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    Now summarize the following text:
    SECRETARIAL DEPARTMENT 
Jekegram, Pokhran Road No.1, Thane (W)-400 606 
Maharashlra, India 
CIN No.: L17117MH1925P LC001206 
Tel: <PRESIDIO_ANONYMIZED_PHONE_NUMBER>/6152 7000 
Fax: (91-22) 2541 2805 
www.ra.ymond.in 
RL/SE/24-25/168 
November 4, 2024 
To 
The Department of Corporate Services -CRD 
BSE Limited 
P.J. Towers, Dalal Street 
Mumbai -400 001 
,Scrip Code: 500330 
Dear Sir /Madam, The National Stock Exchange of India Limited 
Exchange Plaza, 5th Floor 
Bandra-Kurla Complex 
Bandra (East), Mumbai -400 051 
Symbol: RAYMOND 
Sub: Raymond Limited: Unaudited Financial Results (Standalone and Consolidated) for the 
Quarter and half year ended September 30, 2024 along with Press Release 
We wish to inform you that the Board of Directors of Raymond Limited ("the Company") at their 
meeting held today, i.e. November 4, 2024, have inter alia considered and approved the 
Unaudited Financial Results (Standalone and Consolidated) of the Company for the second 
quarter and half year ended September 30, 2024. 
The Meeting commenced at 2:00 p.m. and concluded at f': l S f-/1'1. 
Accordingly, pursuant to Regulation 30 and Regulation 33 of SEBI (Listing Obligations and 
Disclosure Requirements) Regulations, 2015, we enclose the following: 
1) Unaudited Financial Results (Standalone and Consolidated) of the Company for the second 
quarter and half year ended September 30, 2024; 
2) Limited Review Report of the Statutory Auditors of the Company for the said period; and 
3) Press Release on the Unaudited Financial Results for the second quarter and half year ended 
September 30, 2024. 
Please take the above information on record. 
Thanking you. 
Yours faithfully, 
For RAYMOND LIMITED ~ 
RAKESH DARJI 
COMPANY SECRETARY 
Encl.: A/a 
REGISTERED OFFICE 
Plot r-b. 156/H llb. 2, Vilage 2'.adglCtl. 
Ra1nagiri -415 612, Mat8ashi-a . 
TEt (02352) 232514 
Fae (02352) 232513 Walker Chandiok &_Co LLP 
Walker Chandiok & Co LLP 
16th Floor, Tower Ill, 
One International Center, 
S B Marg, Prabhadev i (W), 
Mumbai -400013 
Maharashtra, India 
T <PRESIDIO_ANONYMIZED_PHONE_NUMBER> 
F <PRESIDIO_ANONYMIZED_PHONE_NUMBER> 
Independent Auditor's Review Report on Consolidated Unaudited Quarterly Financial 
Results and Year to Date Results of the Company pursuant to the Regulation 33 of the SEBI 
(Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) 
To the Board of Directors of Raymond Limited 
1. We have reviewed the accompanying statement of unaudited consolidated financial results (the 
'Statement') of Raymond Limited (the 'Holding Company') and its subsidiaries (the Holding 
Company and its subsidiaries together referred to as the 'Group'), its associates and joint 
ventures (refer Annexure 1 for the list of subsidiaries, associates and joint ventures included in 
the Statement) for the quarter ended 30 September 2024 and the consolidated year to date 
results for the period 01 April 2024 to 30 September 2024, being submitted by the Holding 
Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and 
Disclosure Requirements) Regulations, 2015 (as amended) ('Listing Regulations'). 
2. This Statement, which is the responsibility of the Holding Company's management and 
approved by the Holding Company 's Board of Directors, has been prepared in accordance with 
the recognition and measurement principles laid down in Indian Accounting Standard 34, 
Interim Financial Reporting ('Ind AS 34'), prescribed under section 133 of the Companies Act, 
2013 (the 'Act'), and other accounting principles generally accepted in India and is in 
compliance with the presentat ion and disclosure requirements of Regulation 33 of the Listing 
Regulations. Our responsibil ity is to express a conclusion on the Statement based on our 
review. 
3. We conducted our review of the Statement in accordance with the Standard on Review 
Engagements ('SRE') 2410, Review of Interim Financial Informatio n Performed by the 
Independent Auditor of the Entity, issued by the Institute of Chartered Accountants of India (the 
'ICAI'). A review of interim financial information consists of making inquiries, primarily of persons 
responsible for financial and accounting matters, and applying analytical and other review 
procedures . A review is substantially less in scope than an audit conducted in accordance with 
the Standards on Auditing specified under section 143(10) of the Act, and consequent ly, does 
not enable us to obtain assurance that we would become aware of all significant matters that 
might be identified in an audit. Accordingly , we do not express an audit opinion. 
We also performed procedures in accordance with the SEBI Circular CIR/CFD/CMD1/44/2019 
dated 29 March 2019 issued by the SEBI under Regulation 33(8) of the Listing Regulation, to 
the extent applicable. 
Chartered Accountants 
Offices in Bengaluru, Chandigarh, CheMai, Gurugram , Hyderabad, lndO(e, Kochi, Kolkata. Mumbai, New Delhi, 
Noida and Pune Walker Chandiok & Co LLP is registere 
limited liability with Identification numbe 
2085 and has its registered office a 
Connaught Cirrus. Outer Circle, New 
110001. India Raymond Limited 
Independent Auditor's Review Report on Consolidated Unaudited Quarterly Financial 
Results and Year to Date Results of the Company pursuant to the Regulation 33 of the Listing 
Regulations 
4. Based on our review conducted and procedures performed as stated in paragraph 3 above and 
upon considerat ion of the review reports of the other auditors referred to in paragraph 6 below, 
nothing has come to our attention that causes us to believe that the accompanying Statement, 
prepared in accordance with the recognition and measurement principles laid down in Ind AS 
34, prescribed under section 133 of the Act, and other accounting principles generally accepted 
in India, has not disclosed the information required to be disclosed in accordance with the 
requirements of Regulation 33 of the Listing Regulations , including the manner in which it is to 
be disclosed , or that it contains any material misstatement. 
5. We draw attention to note 3 to the accompanying Statement which describes that pursuant to 
the scheme of arrangement (the 'Scheme') between the Holding Company , Raymond Lifestyle 
Limited (formerly known as Raymond Consumer Care Limited) ('Resulting Company ' or 
'Transferee Company' ), Ray Global Consumer Trading Limited ('Transferor Company') and 
their respective shareholders, as approved by the Hon'ble National Company Law Tribunal and 
filed with respective Registrar of Companies, the Lifestyle Business Undertaking of the Holding 
Company was demerged and transferred to Resulting Company with effect from 30 June 2024. 
The said demerger was given accounting effect in the quarter ended 30 June 2024 accordance 
with Appendix A to Ind AS 10, Distribution of Non-cash Assets to Owners and Ind AS 105, Non­
Current Assets Held for Sale and Discontinued Operations. Our conclusion is not modified in 
respect of this matter. 
6. We did not review the interim financial results/ consolidated financial results of 4 subsidiaries 
included in the Statement , whose financial results/ consolidated financial results reflects total 
asset of~ 352,859 lakhs as at 30 September 2024, and total revenues oft 66,922 lakhs and t 
121,797 lakhs, total net profit after tax oft 683 lakhs and~ 1,746 lakhs, total comprehe nsive 
income -gain oft 683 lakhs and ~ 1,745 lakhs, for the quarter and six-months period ended 
on 30 September 2024, respective ly, and cash inflows (net) of~ 176 lakhs for the period ended 
30 September 2024, as considered in the Statement. The Statement also includes the Group's 
consolida ted share of net profit/ (loss) after tax of ~ (7) lakhs and ~ 367 lakhs, and total 
comprehensive income -gain oft 23,763 lakhs and t 79,969 lakhs, for the quarter and six­
months period ended on 30 September 2024, respectively , as considered in the Statement , in 
respect of 1 associate, whose consolidated financial results have not been reviewed by us. 
These interim financial results/ consolidated financial results have been reviewed by other 
auditors whose review reports have been furnished to us by the Holding Company's 
management, and our conclusion in so far as it relates to the amounts and disclosures included 
in respect of these subsidiaries and associate is based solely on the review reports of such 
other auditors and the procedures performed by us as stated in paragraph 3 above. 
