India's Raymond posts sharp rise in profit on higher demand for premium realty

Raymond Lifestyle

04/11/2024 15:05

Nov 4 (Reuters) - India's Raymond Ltd  RYMD.NS  reported
a 49% rise in its second-quarter profit on Monday, driven by
higher demand for its premium properties. 
        The company, which sells luxury homes and auto parts,
said its consolidated profit from continuing operations before
exceptional items rose to 889.8 million rupees ($10.6 million)
for the July-September quarter from 598.9 million rupees a year
earlier.
  
        It reported an exceptional charge of 230.1 million
rupees in the year-ago quarter.
  
    India's housing sector is seeing consistent demand for home
ownership, especially high-margin premium properties.
    Additionally, the government's emphasis on infrastructure
development and attractive interest rates have bolstered buyer
confidence, particularly for luxury- and mid-range segments.
    Raymond's mainstay real estate segment, which accounts for
55% of overall revenue, reported a more than two-fold surge in
revenue during the quarter.
        This lifted its total revenue by two-fold to 10.45
billion rupees.
  
        Separately, Raymond Lifestyle  RAYL.NS , the company's
apparel business, carved out of Raymond Ltd, made its market 
    debut
     in September.
  
    Raymond's shares closed nearly 2% higher ahead of its
results.    


($1 = 84.0890 Indian rupees)

 (Reporting by Ashna Teresa Britto; Editing by Sherry
Jacob-Phillips)
 ((AshnaTeresa.Britto@thomsonreuters.com;))