Raymond inks joint development agreement for ₹1,800 crore residential project in Mumbai

Raymond Ltd on Friday, February 7, said its fully-owned step-down subsidiary, Ten X Realty West Ltd., has signed a Joint Development Agreement (JDA) for a residential project in the prime location of Mahim West, Mumbai.

This new project is poised to be the company's second residential development in the locality. With an estimated revenue potential of approximately ₹1,800 crore, the project is set to contribute significantly to the company's expanding portfolio and will further solidify its position in the region, Raymond said in a stock exchange filing.

The Mahim West development marks Raymond's fifth project outside its established footprint in Thane. The project is expected to generate substantial growth opportunities for the company and its stakeholders, with an estimated gross development value (GDV) of nearly ₹35,000 crore for all its real estate ventures.

Raymond Ltd's real estate arm, Raymond Realty, has established itself as one of the top 10 real estate developers in India.

The company, which once gained fame for its leadership in fabric manufacturing, ventured into real estate and engineering businesses, becoming a multifaceted player in various sectors. After demerging its lifestyle business in 2024, Raymond now focuses on strengthening its real estate and engineering segments.

Shares of Raymond Ltd remained nearly flat after opening 0.9% higher at ₹1,538.85 on the BSE on Friday.

Raymond Ltd reported a 61% year-on-year (YoY) decline in net profit, to ₹72.3 crore for the third quarter ended December 31, 2024.

In the same quarter of the previous fiscal year, the company had recorded a net profit of ₹185.4 crore. This drop in profit is partly attributed to the demerger of the Lifestyle business, which was included in the previous year's figures.

However, the company saw a 40.6% increase in revenue from operations, reaching ₹953.9 crore, compared to ₹678.5 crore in the year-ago period, driven by growth in its real estate segment.

Shares of Raymond were trading 0.43% higher at ₹1,531.05 on the BSE around 9.45 am.