Chartered Accountanls 
Offices in Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad , Indore, Kochi, Kolkala, Mumbai, New Delhi, 
Noida and Pune Walker Chandiok & Co LLP Is registered with 
limtted liability with ldentlflcallon number AAC-
2085 and has Its registered office at L-41, 
Connaught Circus, Outer Circle, New Delhi, 
110001, India Raymond Limited 
Independent Auditor's Review Report on Consolidated Unaudited Quarterly Financial 
Results and Year to Date Results of the Company pursuant to the Regulation 33 of the Listing 
Regulations 
7. The Statement includes the interim financial results of 3 subsidiaries , which have not been 
reviewed by their auditors, whose interim financial results reflects total asset oft 6 lakhs as at 
30 September 2024, and total revenues oft Nil lakhs and t Nil lakhs, net loss after tax oft 5 
lakhs and ~ 6 lakhs, total comprehensive income -loss of~ 6 lakhs and ~ 5 lakhs for the quarter 
and six-months period ended 30 September 2024, respectively, cash outflows (net) of ~ 10 
lakhs for the period ended 30 September 2024, as considered in the Statement. The Statement 
also includes the Group's share of net profit/ (loss) after tax oft (7) lakhs and t 31 lakhs, and 
total comprehensive income -loss oft 156 lakhs and ~ 85 lakhs for the quarter and six-months 
period ended on 30 September 2024 respectively, in respect of 2 associates and 3 joint 
ventures, based on their interim financial results, which have not been reviewed by their 
auditors, and have been furnished to us by the Holding Company 's management. Our 
conclusion on the Statement , in so far as it relates to the amounts and disclosures included in 
respect of these subsidiaries, associates and joint ventures, are based solely on such 
unreviewed interim financial results. According to the information and explanations given to us 
by the Holding Company's management , these interim financial results are not material to the 
Group, its associates and joint ventures. 
Our conclusion is not modified in respect of this matter with respect to our reliance on the interim 
financial results/ consolidated financial results certified by the Board of Directors. 
For Walker Chandiok & Co LLP 
Chartered Accountants 
Firm Registration No: 001076N/N500013 
Bharat Shetty 
Partner 
Membership No. 106815 
UDIN: 24106815BKFNMB6048 
Place: Mumbai 
Date: 04 November 2024 
Chartered ACXQtlntant s 
Offices In Bengal<ru , Chand193rn , Chennai, Gt.rugram , Hyderabad. Indore, Koehl, Kolkata Mumbai. New Oelht, 
Naida and Pune Walker Chand,ok & Co LLP IS registered With 
hm,ted hablilly With idenliftcallon nlnlber AAC· 
2085 and has Its registered office at L-41, 
Connaught Circus, Outer Circte, New Delhi, 
110001, tndia Raymond Limited 
Independent Auditor's Review Report on Consolidated Unaudited Quarterly Financial 
Results and Year to Date Results of the Company pursuant to the Regulation 33 of the Listing 
Regulations 
Annexure 1 
List of entities included in the Statement (in addition to the Holding Company) 
Subsidiary companies 
• Pashmina Holdings Limited 
• Everblue Apparel Limited 
• Raymond Woollen Outerwear Limited 
• Raymond Realty Limited 
► Ten X Realty Limited 
► Rayzone Property Services Limited 
► Ten X Realty East Limited (w.e.f. 20 December 2023) 
► Ten X Realty West Limited (w.e.f. 03 January 2024) 
• Raymond Lifestyle (Bangladesh) Private Limited (up to 11 September 2024) 
• JKFEL Tools and Technologies Limited (w.e.f. 22 January 2024) 
• JK Files & Engineering Limited 
► Scissors Engineering Products Limited 
► Ring Plus Aqua Limited 
► Maini Precision Products Limited (w.e.f. 28 March 2024) 
► JK Talabot Limited 
• Ray Global Consumer Enterprise Limited (subsidiary w.e.f. 07 May 2024, associate up to 
06 May 2024) 
• Raymond Luxury Cottons Limited (up to 30 June 2024) 
• Silver Spark Apparel Limited (up to 30 June 2024) 
► R&A Logistics Inc. (up to 30 June 2024) 
► Silverspark Middle East FZE (up to 30 June 2024) 
► Silver Spark Apparel Ethiopia PLC (up to 30 June 2024) 
► Raymond America Apparel Inc. (up to 30 June 2024) 
• Jaykayorg AG (up to 30 June 2024) 
• Celebrations Apparel Limited (up to 30 June 2024) 
• Raymond (Europe) Limited (up to 30 June 2024) 
Associates 
• P.T. Jaykay Files Indonesia 
• J.K. lnvesto Trade (India) Limited 
► J.K. Helene Curtis Limited 
• Radha Krshna Films Limited 
• Raymond Lifestyle Limited (up to 30 June 2024) 
• Ray Global Consumer Products Limited (up to 30 June 2024) 
• Ray Global Consumer Trading Limited (up to 30 June 2024) 
Chartered Accountants 
Offices In Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, Indore. Kochi, Kotkata, Mumbai, New Delhi, 
Noida and Pune Walker Chandiok & co LLP is registered with 
limited liability with identification number AAC· 
2085 and has its registered office at L-41, 
Connaug ht Circus, Outer Circle, New Delhi, 
110001, India Raymond Limited 
Independent Auditor's Review Report on Consolidated Unaudited Quarterly Financial 
Results and Year to Date Results of the Company pursuant to the Regulation 33 of the Listing 
Regulations 
Joint ventures 
• Raymond UCO Denim Private Limited 
► UCO Tesatura S.r.l. 
► UCO Raymond Denim Holding NV 
• New Mumbai Realty LLP (w.e.f. 12 July 2023) 
Chartered Accountants 
Offices In Bengaluru. Chandigarh, Chennai, Gurugram, Hyderabad, lndO(e, Koehl, Kolkata, Mumbai, New Delhi, 
Nolda and Pune Walker Chandiok & Co LLP is registered with 
limited liabilily wilh Identification number MC· 
2085 and has its registered office at L-41, 
Connaught Circus, Outer Circle, New Delhi, 
110001, India Reglste,ed Office: Plo1 No.156/H No.2, Village Zadgaon, Ralnagiri 415 612 (Maharashtra) 
CIN;L17117MH1925PLC001208 
Email: <PRESIDIO_ANONYMIZED_EMAIL_ADDRESS> : Website: www.raymond.i n 
Tel:<PRESIDIO_ANONYMIZED_PHONE_NUMBER>. F'.ax: 02352-232-513; Corporate Office Tel: <PRESIDIO_ANONYMIZED_PHONE_NUMBER> , Fax 022-24939036 
A. STATEME NT OF CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER/HALF YEAR ENDED 30 SEPTEMBER 2024 
Sr. Porticulars No. 
