Raymond Limited — Investor Meet, 06-02-2025: Analysts/Institutional Investor Meet/Con. Call Updates

**Financial Performance:** Raymond Limited reported a revenue of ₹985 crores for the quarter, marking a robust growth of 36% year-over-year from ₹727 crores. The EBITDA for the quarter stood at ₹169 crores, achieving an EBITDA margin of 17.2%, with a year-over-year EBITDA growth of 33%. Profit after tax from continuing operations reached ₹72 crores, demonstrating a substantial increase of 75% compared to ₹41 crores in the previous year. Segmental performance showed impressive results in real estate, with revenues of ₹488 crores, up 11% year-over-year, and an EBITDA of ₹116 crores, reflecting a 19% increase.

**Future Outlook and Growth Drivers:** Management expressed optimism about the real estate and engineering segments, anticipating continued growth driven by strong market demand and strategic infrastructure developments. The planned demerger of the real estate business is expected to enable targeted growth and operational efficiency, with a projected completion timeline for the listing in approximately six months.

**Order Book and Operational Updates:** In the real estate segment, booking values reached ₹505 crores, driven by new launches and sustained demand across projects. The engineering segment reported combined performance, attributed to recent acquisitions and enhanced domestic demand, though export markets remain challenged.

**Analyst Q&A Insights:** Analysts inquired about revenue projections and market positioning. Management assured a positive outlook for Q4, particularly in aerospace and domestic engineering sectors despite temporary obstacles. Concerns on government infrastructure spending were addressed, indicating no observed slowdown in approvals or project launches.

**Market or Regulatory Updates:** Updates included a mention of steady demand in the real estate market and strong pipelines for upcoming projects. The impact of governmental policies on the infrastructure sector was highlighted as supportive of future growth.

**Strategic Focus Areas:** Raymond exhibits strategic themes focused on market expansion in real estate, with a commitment to timely project delivery. The engineering sector is consolidating segments for enhanced operational efficiencies.

**Investor Insight:** With a strong financial position and favorable growth outlook, the current trajectory suggests a positive investment stance, considering management’s strategic initiatives and robust performance.