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%.

• Profit after tax from continuing operations was ₹71 crore, a 71% increase year-over-year.

• The company maintained a net cash surplus of ₹696 crore and completed the acquisition of Maini Precision Products in March 2024.

• Vertical demerger and engineering restructuring initiatives progressed, with regulatory and shareholder approvals received.

• Demerger of Lifestyle business completed effective 30 June 2024, with a gain of ₹733,784 lakhs recognized.

Financial highlights

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

• Q3 FY25 net profit: ₹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 and expansion via capital-light JDA model.

• Optimism for continued growth in both real estate and engineering segments, with a robust project pipeline valued at over ₹32,000 crore.

• Engineering segment expects recovery in aerospace and improved exports in Q4.

• Engineering business expected to benefit from aerospace and EV component demand.