Continuing operations 
1 lncomo 
a) Revenue from operatior\5 
b) Othier lncorno 
Total Income 
2 Expenses 
a) Costs towards development of proper1y 
b) Cost of materials consumed 
c) Purchases of stook-in-trade 
d) Changes It\ lnventori&!i Q.f finished goods, 'WOC'k-in-ptOgre!.!i. stock-ln-tr.ade and finished properties 
e) EA'IC)loyee benefits exl)(!n.se 
f) Finance costs 
g) Ooproclatlon and amottlsallon expense 
h) Other expenses 
• Manufacturing and operating 
(Stores and spares consumed, power and fuel, job work charges, cootracl labour, etc.} 
-Others 
Total expenses 
3 Profit from continuing open1tion5 before share in toss of nsociate.s and Joint venture.s, 
exceptional Items and tax (1-2} 
4 $hare of loss of associates. and joint venturas. Mt of tax 
S Profit from continuing operations before exceptlonal lte-ms and tax (3•4} 
6 Excepllonat Items• (loss} (refOf note 2) 
7 Profit from c:ontlnulng operations before tax (5+6) 
8 Tax (expense)/ cradlt (refer note 12) 
• Current tax 
• Deferred tax 
T oto.1 tax expense 
9 Profit for the period/ year from continuing operation s (7+81 
piseonllnued OP!ratfons jdamergad Lifestyle Businnsl (refer note 3} 
10 Profit from dlsconhnUed operations before share in profil of associates 
11 Shere of profit of associates , net of tax 
12 Profit from discontinued operation (10•11) 
13 Tax crediV (expense) on discontinued operation 
14 Profit from discontinued operation (after tax) (12•13} 
15 Profit for the period/ year (9+14) 
Other Comprehensive Income ('OCr) 
16 Continuing operation $ 
ttems that wlU not be reclanlfled to profit or loss 
Remeasurements of defined benefit plan• (loss) 
F11ir value c~nges Ql'I equ:ty instruments lhrough OCI • gain 
Share of OCI in assodalH and )o!nt ventures (net of tax) 
Income tax relating to above items 
Items 1heit will be reclaulfled to prof'Jt or Ion 
Exchange differenes on translating financial statements of foreign operations 
Share of OCI in asS,QCiate.s. and joint ventures (net of tax) 
OCI from eonUnulng operations {net of tax)• gain 
17 Discontinued operations (damer9ed L.ifestyle eusinoHI (refor note 3) 
Items thal will not bt, r.clauified to profit or Ion 
Remeasu,ements of defln&d tlentilit plan• gain 
Income tax relating 10 above items 
ltoms that will bo rt:clHsiflod to profit or loss 
Exchange dffferenes on translallng financial statements of forer,gn operations 
OCI from discontinued operations (net oft.ax)• (loss) 
18 Total OCI for the period/ year(net of tax)• gain {16+17) 
19 Total Comprehen sive Income ('TCl'l for the oerlodl ve81J • 0811n l15♦18\ 
e,l-1,1'ND10,,­
<,,~ ----",, ~, ,Cb 
!!( 'i~ j *( MW9AI J* 
("> ...._::::::=::;;:::;;, "' I 30.09.2024 
(Unaudited) 
104,474 
5,596 
110,070 
59,642 
17,834 
1,395 
(22,523) 
12,786 
2,889 
4,019 
13,391 
10,345 
99,778 
10,292 
(1,394) 
8,898 
(2,326) 
(6711 
(2,997) 
5,901 
5,901 
(16) 
6,774 
(1,188) 
(15-0) 
5,440 
5,440 
11,341 Quarter e-nded 
30.06.2024 l0.09.2023 
(Unaudited) (Unaudited) 
93,765 47,008 
6,~2 4,227 
99,827 51,235 
21,097 26,449 
17,964 7,453 
1,332 1,599 
8,728 (12,016) 
12,005 6,672 
3,063 871 
3,939 1,722 
11,579 6,083 
10,932 5,176 
90,639 44,009 
9,188 7,226 
(1,329) (1,237) 
7,859 5,989 
(2,301) 
7,859 3,688 
(2,692) (1,285) 
537 380 
(2,155) (905 
5,704 2,783 
727,964 15,499 
1,411 2,002 
729,375 17,501 
1,609 (4,168 
730,984 13,333 
736,688 16,116 
(0) 
7,116 829 
(121 
(814) (79) 
3 
34 87 
6,339 825 
(98) (140) 
(98 {140 
6,241 685 
742,929 16,801 
CJ~ 
I ; ) 
~ ~ C, • * ~I/ At-.'-' 
-(' in lakhs, unless othel"Msa stated 
Half year ended 
30.09.2024 30.0~.2023 
(Un.111udit•dl fUnauditad) 
198.239 94,345 
11,658 8,563 
2<19,897 102,908 
80,739 37.222 
35,798 14,988 
2.727 3,000 
(13,795) (S.079) 
24,791 13,583 
5,952 1,641 
7,958 3.312 
24,970 12.140 
21,277 11.319 
190,417 89,126 
19,480 13,782 
(2,723) (1,595 
16,757 12,187 
(2,323) 
16,757 9,864 
(5,018) (2,948) 
(134 3M 
(5,102) (2,580) 
11,605 7,284 
727,964 19,271 
1.411 101,403 
729,375 120,874 
1,609 (5,168) 
730,984 115,5-06 
742,589 122,790 
(16) (0) 
13,890 4,243 
13 
(1,982) (479) 
3 
(116) 108 
11,779 3,885 
(98) (59) 
(98) (59) 
11,661 3,826 
754,270 126,616 Year ended 
31.03.2024 
(AudHed) 
256,522 
18,460 
2741982 
172.296 
29,484 
5,018 
(67,8-08) 
26,630 
5,884 
7,629 
24.976 
28,889 
232,798 
42,184 
{5,719) 
36,465 
(3,401) 
33,064 
(9,581) 
(5-09) 
(10,090) 
22,974 
48,467 
105,043 
153,510 
(12,177) 
141,333 
164,307 
39 
4,748 
(174) 
(543) 
(22) 
4,048 
102 
(9) 
(95) 
(2) 
4,046 
168,353 Registered Office : Plot No.156/H No.2, Village Zadgaon, Ratnaglri 415 612 (Maharashtra) 
CIN:L 17117MH1925PLC001208 
Email: c:orp.$ectetalial@raymood. in; Website; www.raymond.in 
Tel: 02352•232514, Fax: 02352·232513; Corporate omce Tel: 022-40349~9 . Fax 022-24939036 
A, STATEMEN T OF CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER/HALF YEAR ENDED 30 SEPTEMBER 2024 
Quart•r •nd4d s,. Particulars 30.09.2024 30.06.2024 30.09.2023 
No. 
(Uniuditad) (Un:u.aditod) (Unouditod) 
Profit tor the period/ year altrlbutab le lo 
Owners of the Company 6,003 736,646 15,978 
Non-wnlrolllng lnle-re!>tS (102) 42 13S 
5,901 736,688 16,116 
OCI for the period/ year attributabl e to 
Owners of the Compa11y 5.440 6,241 884 
Non-conlrol ling int&rests 1 
5,440 6,241 685 
TCI for the pt:,lod/ year attributable to 
Ownets of the Compal'ly 11.443 742,887 16,662 
Non-conlrolling Interests (102) 42 139 
11,341 742,929 16,801 
20 Paid-up eqt.ity shat8 capital 6,655 6,655 6,655 
(Face Value •, 10/• per $hare) 
21 01.tier equity 
22 E~rnlngs per equfty $hare (Fac:e Value oft 10 each) 
(not annualised except for the year ond) (In') 
Continuing operations 
(:;:1)Basic 9.02 8.51 3.97 
(b) DHuted 9.01 8.46 3.97" 
Di•continued operotions (demergod Llfostylo Buslnoa•) (refer note 3) 
(a) Basic 1,098.37 20.03 
(b) DWutod 1,091.70 20.03 • 
Continuing and di&c:ontinoed op-orations 
(a)Baslc 9.02 1,106.88 24.00 
(b}Diuted 9.01 1,100.16 211.00" rt In laktis unless otherwise slated) 
Half year ended Year ended 
30.09.2024 30.09.2023 31.03.2024 
(Unaudh•d) (Unaudit.d) (Audit•d) 
742.649 122,505 163,775 
(60) 285 532 
742,589 122,790 164,307 
11.6S1 3,825 4,048 
1 (2) 
11,681 3,826 4,046 
754.330 126,330 167,823 
(60) 286 530 
754,270 126,616 168,353 
6.655 6.655 6,655 
455,019 
17.53 10.52 33.72 
17.51 10,52A 33.72 • 
1,098.40 173.56 212.35 
1,097.05 173,56 A 212.06 
1,115.93 184.08 246,07 
1,114.56 ,84.08 A 245.78 
"The effect of 892,ase polenlial eqully shares outstanding as al 31 March 2024 and 30 September 2023 is anti-dilutive and thus the$e shares are not COl'tsldef&d In determining dfluted earnings per shat&. 
