 "Raymond Q1 results: Net profit rises 27% to Rs 57.04 cr from operations")
Raymond Ltd on Tuesday reported a 26.7 per cent increase in consolidated net profit from continuing operations at Rs 57.04 crore in the first quarter ended June 2024.
The company had posted a consolidated net profit of Rs 45.02 crore from continuing operations in the same quarter last fiscal, Raymond Ltd said in a regulatory filing.
Revenue from continuing operations in the first quarter stood at Rs 937.65 crore as against Rs 473.37 crore in the year-ago period, it added.
During the quarter ended June 30, 2023, a scheme of demerger of the lifestyle business of Raymond Ltd into Raymond Lifestyle Ltd was accorded board approval. The demerger of the lifestyle business was completed on June 30, 2024, the company said, adding the listing of Raymond Lifestyle Ltd is expected in the second quarter of this year.
The main business of Raymond Ltd now includes real estate and engineering businesses.
"Our real estate business continues to expand its portfolio through the JDA (joint development arrangement) route and we have been appointed as the preferred developer in our fourth project outside Thane land in Bandra MIG," Raymond Ltd Chairman & MD Gautam Hari Singhania said.
Additionally, he said, "Our foray into the aerospace business, following the acquisition of MPPL (Maini Precision Products Ltd), is showing promising signs with its strong performance in the first quarter.