore compared to Rs 27.8 crore in the same period last year. This remarkable growth can be attributed to the robust performance of Raymond’s real estate and engineering businesses.
Surging Revenue and Improved EBITDA Margin
Raymond Ltd witnessed a significant increase in revenue from operations, soaring to Rs 1,044.7 crore in Q2, an increase from Rs 470 crore during the same period in the previous year. Furthermore, the company’s EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) rose to Rs 116 crore, compared to Rs 55.8 crore in the previous year. However, the EBITDA margin experienced a slight dip, settling at 11.1% as compared to 11.9% last year.
Real Estate and Engineering: Key Drivers of Success
Gautam Hari Singhania, Chairman and Managing Director of Raymond Ltd, emphasized the remarkable achievements in the real estate and engineering sectors. He particularly highlighted the launch of Park Avenue – High Street Reimagined, a groundbreaking retail space in Thane, aimed at boosting Raymond Realty’s residential projects. The company’s project execution prowess remained unrivaled, allowing it to surpass the timelines set by the Real Estate Regulatory Authority (RERA).
Raymond’s Real Estate Endeavors
Raymond’s real estate business witnessed exceptional growth in Q2, reporting revenue of Rs 571 crore—a staggering 135% increase compared to the previous year. Sales for the quarter stood at Rs 562 crore, demonstrating the popularity of Raymond’s residential projects. The real estate segment’s EBITDA soared to Rs 112 crore, surpassing last year’s figure of Rs 47 crore.
Solid Performance of the Engineering Business
The engineering business of Raymond Ltd also performed remarkably well, achieving a 121% year-on-year growth in revenue, reaching Rs 443 crore. The segment attributed its success to strong domestic demand for flex plates, ring gears, and shaft bearings. It recorded an EBITDA margin of 11%, further highlighting the business segment’s success.
However, the engineering business faced certain challenges pertaining to exports, primarily due to geopolitical issues and fluctuations in demand. Despite these obstacles, Raymond Ltd remains optimistic about its capacity to manage any future fluctuations effectively.
Overall, Raymond’s exceptional performance in the real estate and engineering sectors illustrates the company’s commitment to achieving growth and meeting the demands of the market. With their ongoing focus on innovation and dedicated project execution, Raymond Ltd is well-positioned to maintain its momentum and leave a significant mark in the industry.
