Raymond - The Complete Man

Here are the updated notes:

Some Observations:

  • Raymond decided to highlight the revenue numbers in the presentation as there has been a substantial growth in accounting terms. (135% YoY) 571 Cr vs 243 Cr.
  • However, there has been degrowth in booking value in this quarter. (-13.5%) 562 Cr vs 650 Cr.
  • While I have no clue of what led to this, chances are the month of Shraad getting extended might be the cause. May be a lot of booking may have been pushed to Q3.
  • Management has reaffirmed 20-25% growth in booking value this year.

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Booking value (no. of units sold) gets a bump-up with new launches. Since new launches don’t happen every quarter, this could be uneven. I guess there were a couple of new launches in Q2 of last year

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I presume that could be the case. Thanks.

They’ve clearly mentioned the number of shares Raymond had issued to Raymond Lifestyle shareholders. But with this amount of shares, 5.3 cr. shares and the current price of 2,200 rupees per share would mean that the company has a market cap of around 11,500 cr. But the screener shows market cap as 13,400 cr. Am I missing something or the screener data is wrong?


Screenshot 2024-11-05 231202

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The total no of equity shares for Raymond Lifestyle is 6.1 crore shares. Additional shares were issued to some group entity. You can check the shareholding pattern

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Can some astute valuepickr help decipher these results on stand alone basis post the demerger? What should be the base to compare these results to?

This shows the comparable base, also separates the MPPL revenue.
Engineering (excluding MPPL) has remained flat over last 4 years in Q2 as well as for full year.


Link to Q2 presentation

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This is my first Equity Research Report, Let me know how I can improve.

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Company have approved to invest an amount up to Rs. 50 Crore in the form of Redeemable Preference Shares in one or more tranches in Ten X Realty West Limited (“TXRWL”), a step down wholly owned subsidiary of the Company.

Not sure what’s this for ?

TXRWL is a relatively new company, formed to work on real estate redevelopment projects, but it hasn’t made any revenue yet. This investment will help TXRWL carry out its projects.
TXRWL is already owned by Raymond, this is not an acquisition but a way to financially support its expansion in the real estate sector.

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Raymond Realty signs a new JDA in Mahim West. It is estimated to have a revenue potential of 1800 crores.

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NCLT has approved the demerger of Raymond Realty Ltd from Raymond Ltd.

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Ten X Realty East Limited signs a JDA in Wadala, Mumbai. Project has a GDV of approx 5000 crores.

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