Raymond - The Complete Man

Decent Q4. Improved numbers YoY. Net debt is below 700 Crores now, which is a good thing

Raymond LTD will issue NCD to RCCL for up to an amount of 2200 crores (same as the net amount RCCL will receive from Godrej on account of sale of FMCG brands. They claim it is for repaying external debt but the interest on NCD is at 9%

Just trying to understand the advantage in this. Is the external debt being serviced at a rate higher than 9%?

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I think NCD are issued to FMCG associate company of Raymond to bring that sale money into parent … They might have used this NCD route because…if they give one time dividend it might become taxable … But I am just speculating…let’s wait for earnings concall…

Did you get to gather any info from the con-call? I couldn’t attend today

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Hi
Do we know the confirmed demerger record date for Raymond ? Where can we find that information?

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Nice article that captures the growth curve of Raymond at one place.

Avoid speculative comments & stick to the facts.

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This is big.

Check out Arvind Mediratta here
https://www.arvindmediratta.com/biography/

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Raymond Ltd is bringing in a lot of professionals from outside into various board & management roles. Looks positive.

Any suggestions on how to value the two businesses (post de-merger of lifestyle into RCCL)?

A new entity gets incorporated in which TenX Realty owns 99.5%. This is related to the JDA project. Bandra JDA project is expected to get launched this year as company looks to expand beyond Thane in asset light model by only signing JDA.

Can you please share the news source (about JDA)? Also, I recollect the management talking about JDA in quarterly results call. Do you know the revenue size for this JDA?

Yes, it has been mentioned multiple times in earning calls they are waiting for all the approvals and then the project will be launched. Revenue size is in excess 2000 crores over 4-5 years. It should be slightly on the higher side as prices of real estate has also inched a bit higher since then.
From exchange filing of July 6, 2022.

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Seeing this ad in twitter recently from the official twitter handle of Raymond Realty.

The ad indicates a grand launch of new property but fine line statements at the bottom of video towards the end mentions the RERA number for the third tower in their existing project - The Address by GS

If it is just another tower, not sure why this ad is required though

https://twitter.com/RaymondRealtyIN/status/1682355897950150659?s=20

I think this is a Raymond realty Brand building exercise.

Prashant

Raymond realty is launching The Address By GS Season 2.

https://twitter.com/SinghaniaGautam/status/1684145376549572608?t=_3HYmyeH3M6tOmdrVyv8Jw&s=19

Also it seems soon we can hear about new deals on JDA end of realty business.
Here is an excerpt from the Questions and Answers session which were replied by Gautam Singhania in the AGM held on 11th July.

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Formal announcement on the launch of 4th project - “The Address by GS -2”. Has revenue potential of over 2000 crores.

Their website also refers to a 5th project which seems to be in the luxury category. The RERA website indicates the project name is “Invictus”

And then there will be the 1st JDA project, the details of which is yet to be shared

Post de-merger, Raymond Ltd will essentially be the realty business (and also the auto and denim JV, which I guess will be sold off eventually)

Any inputs on how to value Raymond Ltd as a pure realty company? The EBITDA margins are at 25% now

https://www.linkedin.com/in/amit-agarwal-611aa911/details/experience/

Has anyone here done any checks into their CFO? With a past work experience in Suzlon and Jet Airways it raises doubts in mind.

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Finally, Raymond Ltd is attracting attention from big fund houses (in particular, those firms mentioning that past concerns on governance etc are gone now)