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

06 Feb 2024 CW Team

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%.

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