Shares of Raymond Ltd are trading flat after reaching the day’s high of Rs 1,539.35 on 7th February. The company announced that 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 is Raymond’s second residential project in the area, with an estimated revenue potential of Rs 1,800 crore. The Mahim West development is the company’s fifth project outside Thane.

The project is expected to contribute to Raymond’s growth, with a total gross development value (GDV) of nearly Rs 35,000 crore for all its real estate ventures.

For Q3 ending 31st December 2024, Raymond reported a 61% YoY drop in net profit to Rs 72.3 crore, compared to Rs 185.4 crore in the same period last year, partly due to the demerger.

Despite the decline in profit, revenue from operations rose by 40.6% to Rs 953.9 crore, driven by growth in its real estate segment.

At 1:20 PM, the shares of Raymond Ltd were trading 0.26% higher at Rs 1,526.85 on NSE.

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