Prime Highlights
- Raymond Realty Ltd will jointly develop a new residential project in Kandivali, Mumbai with a gross development value of about ₹3,000 crore.
- The new development marks the company’s third project in Mumbai’s western suburbs, strengthening its presence in the city’s real estate market.
Key Facts
- With this project, the total gross development value of Raymond Realty’s real estate portfolio will reach nearly ₹43,000 crore.
- The company reported quarterly revenue of ₹757.5 crore and a net profit of ₹66.8 crore, showing steady business growth.
Background:
Raymond Realty Ltd has announced a joint development agreement for a new residential project in Kandivali, a suburb in Mumbai. The project has an estimated gross development value of around ₹3,000 crore and marks another step in the company’s expansion in the city’s real estate market.
The company said it has signed the definitive documents to move forward with the development. This will be its third project in Mumbai’s western suburbs and the seventh joint development project it has undertaken in the city. With the addition of this project, Raymond Realty stated that the total gross development value of its real estate portfolio will reach close to ₹43,000 crore.
The new project shows the company’s plan to grow its residential projects in major cities through partnerships and joint developments.
Along with announcing the project, the company also shared its recent financial results. Raymond Realty posted a net profit of ₹66.8 crore in the latest quarter, an increase of about 11 percent from ₹60.2 crore in the previous quarter. The growth in profit came as the company reported higher revenues during the period.
Revenue rose by 8.8 percent sequentially to ₹757.5 crore, compared with ₹696 crore in the earlier quarter. However, the company’s earnings before interest, tax, depreciation and amortisation (EBITDA) declined slightly to ₹91.2 crore from ₹91.7 crore in the previous quarter.
Margins also fell during the quarter, slipping to 12 percent from 13.2 percent earlier. Despite the slight decline in profitability margins, the company’s revenue and profit growth indicate continued business activity and project momentum.
Meanwhile, shares of Raymond Realty were trading lower during Monday’s session. The stock was down about 1.1 percent at ₹376.3 per share around 12:30 pm. Over the past month, the stock has declined nearly 22.5 percent.
The company’s latest project announcement highlights its ongoing focus on expanding its residential development pipeline in Mumbai while strengthening its position in the competitive real estate market.