1% --B. SEGMENT WISE REVENUE, RESULTS, ASSETS ANO LIABILITIES (CONSOLIDA TED) FOR THE QUARTER/ HALF YEAR ENDED 30 SEPTEMBER 2024 
(f In lakhs) 
Quarter ended Half year ended Year ended 
Particulars 30.09.2024 30.06.2024 30.09.2023 30.09.2024 30.09.2023 31.03.2024 
(Unaudited) (Unaudited ) (Unaudited) (Unaudited ) (Unaudtted ) (Audited) 
Segment revenue 
Revenue from e>eternal CtJstomers 
• Tools and hardware 10,804 8,947 9,259 19,751 20,264 42.940 
-Auto components 11.053 10,998 10,815 22,051 20,745 43,112 
-Precision (refer note 7) 22,450 21,962 44,412 - -
-Real estate and development of property 57.128 48,784 24,259 105,912 47,624 159,265 
-Others (refer footnote ii(e)J 3,039 3,086 2,675 6,125 5,724 11,217 
Inter segment revenue (12) 112) (12) (12) 
Segment revenue from continuing operations (a) 104,474 93,765 47,008 198,239 94,345 256,522 
Revenue from discontinued operations (b) 119,802 178,332 119,802 308,141 645,429 
Total revenue (a+b) 104,474 213 567 225 340 318,041 402,486 901,951 
Segment results 
-Tools and hardware (50) 135 (54) 85 617 1,605 
. Auto oomponents 1,881 1,879 2.092 3,760 3,836 8,497 
_ Precision (refer note 7) 242 734 976 -
_ Real estate and development of property 10,937 8,302 4,441 19,239 9,675 35,857 
. Others (refer footnote i(e)] (279) (256) (241) (535) (345) (675) 
Segment profit before finance costs, share In loss of associate s and joint ventures, 12,731 10,794 6,238 23,525 13,783 45,284 
exceptiona l Items and tax 
Finance cosls (2,815) (3,042) (822) (5,857) (1,535) (5,469) 
Other income/ (expense)• ne1 (unallocable) 376 1,436 1,810 1.812 1,534 2,369 
Profit before share in loss of associates and joint ventures, exceptiona l Items and 10,292 9,188 7,226 19,480 13,782 42,184 
tax 
Share of loss of associates and joint ventures, net of tax (1,394) (1,329) (1,237) (2,723) (1,595) (5,719) 
Exceptiona l items• (loss) (refer note 2) (2,301) - (2,323) (3.401) 
Profit before tax 8,898 7,859 3,688 16,757 9,864 33,064 
Tax expense (refer note 12) (2,997) (2,155) (905) (5,152) (2,580) (10,090) 
Profit for the period/ year from continuing operations 5,901 5,704 2,783 11,605 7,284 22,974 
Profit from discontinued operations (after tax) (refer note 3) 730,984 13,333 730,984 115,506 141,333 
Profit for the period/ year 5 901 736,688 16,116 742 589 122 790 164.307 
Segment assets 
. Tools and hardware 22,352 22,568 21,768 22,352 21,768 21,223 
. Auto components 24,003 22,718 21,711 24,003 21,711 22,823 
. Precision (refer note 7) 183,806 183,009 183,806 178,414 
_ Real estate and developm ent of property 237,084 201,812 123,321 237,084 123,321 207,208 
. Others (refer footnote ii(e)I 9,586 9,482 9,036 9,586 9,036 9,213 
Unallocable assets 264.936 248,587 271,790 264,936 271,790 229,438 
Inter segment assets (446) (337) (337) (446) (337) (337) 
Assets related to discontinued operations [refer footnote (iii)] - 603,668 - 603,668 649,313 
741,320 687,839 1,05-0,957 741,320 1,050,957 1,317,295 
Segment llabllllles 
_ Tools and hardware 9,644 10,848 9,885 9,644 9,885 9,527 
_ Auto components 10,624 10,864 9,171 10,624 9,171 10,498 
_ Precision (refer note 7) 24,270 23,827 24,270 21,458 
-Real estate and development of property 164,937 128,514 60.833 164.937 60,833 133,221 
. Others [refer fooinote ii(e)) 3,512 3,245 3,261 3,512 3,261 3,109 
Unallocable liabilities 
Borrowings 90.587 87,043 29,329 90,587 29,329 84,883 
Others 35,439 33,133 12,442 35,439 12,442 32,065 
Inter segment liabilities (446) (337) (340) (446) (340) (337) 
Liabiltties related lo discontinued operations [refer footnote (iii)) 504,809 - 504,809 517,345 
338,566 297,137 629,390 338 566 629,390 811,769 
Footnotes : 
I) Unallocable Income (including income from lnvestments) are net of unallocable expenses. 
ii) The Group operates under the following segments (post demerger): 
a) Tools and hardware 
b) Auto components 
c) Precision 
d) Real estate and development of property 
e) Others: Job processing and non-scheduled airline operations 
iii) Pursuant 10 demerger scheme of lifestyle business undertaking becoming effective on 30 June 2024 (refer note 3), following segments are combined and shown under discontinu ed operations: 
a) Textile• Branded fabric 
b) Shirting -Shirting fabric (B2B) 
c) Apparel • Branded readymade garments 
d) Garmenting • Garment manufacturing 
Group's performance is evaluated based on various performance indicators under these business segments. Operating segments are reported in a manner consistent wilh the internal reporting provided to the 
Chief Operating Decision Maker('CODM'). ~ ~/l,'IDIQ 
n C -~A 
~ --i_l\ 11.:~·y ',~J 
~·) !Et \'r 
II I * ( ~'\}'.'BAJ ) * I . . .. CJ.\ I;:: C. Consolidated Balance Sheet 
(~ in lakhs) 
Particulars As at As at 
30 September 2024 31 March 2024 • 
(Unaudited! (Audited! 
I. ASSETS 
1 Non-current assets 
(a) Property, plant and equipment 102,218 254,888 
(b) Capital work-In-progress 2,158 6,995 
(c) Goodwill 26,498 26,498 
(d) Other intangible assets 63,851 66,126 
(e) Intangible assets under development 277 2,882 
(f) Investments accounted for using the equity method 28,485 143,054 
(g) Financial assets 
(i) Investments 52,209 32,298 
(ii) Loans 2,589 102 
(iii) Other financial assets 6,688 14,221 
(h) Deferred tax assets (net) - 17,159 
(I) Income tax assets (net) 3,023 1,914 
G) Other non-current assets 8,086 12,236 
296,082 578,373 
2 Current assets 
(a) Inventories 192,380 351,417 
(b) Financial assets 
(i) Investments 93,171 107,246 
(ii) Trade receivables 43,135 140,715 
(iii) Cash and cash equivalents 7,998 18,223 
(iv) Bank balances other than cash and cash equivalents 36,031 34,334 
(v) Loans 145 2,545 
(vi) Others financial assets 4,712 6,183 
(c) Other current assets 67 666 78.259 
445,238 738,922 
TOTAL ASSETS 741,320 1,317,295 
II. EQUITY AND LIABILITIES 
1 Equity 
(a) Equity share capital 6,655 6,655 
(b) Other equity 352,367 455,079 
Equity attributable to owners of the Company 359,022 461,734 
(c) Non-controlling interests 43,732 43,792 
402,754 505,526 
2 Liabilities 
I Non-current liabilities 
(a) Financial liabilities 
(i) Borrowings 44,250 236,761 
(ii) Lease liabilities 3,254 64,213 
(iii} Other financial liabilities 9,946 9,946 
(b) Deferred tax liabilities (nel) 22,595 19,864 
(c) Other non-current liabilities 50,961 36,805 
131,006 367,589 
ii Current liabilities 
(a) Financial Liabilities 
(i) Borrowings 46,337 105,791 
(ii} Lease liabiltties 762 11,341 
(iii) Trade payables 
Total outstanding dues of micro enterprises and small enterprises: and 2,261 17,316 
Total outstanding dues of creditors other than micro enterprises and small 81,332 189,081 
enterprises 
(iv) Other financial liabilities 8,823 48,068 
(b) Olher current liabilities 62,190 55,093 
(c) Provisions 5,569 13,014 
(d) Current tax liabilities (net) 286 4,476 
207,560 444,180 
TOTAL EQUITY AND LIABILITIES 741,320 1,317,295 
• Pursuant to Ind AS 105 "Non-current Assets Held for Sale and Discontinued Operations", Holding Company has not reclassified or re­
presented amounts presented for non-current assets or for the assets and liabilities of disposal groups classified as held for s 
boa= ,,..,, fo ,.,, peaod " "'"'-, ci""~'"'" ;, '"' "'"-i '"" ; :::::::>•,., . Refer note 3. D. Consolidated Statement of Cash Flow 
CASH FLOW FROM OPERAT ING ACTIVITIES: 
Profit from continuing operations before tax 
Profit from discontinued operations 
Adjustments for non-cash items and items considered separately: 
Share in net loss/ (profit) of associates and joint ventures (including discontinued 
operations) 
Bad debts, advances , claims and deposits written off 
Gain on demerger of lifestyle business (discontinued operations) (refer note 3) 
Reversal of provision for expected credit loss 
Reversal of provision towards slow moving and non-moving inventories 
Provision for doubtful debts, advances and incentive receivable 
Depreciation and amortisat ion expense 
Apportioned income from government grants 
