Raymond (RAYMOND) Q2 24/25 earnings summary

Executive summary

• Q2 FY25 consolidated revenue reached ₹1,101 crore, up 115% year-over-year, driven by robust real estate and engineering performance.

• EBITDA for the quarter was ₹172 crore with a margin of 15.6%, rising 75% year-over-year.

• Net profit from continuing operations was ₹59 crore, more than doubling from the prior year.

• Real estate bookings were ₹562 crore, led by strong demand in Thane and Bandra projects.

• Demerger of Lifestyle/real estate business and engineering restructuring progressed, with schemes filed and a one-time gain recognized.

Financial highlights

• Real estate segment revenue grew 135% YoY to ₹571 crore; EBITDA rose to ₹112 crore.

• Engineering segment revenue doubled to ₹443 crore, with MPPL contributing ₹225 crore.

• Net cash surplus stood at ₹685 crore as of September 30, 2024.

• Profit before tax (PBT) was ₹103 crore, up 42% YoY.

• Interest and depreciation expenses increased due to acquisition activity.

Outlook and guidance

• Real estate bookings expected to grow 20%-25% YoY, with a robust project pipeline and new launches planned.

• Engineering segment anticipates growth in aerospace, auto, and EV components, with recovery expected as production issues resolve.

• Real estate pricing in Thane projected to rise 6%-8% annually over the next two years.

• Company expects to remain net cash surplus.

• Real estate business has a total potential revenue pipeline exceeding ₹32,000 crore.