Raymond (RAYMOND) Q3 24/25 earnings summary

Executive summary

• Q3 FY25 revenue reached ₹985 crore, up 36% year-over-year, with EBITDA at ₹169 crore and a margin of 17.2%.

• Profit after tax from continuing operations was ₹71 crore, a 71% increase year-over-year.

• The quarter included the consolidation of Maini Precision Products, acquired in March 2024.

• Maintained net debt-free status with a net cash surplus of ₹696 crore.

• Vertical demerger and engineering restructuring initiatives progressed, with regulatory and shareholder approvals received.

Financial highlights

• Q3 FY25 EBITDA grew 33% year-over-year to ₹169 crore; EBITDA margin was 17.2%.

• Net cash surplus stood at ₹696 crore, with cash and equivalents at ₹1,582 crore as of December 31, 2024.

• Gross debt was ₹886 crore, including acquisition and working capital debt.

• Q3 FY25 profit before tax (before exceptional items) was ₹100 crore, up 14% YoY.

• Nine-month FY25 revenue was ₹3,084 crore, up 76% YoY; EBITDA for the period was ₹503 crore, up 60%.

Outlook and guidance

• Real estate business targets 20%-25% year-over-year growth in booking value.

• Real estate expansion to continue via capital-light JDA model; additional JDA projects under evaluation.

• Engineering segment expects recovery in aerospace and improved export performance in Q4.

• Optimism maintained for both real estate and engineering segments, with robust project pipelines valued at over ₹32,000 crore.