Raymond Q4 Results Review - Real Estate Drives Growth: Motilal Oswal

Motilal Oswal Report

Raymond Ltd. reported revenue/Ebitda growth of 21/29% YoY (6% beat/in line) in Q4 FY24, led by the strong real estate revenue recognition (+2.4 times YoY). Led by branded apparel (+23% YoY), lifestyle revenue/Ebitda grew 6%/8% YoY. Improved domestic market conditions led to 7% YoY growth in the engineering business.

Raymond has created three distinct vectors, i.e., Lifestyle, Real Estate, and an engineering unit Newco (by acquiring MPPL), with each segment reenergizing growth.

Raymond maintains its net cash position at the group level and has the ability to scale up each segment with internal accruals.

We expect its consolidated revenue/profit after tax to grow at 15%/20% over FY24-26. Reiterate Buy.

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