Raymond Q1 Profit Up 26.7%; Completes Demerger Of Lifestyle Business
Raymond Ltd has announced a 26.7% rise in consolidated net profit from continuing operations, reporting net profit of Rs 57.04 crore for the first quarter ended June 2024, compared to Rs 45.02 crore in the same period last year, according to a regulatory filing on Tuesday.
The company’s revenue from continuing operations increased significantly to Rs 937.65 crore in the first quarter, up from Rs 473.37 crore in the same quarter of the previous year.
During the quarter ended June 30, 2023, Raymond Ltd’s board approved the demerger of its lifestyle business into a separate entity, Raymond Lifestyle Ltd. This demerger was finalized on June 30, 2024, and the listing of Raymond Lifestyle Ltd is expected in the second quarter of this year.
Following the demerger, Raymond Ltd’s primary focus areas are now real estate and engineering. Chairman and Managing Director Gautam Hari Singhania stated, “Our real estate business is expanding through joint development agreements (JDA), and we have been chosen as the preferred developer for our fourth project outside Thane, located in Bandra MIG.”
Singhania also mentioned the company’s expansion into the aerospace sector after acquiring Maini Precision Products Ltd (MPPL), stating, “Our entry into the aerospace business is showing strong performance in the first quarter, indicating a promising future.”