Net profit on disposal of property, plant and equipment 
Net gain on sale/ fair valuation of investments 
Impairment of property, plant and equipment (net) 
Excess provision written back 
Finance costs 
Interest income 
Dividend income 
Employee stock option expenses 
Gain on extinguishment of lease liabilities (net) 
Operating profit before working capital changes 
Changes In working capital: 
Trade and other receivables 
Inventories 
Trade and other payables and provisions 
Income taxes paid (net of refunds) 
Net cash flows generated from/ (used in) operating activities -[A] 
CASH FLOW FROM INVESTING ACTIVITIES: 
Purchase of property, plant and equipmenV intangible assets (Including adjustment of 
capital work-in-progress and intangible assets under development, capital advances 
and capital creditors) 
Sale proceeds from disposal of property, plant and equipment 
Proceeds from sale of non-current investments 
Payment towards buy back of shares in subsidiary to non-controlling interest 
Acquisition of non-current investments 
Investment in treasury shares by ESOP trust 
(Investment)/ liquidation of bank deposits (net) 
Acquisition of current investments (net) 
Interest income received 
Dividend income received 
Net cash (used in) investing activities -(BJ 
CASH FLOW FROM FINANCING ACTIVITIES: 
Dividend paid (Including adjustment of unclaimed dividend) 
Payment of other financing costs 
Proceeds from non-current borrowings 
Payment of interest on lease liabilities 
Payment of lease liabilities (excluding interest) 
Repayment of non-current borrowings 
Proceeds/ (repayment) of current borrowings (net) 
Net cash (used in)/ generated from financing activities -[CJ 
Net increase/ (decrease) In cash and cash equivalents -[A+B+CJ 
Cash and cash equivalents at beginning of the period 
Cash and cash equivalents as at end of the period 
Cash and cash equivalents as per above comprises of the following: 
Cash and cash equivalents 
Less: Bank Overdraft 
Net cash and cash equivalents 
Notes: 
The statement of cash flows has been j! -.... Half year ended 
30 Se tember 2024 
16,757 
7,29,375 
1,312 
(7,22,715) 
(90) 
118 
7,958 
(2) 
(98) 
(4,202) 
5,952 
(4,144) 
(6) 
588 
(87) 
30,716 
(22,453) 
(13,810) 
34,392 
28,845 
(6,707) 
22138 
(5,877) 
139 
(6,022) 
(7,903) 
(9,430) 
3,693 
6 
25 394 
(6,592) 
(5,657) 
11,336 
(105) 
(231) 
(11,932) 
6,212 
6,969 
(10,225) 
18,223 
7,998 
7,998 
7,998 ~ in Lakhs 
Half year ended 
30 Se tember 2023 
9,864 
1,20,674 
(99,808) 
35 
(15) 
(1,299) 
162 
12,509 
(288) 
(181) 
(4,420) 
6 
(2) 
16,875 
(4,508) 
(27) 
840 
(125) 
50,292 
(54,712) 
(28,657) 
17,633 
(15,444) 
(4,381 
19 825 
(10,381) 
1,154 
4,157 
(1,911) 
(379) 
35 
(30,667) 
2,843 
27 
35,122 
(2,010) 
(12,626) 
1,80,219 
(1,908) 
(4,442) 
(80,813) 
(24,312) 
54,107 
(840) 
17,124 
16 284 
16,463 
179) 
16,284 Noto• (A to D): 
These consolidated financial res~11ts (the 'Statemenl') of Raymond Lirrited (the 'COl'T'lpany · or 'Hol<Jing Con,pany") and its subsidiar;&s (COiiectiveiy, the 'Group') and its associates and joint ventures, have 
been prepared io accordance with the recognition and measurement principles laid down in lndlan Accounting Standards ('Ind AS') 34 '"Interim Financial Reporting", prescribed under section 133 or the 
C<impanles Act, 2013 (the 'Act'), and other accounting principles generally accepted in India and is in compliance with the presentation and disclosure requirements of Regulation 33 of the SEBI (Listing 
Obligalions and Disclosure Requirements) Regulations, 2015 (as amended) ('Lisoing Regulalions·). 
Exceptional items: If In lakhsl 
Quarter ended Half vear ended Year ended 
Particulars 30.09.2024 30.06.2024 30.09.2023 30,09.2024 30.09.2023 31.03.2024 
IUnaudited\ lUnaudited\ /Unaudited\ /Unaudited\ IUnaudited\ I Audited\ 
Continuing opert1:tions 
VRS payments (Tools and hardware) (2,301) - (2.323) (2,323) 
Exoenses towards acauisltion of conlrOI In s.ubsld~rv - 11 0781 
Exceptional Items• (loss) (2,301) - (2,323 13,4011 
Discontinued operations (demerged Lifestyle Business) 
(refer note 3) 
VRS payments (Textile -discontinued operations) (919) (919) 
Gain on demerger of lifestyle business (l~eslyle -discontinued 733,784 -
operalions) 
Exceptional items• gain/ (lossl, net 733 784 - 1919 1919 
3 During the quarter ended JO June 2023, the Soard of Directors of the Holding Company at its meeting held on 27 April 2023 had approved the Composite Scheme of Arrangemen t ror the demerger of 
the lifestyle business undertaking of Raymon<1 Limiled ('Oemerged Company') into Raymond lifestyle Limited (formerly known as Raymond Consumer Care Limited} ('Resulting Company'} on a going 
concem basis. The appoinled date proposed under this scheme was 01 Apn12023. 
During the quarter ended 30 June 2024, the Holding Company had received requlstte approval from National Company Law Tribunal ('NCL r) vlde ils order dated 21 June 2024. Respective companies 
had filed the certifced true copy of NCLT order along wi'th the sanctioned scheme with the Registrar of Companies on 30 June 2024. Accordingly, the scheme was effective w.e.r. JO June 2024. The 
accounling of this scheme in the books of Demerged Company was done based on Appendi.x A to Ind AS 10 •oistribution of Non-cash Assets to Owners". 
The Oemerged Company had accordingly debited the fair value of lttestyle bu51ness undertaking arnountlng to l 851,600 lakhs to retained earnings as dMdend distribution attributable to each of the 
shareholders of Demerged C<i.,..,any. The dilference between the aforementioned fair value and the carrying amount of net asseos or t 117,816 lakhs ofifeslyle business undertaking as at 30 June 
2024 was recognised as gain on demerger in the statement of profit and k>ss as an exceptional ltem amounting lo t 733. 784 lakhs. 
As a con.sideration for the demarger, the Resulting Company has Issued its equrty shares to each shareholder of the Demerged Company as on record date in 4:5 swap ratio (i.e., fou-shares oft 2 
each has been issued by the Resultlng Company for every frve shares oft: 10 each held in the Demerged Company }. The equity shares of Resulting Company are listed on NSE and BSE w.e.f. 05 
September 2024. 
The net results of lifestyle business undertaking for the coffll)aratl\l& quarters/ period are disclosed separately as discontinued operations in the statement of profit and loss, as required by Ind AS 105 
"'Asset Held for Sale and Discontinued Opeffitlons" and DiV'ision II of Schedule Ill to the Act. 
4 The Board of Directors of the Hol<ing Company at ils J"l'\8ellog held on 04 Juty 2024, has approved the Scheme of Arrangement or Raymond Litnited ('Oemerged Company' ) and Raymond Realty Limited 
('Resulting Company') and their respeclfve shareholders ('Real Estate Scheme') as per provisions ol sections 230 to 232 read with section 66 of ohe Act and the rules framed thereunder, subject to the 
requisite approvals and sanction of the jurlsdictional bench of NCLT. 
The Real Estate Scheme, ;nter•aRa, provides for demerger of real estate business carried on by De merged Company ('Real Eslate Business Undertaking'), Into Resulting Company, a wholly owned 
subsidiary of Raymond Limited and issue of equity shares by the Resulting Company to the shareholders of the Oemerged Company . 
The Appointed Date proposed under this scheme is 01 April 2025. Pending receipt of statutory approvals as required, no adjustmen ts are made in the books of account. 
5 During the half yea, ended 30 Septembe r 2023. Raymond Luxury Cottons Limiled ('RLCL'), subsldlary of Raymood Limited. as part of the btJy-back process. ptJrchased entire shareholding of Cotoniftcio 
Honegger S.P.A., Italy ('CH'), erstwhile joint venture partner of Raymond Limited in RLCL, for a consideration of, 1,911 lakhs. Consequendy, with effect from 09 June 2023, RLCL b&came a wholly­
owned subsidiary of Raymond Limited. Gtoup had recognized a gain of, 4,687 lakhs which was credited to capital reserve. 
