Raymond’s real estate arm, Raymond Realty, posted a revenue of Rs 487.8 crore in the third quarter of the financial year 2024-25 (Q3 FY25), up 11.12 per cent year-on-year (YoY). However, revenue declined 14.62 per cent sequentially.
The company’s earnings before interest, taxes, depreciation, and amortisation (Ebitda) during the quarter stood at Rs 116 crore, up 19.6 per cent YoY. Its Ebitda margin improved slightly to 23.8 per cent, from 22.1 per cent in Q3 FY24.
In Q3 FY25, the company achieved a booking value of Rs 505 crore, primarily driven by demand for The Address by GS 2.0, TenX ERA, the sale of retail shops in Thane, and a joint development agreement (JDA) for The Address by GS in Bandra.
The Thane-based realtor is a part of Raymond Limited and is led by Gautam Singhania.
Commenting on the company’s performance, Singhania, chairman and managing director, Raymond Limited, said, “We witnessed continued growth momentum in our real estate business during the quarter, with a strong booking value on account of the successful launch of a new residential tower and continued traction in high street retail shops on our Thane land.”
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The total potential revenue from Raymond’s current real estate business is Rs 32,000 crore, which includes over Rs 25,000 crore from its Thane land parcel and Rs 7,000 crore from four separate JDAs.
Besides, Raymond is set to demerge its real estate business and has obtained a no-objection certificate (NOC) from stock exchanges and approval from its shareholders.
In an interaction with Business Standard in December 2024, Raymond Realty’s chief executive officer, Harmohan Sahni, stated that the business is estimated to get listed during Q2 FY26.
During the first nine months of FY25, the business’ revenue soared 69.02 per cent YoY to Rs 1,546.91 crore.