Raymond Ltd reported a consolidated net profit, from continuing operations, of ₹57 crore in the June quarter, up 26.7 per cent from a year ago, while revenue nearly doubled to ₹937.7 crore.

The demerger of the company’s lifestyle business into a separate entity was completed on June 30, and this has come under discontinued operations in the profit and loss account. As a consequence of this demerger, a gain of ₹7337.8 crore has been recognised as an exceptional item.

The real estate segment’s revenue doubled to ₹487.8 crore while the engineering and auto components business revenue also doubled to ₹419 crore in the quarter under review.

Raymond Ltd has started the process to spin off its real estate business into a separate entity, while the demerged Raymond Lifestyle will list sometime in September.

The company’s Chairman and Managing Director Gautam Singhania said the management was satisfied with the performance of the company. “Our real estate business continues to expand its portfolio through the JDA route and we have been appointed as preferred developer in our fourth project outside Thane land in Bandra MIG.” He added the foray into the aerospace segment with the acquisition of Maini Precision Products was showing promise.

Real estate

The company owns 100 acres of land in Thane and this prompted its entry into the real estate sector. During Q1FY25 it saw bookings of ₹611 crore, up 85 per cent on year.

It reported an EBITDA of ₹85 crore, compared to ₹54 crore year ago.

Under the terms of the demerger of Raymond Realty, shareholders of Raymond Ltd will get one share in the new entity for every share held.

During the quarter, the lifestyle business was impacted due to subdued consumer demand, prolonged heat waves, general elections, fewer wedding dates and inflation, which impacted overall revenue performance and margins. It reported an 8 per cent fall in revenue to ₹1,249 crore and EBITDA was 51 per cent lower at ₹87 crore.

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