Pursuant to demerger scheme becoming effective (refer note 3), it is now considered in nel assels of discontinued operations and transferred to Resulting Company. 
6 During the half year ended 30 September 2023, Raymond urestyle Limited, erstwhile associale of Raymood Limited, sold its entire business (including all brands thereil) except for the sexual wellness 
business, to a third party (Godrej Consumer Products Limited -GCPL) on a slump sale basis for a constderation of ( 282,500 lakhs and recorded gain oo sale of b\Jslness oft 98,301 lakhs. 
Pursuant to demerger schetne be-Corning effective (refer note 3), it is now forming part of discontinued operations. 7 During U\8 year ended 31 March 2024, Ring Plus Aqua Umited {'RPAL'), a step-down subsidiary of Raymond Limited [a direct subsidiary of JK Flies & Engineering Limited fJKFEL')] had acquired 
59.25% stake In Maini Precision Products L•mited ('MPPL') on 28 March 2024 for a total ca$h con$ideralion of, 68,200 lakhs in accordance with share purehas& agreemenl ('SPA'} entered between 
RPAL and shareholders of MPPl. The acquisllion was accounted for as a business combinatio n using the acquisition method of accounting in accordance with Ind AS 103 "'Business CombinationsM. The 
purchase price was provlslonally allocated lo the assets acquired (lnc!Uding intangib~ assets} and If.abilities assumed based on the estimated fair values al the date of acquisition. The excess of the 
purchase price over the fair value of the nel assets acqui"ed was allocated to goodwill. 
further, the Board of Directors of JKFEL in its meeting held on 02 May 2024 had approved Composite Scheme of Arrangement betvteen JKFEL, MPPL, RF'AL, JKFEL Tools and Technolog ies Limited 
and Ray Global Consumer Enterprise Limited (the 'Scheme') under the provisions of sections 230 to 2·32 read with section 66 aod other applicable -provisions of the Act and the rules framed thereunder, 
subjecl lo lhe requisite regulatory approvals. The ApPQinted Date proPQsed under !his scheme is 01 April 2024. Pending receipt of statutory approvals as required. no adjustments are made in the books 
of acoount. 
During the year ended 31 Mar<:h 2024, Group had sold hs enlll"e Investment in its subsidiaries namely, Raymond Apparel Limited and Ullrashore Realty Limited for a eonsldetatlOf'I oft 125 lakhs and~ 1 
lakh. respectivety. Ac<:o«Hng ty, the Group had recognised profit on sale of subsidiaries oft 126 lakhs (net of provisions) In the consolidated flnaoelal results di.ling the year ended 31 March 2024. 
Figures of previous periods/ year have been re-grouped, redassmed and rearranged . wherever necessary, 10 conform to the current period's preseotalion, which are not considered malerial to this 
S!atement. 
10 Subsequenl to JO June 2024, 9.00% Series 'P' secured llsled rated reedemab le non-convertible debenlures and 7.60% Series 'O' secured listed raled reedemab le non-coovert ible debentures are 
t,ansferted from Raymond Limited to Raymond lifestyle Limited under the Composite Scheme of Arrangement for the demerger of the lifestyle business undertaking. Accordingly, relevant disclosures as 
per Regulation 54 of the Listing Regulations until 30 June 2024 have been dlsciosed ln the fi~ncial results of Raymond Limited, aod thereafter rt will be presented in lhe financial ,esults of Raymond 
Lifestyle llll'ited. 
11 The Statement has been reviewed and recommended by the Audit Committee and approved by the Board or DW'&etors at their respective meetings held on 04 November 2024. There are no 
qualmcations in the revlew report issued for the quarter and half year ended 30 September 2024. 
12 With the recent amendment i1 Union Budget 2024-25 on 23 July 2024, the Holding Company has re-assessed its ~ferred tax position related to indexation benefit no longer available on long term 
capital gain a,ld consequently, the deferred tax asset is reversod to the extent of Rs. 1,265 lakhs in the quarter and hair year ended 30 September 2024. The aforementioned amendment has no impact 
on the re$ults of subsidiaries, associates and joint ventures considered in the Statement 
13 The Board of Directors of the Hotdiflg Company had recommended equity dividend of, 10 per share of face value of~ 10 each f0< the r.,anclal year 2023-24. It was subsequently approved by the 
members of the Holding Company in the annual general meeting held on 27 June 2024. t 
Mumbai Gautam Harl Slnghanla ..-,1 
04 November 2024 Chairman & Mana in Director Walker Chandiok &.Co LLP 
Walker Chandiok & Co LLP 
16th Floor, Tower Ill, 
One International Center, 
S B Marg, Prabhadev i 0N), 
Mumbai -400013 
Maharashtra, India 
T <PRESIDIO_ANONYMIZED_PHONE_NUMBER> 
F <PRESIDIO_ANONYMIZED_PHONE_NUMBER> 
Independent Auditor's Review Report on Standalone Unaudited Quarterly Financial Results 
and Year to Date Results of the Company pursuant to the Regulation 33 of the SEBI (Listing 
Obligations and Disclosure Requirements) Regulations, 2015 (as amended) 
To the Board of Directors of Raymond Limited 
1. We have reviewed the accompanying statement of standalone unaudited financial results (the 
'Statement') of Raymond Limited (the 'Company') for the quarter ended 30 September 2024 
and year to date results for the period 01 April 2024 to 30 September 2024, being submitted 
by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations 
and Disclosure Requirements) Regulations, 2015 (as amended) ('Listing Regulations '). 
2. The Statement , which is the responsib ility of the Company's management and approved by the 
Company's Board of Directors, has been prepared in accordance with the recognition and 
measurement principles laid down in Indian Accounting Standard 34, Interim Financial 
Reporting ('Ind AS 34'), prescribed under section 133 of the Companies Act, 2013 (the 'Act'), 
and other accounting principles generally accepted in India and is in compliance with the 
presentation and disclosure requirements of Regulation 33 of the Listing Regulations. Our 
responsibility is to express a conclusion on the Statement based on our review. 
3. We conducted our review of the Statement in accordance with the Standard on Review 
Engagements ('SRE') 2410, Review of Interim Financial Information Performed by the 
Independent Auditor of the Entity, issued by the Institute of Chartered Accountants of India (the 
'!CAI'). A review of interim financial information consists of making inquiries, primarily of 
persons responsible for financial and accounting matters, and applying analytical and other 
review procedures . A review is substantially less in scope than an audit conducted in 
accordance with the Standards on Auditing specified under section 143(10) of the Act, and 
consequently , does not enable us to obtain assurance that we would become aware of all 
significant matters that might be identified in an audit. Accordingly, we do not express an audit 
opinion. 
4. Based on our review conducted as above, nothing has come to our attention that causes us to 
believe that the accompanying Statement, prepared in accordance with the recognition and 
measurement principles laid down in Ind AS 34, prescribed under section 133 of the Act, and 
other accounting principles generally accepted in India, has not disclosed the information 
required to be disclosed in accordance with the requirements of Regulation 33 of the Listing 
Regulations , including the manner in which it is to be disclosed, or that it contains any material 
misstatement. 
Chartered Accountants 
Offices in Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, Indore, Kochi, Kolkata, Mumbai, New Delhi, 
Noida and Pune Walker Chandiok & Co LLP is registered wilh 
limited liability with identification number AAC-
2085 and has its registered office at L-41, 
Connaught Circus, Outer Circle, New Delhi, 
110001, India Raymond Limited 
Independent Auditor's Review Report on Standalone Unaudited Quarterly Financial Results 
and Year to Date Results of the Company pursuant to the Regulation 33 of the Listing 
Regulations 
5. We draw attention to note 3 to the accompanying Statemen t which describes that pursuant to 
the scheme of arrangement (the 'Scheme') between the Company , Raymond Lifestyle Limited 
(formerly known as Raymond Consumer Care Limited) ('Resulting Company' or 'Transferee 
Company'), Ray Global Consumer Trading Limited ('Transferor Company') and their respective 
shareholders, as approved by the Hon'ble National Company Law Tribunal and filed with 
respective Registrar of Companies , the Lifestyle Business Undertaking of the Company was 
demerged and transferred to Resulting Company with effect from 30 June 2024. The said 
demerger was given accounting effect in the quarter ended 30 June 2024 in accordance with 
Appendix A to Ind AS 10, Distribution of Non-cash Assets to Owners and Ind AS 105, Non­
Current Assets Held for Sale and Discontinued Operations. Our conclusion is not modified in 
respect of this matter. 
