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Motilal Oswal Report
Raymond Ltd.'s reported revenue/Ebitda growth of 10%/13% YoY (inline), led by the real estate segment (up 50% YoY). The overall lifestyle revenue/Ebidta growth were propelled by the branded apparels segment (plus 20% YoY).
However, the engineering business faced challenges due to sluggish conditions in the export market.
Raymond has created three distinct vectors, i.e., Lifestyle, Real Estate, and an engineering unit Newco (by acquiring MPPL), with each segment re energizing growth.
The company remained net cash at the group level, and it has the ability to scale up each segment with internal accruals.
We expect its consolidated revenue/profit after tax to grow at 12%/24% YoY over FY24-26. We reiterate our 'Buy' rating on the stock.
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