Raymond reported a significant 91.92% increase in net consolidated profit for Q3 FY24, reaching INR 185.39 crore compared to INR 96.60 crore in the previous year. Consolidated total income rose to INR 2,450.32 crore, a growth of 11.40%. Raymond Realty's sales surged from INR 292 crore to INR 439 crore. Real estate segment revenue hits INR 435.98 crore, with a profit before tax of INR 94.18 crore. It has signed joint development agreements (JDA) exceeding INR 3,000 crore, contributing to a pipeline of projects worth over INR 5,000 crore. With INR 9,000 crore worth running projects and others potentially generating INR 16,000 crore, the revenue from Thane land is estimated to be INR 25,000 crore.
Raymond's financial performance in Q3 FY24 showcases remarkable growth, with a 91.92% surge in net consolidated profit, reaching INR 185.39 crore compared to INR 96.60 crore in the previous fiscal's corresponding quarter. This impressive growth is attributed to the company's net consolidated total income, which rose by 11.40% to INR 2,450.32 crore in Q3 FY24 from INR 2,199.53 crore in the same period last year.
Raymond Realty experienced a significant uptick in sales, jumping from INR 292 crore in Q3 FY23 to INR 439 crore in Q3 FY24. Additionally, the company secured joint development agreements (JDA) worth over INR 3,000 crore during the quarter, contributing to total JDA projects under development valued at over INR 5,000 crore.
The company's Thane land bank is a key asset, with projects valued at INR 9,000 crore currently underway. Moreover, the Thane land holds further potential to generate INR 16,000 crore, translating to a total potential revenue of INR 25,000 crore.
Revenue from the real estate segment amounted to INR 435.98 crore in Q3 FY24, accompanied by a profit before tax of INR 94.18 crore, reflecting the segment's strong performance.
As of December 30, 2023, Raymond's financial metrics portray a healthy financial position. The company's net worth stood at INR 4,402.41 crore, while the debt-equity ratio was reported at 0.54. Additionally, the current liability ratio stood at 58.28%, and the total debts to total assets ratio was 25.44%. Operating margin was recorded at 15.17%, indicating operational efficiency, while the net profit margin stood at 7.77%, highlighting the company's profitability.
Raymond's robust financial performance underscores its strategic initiatives and effective management, positioning the company for sustained growth and profitability in the dynamic business landscape. With a strong foothold in the real estate sector and a focus on maximizing value from its assets, Raymond continues to drive value for its stakeholders and contribute to the overall growth of the industry.
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