For Walker Chandiok & Co LLP 
Chartered Accountants 
Firm Registration No: 001076N/N500013 
Bharat Shetty 
Partner 
Membersh ip No. 106815 
UDIN: 24106815BKFNMC9565 
Place: Mumbai 
Date: 04 November 2024 
Chartered Accountants 
Offices in BengalulU, Chandigarh, Chennai, Gurugram, Hyderabad, lnd0<e, Koctl, Kolkata, Mumbai, New Deihl, 
Noida and Pune Walker Chandiok & Co LLP is registered with 
limited liability with identificatio n number AAC· 
2085 and has its registered office at L-41, 
Connaughl Circus, Outer Circle, New Delhi, 
110001, India I RayplJ~TI~ 
Registered Office: Plot No.156/H No.2, Village Zadgaon, Ratnagirl 415 612 ( Maharashtra) 
CIN:L 17117MH1925PLC001208 
Email : corp.secretar ial@raymo nd.in: Website: www.raym ond.in 
Tel: <PRESIDIO_ANONYMIZED_PHONE_NUMBER> , Fax: 02352-232513 ; Corporate Office Tel: <PRESIDIO_ANONYMIZED_PHONE_NUMBER>, Fax 022-24939036 
A. STATEMENT OF STANDALONE FINANCIAL RESULTS FOR THE QUARTER/ HALF YEAR ENDED 30 SEPTEMBER 2024 
(' in lakhs) 
Sr.No. Particulars Quarter ended Half Year ended Year ended 
30.09.2024 30,06.2024 30.09.2023 30.09.2024 30.09.2023 31.03.2024 
(Unaudited) (Unaudited) (Unaudited\ (Unaudited} (Unaudited) (Audited) 
Continuing 012:erations 
1 Income 
a) Revenue from operations 34,763 36,127 24,396 70,890 48,082 1,60,086 
b) Other income 6,947 7,327 4,468 14,274 8,889 19,638 
Total Income 41,710 43,454 28,864 85,164 56,971 1,79,724 
2 Expenses 
a) Cost of construction and development 20,208 18,661 20,271 38,869 30,237 1,02,622 
b) Changes in inventories of work in progress and finished properties 807 5,116 (4,486) 5,923 773 2,576 
c) Employee benefits expense 3,788 2,985 2,397 6,773 5,012 9,516 
d) Finance costs 692 1,058 814 1,750 1,546 3,409 
e) Depreciatio n and amortisation expense 1,112 1,077 1,184 2,189 2,245 5,344 
I) Other expenses 5,504 6,523 3,292 12,027 7,501 19,143 
Total expenses 32,111 35,420 23,472 67,531 47,314 1,42,610 
3 Profit from continuing operations before exceptional items and tax (1-2) 9,599 8,034 5,392 17,633 9,657 37,114 
4 Exceptional items -{loss) (refer note 2) - {2,000) {1,000) (2,000 (1,000) (2,900) 
5 Profit from continuing operations before tax {3+4) 9,599 6,034 4,392 15,633 8,657 34,214 
6 Tax (expense)/ credit {refer note 10) 
-Current tax (1,948) (2,213) (1,011) (4,161) (2,063) (7,698) 
-Deferred tax (1,033) 132 6 (901) (14 (1,088 
Total tax expense (2,981) (2,081) (1,005) {5,062) (2,077) {8,786 
7 Profit for the period/ year from continuing operations {5+6) 6,618 3,953 3,387 10,571 6,580 25,428 
Discontinued oeeratlons (Demerged Llfest~le Business} (refer note 3l 
8 Profit from discontinued operations {also refer note 2) - 8,72,174 12,525 8,72, 174 14,029 36,102 
9 Tax crediV (expenses) on discontinued operations 1,511 (3,219) 1,511 (3,597) (8,863) 
10 Profit from discontinued operations {after tax) (8+9) 8,73,685 9,306 8,73,685 10,432 27,239 
11 Profit for the period/ year {7+10) 6,618 8,77,638 12,693 8,84,256 17,012 52,667 
12 Other Comprehensive Income ('OCI') 
Items that will not be reclassified to profit or loss 
13 Continuing oeeratlons 
Fair value changes on equity instruments through OCI -gain 6,773 7,117 819 13,890 4,201 4,670 
Income tax relating to above item (1,172) {814) (80) (1,986) (480) (534) 
14 Discontinued oeerations (Demerged Lifest~le Business} (refer note 3l 
Remeasurement of defined benefit plan -gain - - 340 
Income tax relating to above item - - - (86) 
15 Total OCI • gain for the period/ year (net of taxes) (13+14) 5,601 6,303 739 11,904 3,721 4,390 
16 Total Comprehensive Income -gain for the period/ year (11+15) 12,219 8,83,941 13,432 8,96, 160 20,733 57,057 
17 Paid-up equity share capital (Face value -t 10 per share) 6,655 6,655 6,655 6,655 6,655 6,655 
18 Other equity 2,75,160 
19 Earnings per equity share {of face value t 10 each) 
(not annualised except for the year end) {in ') 
Continuing operations 
(a) Basic 9.94 5.94 5.09 15.88 9.89 38.21 
(b) Diluted 9.93 5.90 5.09' 15.86 9.89• 38.21' 
Discontinued operations {Demerged Lifestyle Business) {refer note 3) 
(a) Basic 1,312.80 13.98 1,312.80 15.67 40.93 
(b) Diluted 1,304.82 13.98• 1,311.22 15.67• 40.87 
Continuing and discontinued operations 
(a) Basic 9.94 1,318.74 19.07 1,328.68 25.56 79.14 
(b) Diluted 9.93 1,310.72 19.07' 1,327.08 25.56' 79.14' 
• The effect of 892,888 potential equity shares outstanding as at 30 ~~r 2023 and 31 March 2024 is anti-dilutive and~hese shares are not considered in determining diluted earnings per 
share. //"':, ~wo,n~~ FF .,. ... ~ 
~ ~ -..---.. "c~ 
l'y,·□-• A~ ~-,,,- '() ?ff. ~( \~ 
I!( MUg J: I --l o) 
'.}.\ /~ " ~ ~ ./"'I' ~, 
'i'.>i:, ---~ ❖- -" J. \~ '/?co ACr:,O -B. Segment wise Revenue, Results, Assets and Liabilities (Standalono) for tho quarter I half year ended 30 September 2024 
(' in lakhs: 
Quarter ended Half Year ended Year ended 
Particulars 30.09.2024 30.06.2024 30.09.2023 30.09.2024 30.09.2023 31.03.2024 
/Unaudltedl (Unaudited] /Unaudite<ll IUnauditedl I Unaudited\ /Audited) 
Segment revenue (revenue from external customers) 
• Real Estate and Development of property 34,673 35,952 24,259 70,625 47,624 1,59,266 
-Olhe<S (,efer footnote (ll)(b)J 90 175 137 265 458 820 
Segment revenue from continuing operations (a) 34,763 36,127 24,396 70,890 48,082 1,60,086 
Segment revenue from discontinued operations (b) (refer note 3) 86,068 1,35,685 86,068 2,34,214 4,99,247 
Total revenue (a+b) 34,763 1,22,195 1,60,081 1,56,958 2,82,296 6,59,333 
Segment results 
-Real Estate and Development of property 10,197 7,294 4,628 17,491 9,873 38,874 
-Others (,efer footnote (ii)(b )] (361) (329) (299) (690) (477) (993) 
Segment profit before finance costs, exceptional Items and tax 9,836 6,965 4,329 16,801 9,396 37,881 
Finance costs (692) (1,053) (834) (1,745) (1,546) (3,354) 
Othe, Income/ (expense) • net (Unallocable ) 455 2,122 1,897 2,577 1,806 2 587 
Prom before exceptional Items and tax 9,599 8,034 5,392 17,633 9,657 37,114 
Exceptional items• (loss) (refer note 2) 12,0001 11,0001 12,0001 11,000' (2,9001 
Profit before tax 9,599 6,034 4,392 15,633 8,657 34,214 
Tax expense (refer note 10) 12,981\ 12,0811 11 0051 15,0621 12,077' (8,7861 
Profit for the period/ year from continuing operations 6,618 3,953 3,387 10,571 6,580 25,428 
Proflt from discontinued operations (after tax) (refer noto 3) 8,73,685 9.306 8.73,685 10,432 27,239 
Profit for the period/ year 6,618 8,77,638 12,693 8,84,256 17,012 52,667 
Segment assets 
-Real Estala and Development of property 1,55,646 1,52,020 1,17,785 1,55,646 1,17,785 1,54,731 
• Others (refer footnote (iiXb)J 2,353 2,407 2,706 2,353 2,706 2,425 
Unalk>cable assets 2,84.239 2,67,239 2,59,781 2,84,239 2,59,781 2,53,832 
Assets related to discontinued operations {refer footnote (iii)J - 4,07,247 4,07,247 4,52,938 
4,42,238 4,21,666 7,87,519 4,42,238 7,87,519 8,63,926 
Segment liabilities 
-Real Estate and Devefopment of property 92,764 98,934 60,560 92,764 60,560 1,03,732 
• Others [refer footnote (iiXb)J 368 310 604 368 604 454 
UnaYocablo liabilities 28,176 14,423 38.660 28,176 38,660 14,173 
Liablities related to discontinued operations (refer footnote {Ii)] 4,43,493 4.43,493 4.63,752 
1,21,308 1,13,667 5,43,317 1,21,308 5,43,317 5,82,111 
Footnote s : 
I) Unallocable income (including income from investments) are net of unallocable expenses. 
