Raymond Limited Reports Strong Q3 FY 2024-25 Results, Revenue Up 36% YoY

Mumbai, India – January 29, 2025​

Raymond Limited (NSE: RAYMOND, BSE: 500330) has announced robust financial results for the third quarter (Q3) and nine months (9M) ended December 31, 2024, reflecting strong revenue growth, improved margins, and steady expansion in real estate and engineering businesses.

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Key Financial Highlights (Consolidated Results)​

Quarterly Performance (Q3 FY 2024-25 vs Q3 FY 2023-24)​

• Revenue from Operations: ₹985 crore, up 36% YoY from ₹727 crore.
• EBITDA: ₹169 crore, rising 33% YoY from ₹127 crore.
• EBITDA Margin: 17.2%, compared to 17.5% in Q3 FY24.
• Profit Before Tax (PBT, before exceptional items): ₹100 crore, up 14% YoY.
• Net Profit (PAT): ₹65.89 crore, compared to ₹49.94 crore in Q3 FY24.

Nine-Month Performance (9M FY 2024-25 vs 9M FY 2023-24)​

• Total Revenue: ₹3,084 crore, up 76% YoY from ₹1,756 crore.
• EBITDA: ₹503 crore, increasing 60% YoY from ₹315 crore.
• PBT: ₹294 crore, up 31% YoY from ₹225 crore.
• EPS (9M FY25): ₹9.64, compared to ₹6.39 in 9M FY24.

Raymond continues its growth momentum, driven by a strong real estate business and increased contributions from the engineering division.

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Segmental Performance & Business Growth​

1. Real Estate Business​

• Revenue: ₹488 crore in Q3 FY25, up 11% YoY from ₹439 crore.
• EBITDA: ₹116 crore, up from ₹97 crore.
• EBITDA Margin: 23.8%, up 160 bps from Q3 FY24 (22.1%).
• Booking Value:₹505 crore in Q3, driven by:
  • Strong demand for ‘The Address by GS 2.0’ & ‘TenX ERA’ projects.
  • Continued traction in retail shops in Thane and Bandra.

Total potential revenue from the real estate business now exceeds ₹32,000 crore, including:

• ₹25,000 crore+ from Thane land parcel.
• ₹7,000 crore+ from four separate Joint Development Agreements (JDAs).

Raymond is now among the top 10 real estate players in India, known for delivering projects ahead of schedule.

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2. Engineering Business​

• Revenue: ₹433 crore in Q3 FY25, up from ₹217 crore in Q3 FY24.
• EBITDA Margin: 12.0%, down from 13.8% last year, due to product mix changes.
• Key Trends:
  • Growth in aerospace segment expected post resolution of aircraft production issues.
  • Auto components & engineering consumables impacted by sluggish export demand.

With the acquisition of Maini Precision Products Limited (MPPL), Raymond's engineering business has expanded significantly and is now positioned to serve automotive, EV, aerospace, and defense industries globally.

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Financial Strength & Capital Allocation​

• Net Cash Surplus: ₹696 crore available for future growth & expansions.
• Debt Reduction: Continued deleveraging efforts to strengthen balance sheet.

Raymond maintains a strong financial position, ensuring capital efficiency across all business segments.

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Market Outlook & Growth Strategy​

Raymond is well-positioned for long-term growth, driven by:

✔ Expanding real estate portfolio with new high-value projects.
✔ Scaling up precision engineering & aerospace manufacturing.
✔ Improving operational efficiencies & cost controls.
✔ Targeting high-margin segments in real estate & auto components.

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Conclusion​

Raymond Limited has delivered a stellar Q3 FY 2024-25 performance, supported by strong real estate sales, strategic acquisitions, and cost efficiencies. With a healthy cash position, robust project pipeline, and diversified revenue streams, Raymond is poised for sustained long-term success.