Raymond Realty reports staggering 91.92% growth in Q3 FY24 net profit
Real Estate

Raymond Realty reports staggering 91.92% growth in Q3 FY24 net profit

Raymond has disclosed a substantial increase of 91.92% in its net consolidated profit for the quarter ending on December 30, 2023. The company reported a profit after tax of Rs 1853.9 million in Q3 FY24, compared to Rs 966 million in the corresponding quarter of the previous fiscal year, as per the BSE filing.

In Q3 FY24, the company's net consolidated total income reached Rs 24.50 billion, showcasing an 11.40% growth from Rs 21.99 billion recorded in the same quarter of the previous year.

Raymond Realty experienced a surge in sales, rising from Rs 2.92 billion in Q3 FY23 to Rs 4.39 billion in Q3 FY24. Additionally, the company entered into joint development agreements (JDA) during the quarter, amounting to over Rs 30 billion, contributing to the total JDA projects under development, which are valued at over Rs 50 billion.

The company's ongoing projects on its Thane land are valued at Rs 90 billion, with a potential to generate an additional Rs 160 billion, resulting in a total potential revenue of Rs 250 billion from the Thane land bank.

In terms of the real estate segment, Q3 FY24 revenue stood at Rs 4359.8 million, while the profit before tax reached Rs 941.8 million.

As of December 30, 2023, Raymond's net worth was reported at Rs 44.02 billion. The company's financial metrics included a debt-equity ratio of 0.54, a current liability ratio of 58.28%, total debts to total assets ratio of 25.44%, operating margin of 15.17%, and a net profit margin of 7.77%.

Raymond has disclosed a substantial increase of 91.92% in its net consolidated profit for the quarter ending on December 30, 2023. The company reported a profit after tax of Rs 1853.9 million in Q3 FY24, compared to Rs 966 million in the corresponding quarter of the previous fiscal year, as per the BSE filing. In Q3 FY24, the company's net consolidated total income reached Rs 24.50 billion, showcasing an 11.40% growth from Rs 21.99 billion recorded in the same quarter of the previous year. Raymond Realty experienced a surge in sales, rising from Rs 2.92 billion in Q3 FY23 to Rs 4.39 billion in Q3 FY24. Additionally, the company entered into joint development agreements (JDA) during the quarter, amounting to over Rs 30 billion, contributing to the total JDA projects under development, which are valued at over Rs 50 billion. The company's ongoing projects on its Thane land are valued at Rs 90 billion, with a potential to generate an additional Rs 160 billion, resulting in a total potential revenue of Rs 250 billion from the Thane land bank. In terms of the real estate segment, Q3 FY24 revenue stood at Rs 4359.8 million, while the profit before tax reached Rs 941.8 million. As of December 30, 2023, Raymond's net worth was reported at Rs 44.02 billion. The company's financial metrics included a debt-equity ratio of 0.54, a current liability ratio of 58.28%, total debts to total assets ratio of 25.44%, operating margin of 15.17%, and a net profit margin of 7.77%.

Next Story
Infrastructure Urban

Mumbai’s Sassoon Dock to Get Tech-Driven Modernisation with Finland

The Maharashtra government, in collaboration with Finland, will modernise Mumbai’s historic Sassoon Dock using advanced technology, state minister Nitesh Rane announced on Wednesday.Rane met a delegation of Finnish officials and representatives of Finnish companies at the dock to discuss strategic plans for upgrading the facility in south Mumbai, according to an official statement.Built in the 19th century, Sassoon Dock is one of Mumbai’s oldest and busiest fishing harbours. Operations currently exceed its original capacity, raising concerns over hygiene, odour, fish handling standards, an..

Next Story
Infrastructure Energy

Agarwal Industrial Wins Rs 3.3 Billion IOCL Bitumen Tender

Agarwal Industrial Corporation rose 3.84 per cent to Rs 945.65 after announcing it had secured a prestigious tender from Indian Oil Corporation (IOCL) worth Rs 3.3 billion.In a regulatory filing during market hours, the company confirmed it had won the tender to supply Bulk Bitumen (VG-30 and VG-40 grades) to IOCL’s Kakinada locations.The firm quantity under the award totals around 60,500 tonnes across 11 parcels, while the optional quantity is approximately 33,000 tonnes across six parcels. This brings the total awarded quantity to roughly 93,500 tonnes. At current market prices, the firm o..

Next Story
Infrastructure Transport

Odisha to Get New Major Port at Bahuda with Rs 215 Billion Investment

In a major boost to India’s maritime infrastructure, Paradip Port Authority, Visakhapatnam Port Authority, Sagarmala Finance Corporation Ltd, and the Odisha government will jointly develop a new major port at Bahuda in Odisha’s Ganjam district, with an estimated investment of Rs 215 billion. Once operational, the port will become the 14th major port owned by the Union government.The proposed Bahuda port will accommodate dry bulk ships ranging from 40,000 to 150,000 deadweight tonnes and container vessels capable of carrying up to 6,000 TEUs. The project follows a Pre-Techno Economic Feasib..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?