Raymond Ltd Reports 63% Drop in Q2 Profit to Rs 59 Crore
Raymond Ltd, a diversified company with interests in real estate and engineering, has reported a 63% decline in Q2 profit to Rs 59.01 crore. Despite this, the company has seen strong performance in its real estate and engineering segments.
Raymond LtdQ2 ProfitReal EstateEngineeringPark AvenueReal EstateNov 04, 2024
Total income for the July-September quarter increased to Rs 1,100.70 crore, a substantial rise from Rs 512.35 crore in the corresponding period of the previous year, according to a regulatory filing. This growth can be attributed to the company's strategic focus on diversification and innovation.
Gautam Hari Singhania, the Chairman and Managing Director of Raymond Ltd, expressed optimism about the company's future. 'We have seen good momentum in both our real estate and engineering businesses. This is a testament to our strategic initiatives and the strong market demand for our products and services,' he stated.
One of the highlights of the quarter was the launch of 'Park Avenue - High Street Reimagined,' a pioneering retail space in Thane. This project is designed to create an aspirational ecosystem for Raymond's current and upcoming residential projects. Singhania emphasized the importance of project execution, noting, 'The project execution remains our USP, and we are committed to delivering before RERA timelines.'
Despite the profit drop, Raymond Ltd continues to remain a leader in its sectors, driven by its strong performance in real estate and engineering. The company's innovative approaches and commitment to quality are expected to drive future growth and maintain its competitive edge in the market.
Frequently Asked Questions
What was Raymond Ltd's net profit in Q2 of the current fiscal year?
Raymond Ltd's net profit in Q2 of the current fiscal year was Rs 59.01 crore.
How much did Raymond Ltd's net profit decline compared to the same period last year?
Raymond Ltd's net profit declined by 63% compared to the same period last year.
What was the total income of Raymond Ltd in the July-September period of the current fiscal year?
The total income of Raymond Ltd in the July-September period of the current fiscal year was Rs 1,100.70 crore.
What notable project did Raymond Realty launch in Thane?
Raymond Realty launched 'Park Avenue - High Street Reimagined,' a pioneering retail space in Thane.
Who is the Chairman and Managing Director of Raymond Ltd?
The Chairman and Managing Director of Raymond Ltd is Gautam Hari Singhania.
Related News Articles
Indian Realty Giants Unload Properties Worth Rs 1.17 Lakh Crore in FY24
Leading real estate companies in India, such as Macrotech Developers and Signature Global, have sold properties worth a staggering Rs 1.17 lakh crore in FY24.
Soaring Demand Drives Up Property Prices in Delhi-NCR and MMR
Average housing prices in Delhi-NCR and Mumbai Metropolitan Region (MMR) have risen by nearly 50% in the last five years, driven by higher demand and infrastructural developments.
Aditya Birla Real Estate: Pune Launch on the Cards, Expanding in Thane and Sarjapur
In a recent post-earnings call, the management of Aditya Birla Real Estate Ltd, formerly known as Century Textiles and Industries Ltd, announced the upcoming launch of a new project in Pune, along with plans to expand in Thane and Sarjapur.
ACRES 2025 Showcases Over 400 Property Projects in Egypt Pavilion
Organised by the Sharjah Chamber of Commerce and Industry (SCCI) in collaboration with the Sharjah Real Estate Registration Department (SRERD), the ACRES 2025 event is set to feature an extensive array of property projects from Egypt, highlighting the cou
The 23-Year Journey: How a UP Man Purchased Dawood Ibrahim’s Mumbai Shop
Hemant Jain took a significant risk in 2001 by purchasing a Mumbai shop linked to Dawood Ibrahim. Despite numerous bureaucratic obstacles, he finally managed to register the property after a grueling 23-year battle.
What Are the Top 20 Expectations for the Budget 2025-26?
As the Union Budget 2025-26 approaches, scheduled to be presented by Finance Minister Nirmala Sitharaman on February 1 (Saturday), the real estate industry and other sectors are bracing for significant changes and potential boosts. Here’s a detailed look