Raymond (RAYMOND) Q3 24/25 earnings summary

Executive summary

• Q3 FY25 revenue reached ₹985 crore, up 36% year-over-year, with EBITDA at ₹169 crore and a margin of 17.2%.

• Net profit from continuing operations was ₹71 crore, up 71% year-over-year.

• The company maintained a net debt-free position with a cash surplus of ₹696 crore.

• Acquisition of Maini Precision Products Limited (MPPL) completed in March 2024, contributing to engineering segment growth.

• Initiated vertical demerger and engineering restructuring, with regulatory and stakeholder approvals in place.

Financial highlights

• Q3 FY25 EBITDA grew 33% year-over-year to ₹169 crore; EBITDA margin at 17.2%.

• Q3 FY25 net profit from continuing operations: ₹71 crore (71% YoY growth); 9MFY25: ₹187 crore (64% YoY growth).

• Net cash surplus stood at ₹696 crore, up ₹194 crore since March 2024.

• Cash and cash equivalents totaled ₹1,582 crore as of December 31, 2024.

• Gross debt was ₹886 crore, including acquisition and working capital debt.

Outlook and guidance

• Real estate business targets 20%-25% year-over-year growth in booking value, with expansion via capital-light JDA model.

• Optimism for continued growth in both real estate and engineering segments, especially in aerospace, with a robust project pipeline.

• Engineering segment expects recovery in aerospace and improved exports in Q4, post-resolution of production issues.