Raymond Q1 Results: Net Profit Up 27% to Rs 57.04 Cr from Operations

Raymond Ltd’s main business activities are currently in the real estate and engineering industries | Photo: Wikimedia Commons

2 minutes of reading Last updated: August 6, 2024 | 18:35 IST

Raymond Ltd. on Tuesday reported a 26.7 per cent rise in consolidated net profit from continuing operations at Rs 57.04 crore for the first quarter ended June 2024.

Raymond Ltd said in a regulatory filing that its consolidated net profit from continuing operations stood at Rs 45.02 crore during the corresponding quarter of the previous financial year.

Revenue from continuing operations during the first quarter stood at Rs 937.65 crore as against Rs 473.37 crore in the same period last year, it added.

During the quarter ended June 30, 2023, the board approved the plan to demerge the lifestyle business of Raymond Ltd into Raymond Lifestyle Ltd. The demerger of the lifestyle business was finalized on June 30, 2024, the company said, adding that the listing of Raymond Lifestyle Ltd is expected in the second quarter of this year.

Raymond Ltd’s principal activities today are in the real estate and engineering industries.

“Our real estate business continues to expand its portfolio with the Joint Development Agreement (JDA) and we have been selected as the preferred developer for our fourth project outside Thane Land at Bandra MIG,” said Gautam Hari Singhania, Chairman and Managing Director, Raymond Ltd.

He added, “Our expansion into the aerospace market after the acquisition of MPPL (Maini Precision Products Ltd) is showing promising results, as evidenced by the good results achieved in the first quarter.

First published: August 6, 2024 | 18:27 IST