i) The Company operates in two segments (post demerger): 
a) Real estate and development of property 
b) Others: Non-scheduled airline operalioos 
iii) Pursuant lo deme,ger scheme of lifestyle business undertaking be-coming erfectiva on 30 June 2024 {refer note 3), following segments are combined and shown under 
discontinued operations. 
a) Textile 
b)Apparel 
Company's perlormance is evaluated base-cl on the various performance indicators by these business segments. Operating segments are reported in a manner consistent with 
intemal reporting provided to the Chief Operating Decision Maker ('COOM'). Raymond Limited 
C. Standalone Balance Sheet 
(~ in lakhs) 
As at As at 
30 September 2024 31 March 2024 * 
(Unaudited) (Audited) 
I ASSETS 
1 Non-current assets 
(a) Property, plant and equipment 50,352 1,57,974 
(b) Capital work-in-progress 1,304 3,224 
(c) Investment properties 12 192 
(d) Intangible assets 112 168 
(e) Intangible assets under developmen t - 2,804 
(f) Financial assets 
(i) Investments in subsidiaries, associates and joint venture 33,926 50,807 
(ii) Other investments 51,904 32,169 
(iii) Loans 35,149 45,308 
(iv) Other financial assets 5,715 12,713 
(g) Deferred tax assets (net) - 19,025 
(h) Income tax assets (net) 327 -
(i) other non-current assets 3,220 4,320 
1,82,022 3,28,704 
2 Current assets 
(a) Inventories 61,028 2,01, 107 
(b) Financial assets 
(i) Investments 88,643 1,05,459 
(ii) Trade receivables 7,170 94,025 
(iii) Cash and cash equivalents 4,951 11,597 
(iv) Bank balances other than cash and cash equivalents 34,269 33,026 
(v} Loans 18,930 14,997 
(vi) Other financial assets 7,360 9,342 
(c) Other current assets 37,865 65,669 
2,60,216 5,35,222 
TOT AL ASSETS 4,42,238 8,63,926 Raymond Limited 
C. Standalone Balance Sheet 
('l; in lakhs) 
As at As at 
30 September 2024 31 March 2024 * 
(Unaudited) (Audited) 
II EQUITY AND LIABILITIE S 
1 Equity 
a) Equity share capital 6,655 6,655 
b) Other equity 3,14,275 2,75, 160 
3,20,930 2,81,815 
2 Liabilities 
Non-current liabilities 
(a) Financial liabilities 
(i) Borrowings 6,020 2,05,422 
(ii) Lease liabilities 93 60,861 
(iii) Other financial liabilities 9,946 9,946 
(b) Deferred tax liabilities (net) 1,389 -
(c) Other non-current liabilities 852 1,095 
18,300 2,77,324 
Current liabilities 
(a) Financial liabilities 
(i) Borrowings 6,771 54,830 
(ii) Lease liabilities 43 10,382 
(iii) Trade payables 
Total outstanding dues of micro enterprises and small 338 14,112 
enterprises; and 
Total outstanding dues of creditors other than micro 52,823 1,44,323 
enterprises and small enterprises 
(iv) Other financial liabilities 2,190 33,688 
(b) Other current liabilities 40,372 38,164 
(c) Provisions 471 5,158 
( d) Current tax liabilities (net) - 4,130 
1,03,008 3,04,787 
TOTAL EQUITY AND LIABILITIES 4,42,238 8,63,926 
* Pursuant to Ind AS 105 "Non-current Assets Held for Sale and Discontinued Operations", Company has not reclassified or re­
presented amounts presented for non;current assets or for the assets and liabilities of disposal groups classified as held for sale in 
the balance sheets for prior period to reflect the classification in the balance sheet for the latest period presented. Refer note 3. D. Standalone Statement of Cash Flows 
Particulars 
CASH FLOW FROM OPERATING ACTIVITIES: 
Profit from continuing operations before tax 
Profit from discontinued operations 
Adjustments for: 
Depreciation and amortisation expenses 
Finance costs 
Net gain on foreign currency translation 
Dividend income 
Interest income 
Gain on extinguishment of lease liabilities (net) 
Net gain on sale/ fair valuation of Investments through profit or loss 
Government grant income 
Provision for doubtful debts (net) 
Provision towards slow moving and non-moving inventory 
Gain on disposal of property, plant and equipmen t (net) 
Provision for diminution in the value of Investment in jointly controlled entity 
Gain on demerger of lifestyle business (discontinued operations) (refer note 3) 
Employee stock option expenses 
Operating profit before working capital changes 
Adjustments for working capital: 
Trade and other receivables 
Inventories 
Trade and other payables and provisions 
less: Income taxes paid (net of refunds) 
Net cash flows generated from/ (used In) operating activities 
CASH FLOW FROM INVESTING ACTIVITIES: 
Purchase of property, plant and equipment (including movement in capital creditors and capital 
advances) 
Sale proceeds from disposal of property, plant and equipment 
Dividend received 
Interest received 
(Placement)/ liquidation of deposit with banks (net) 
(Acquisition)/ liquidation of non-current investments 
Acquisition of current Investments (net) 
Investment in treasury shares by ESOP trust 
Investment in 0.01 % preference shares in subsidiaries 
ICD given to subsdiary and joint venture 
Repayment of ICD given to subsidiaries 
Net cash (used In) Investing activities 
CASH FLOW FROM FINANCING ACTIVITIES: 
Proceeds from/ (repayment of) short term borrowings (net) 
Proceeds from longterm borrowings 
Repayment of long term borrowings 
Payment of lease liabilities (excluding interest) 
Dividend paid (including adjustment of unclaimed dividend) 
Payment of interest on lease liabilities 
Payment of other financing costs 
Net cash (used in)/ generated from financing activities 
NET (DECREASE)/ INCREASE IN CASH AND CASH EQUIVALEN TS 
Add: Cash and cash equivalents at beginning of the period 
Cash and cash equivalents at end of the period 
Cash and cash equivalents as per above comprises of the following: 
Balances with banks: 
-In current accounts 
Cash on hand 
Bank overdraft - Balances as per statement of cash flows ~ 
//i ~· 11-~ Half year ended 
30 September 2024 
(Unaudited ) 
15,633 
8,72,174 
2,189 
1,750 
(5) 
(6,407) 
(4,154) 
2,000 
(8,63,375) 
588 
20,393 
(468) 
5,321 
10,787 
36,033 
(4,840) 
31,193 
(113) 
5 
4,927 
(6,355) 
(155) 
(11,633) 
(7,500) 
(5,664) 
5,997 
(20,491) 
(8,946) 
(316) 
(6,593) 
(8) 
(1,485) 
(17,348) 
{6,646) 
11,597 
4,951 
4,950 
1 
4,951 
Notes: 'f-..;1/ ~0:)_ 
The cash flow statement has been prepared under the ind I ~frnethOd as setl~ n Ind AS 7 '"Statement of Cash flows·. (~ In lakhs) 
Hall year ended 
30 September 2023 
(Unaudited) 
-8,657 
14,029 
8,775 
15,521 
(441) 
(27) 
(5,126) 
(125) 
(4,129) 
(85) 
162 
75 
(57) 
1,000 
830 
39,059 
(44,244) 
(20,678) 
20.437 
(5,426) 
(2,310) 
(7,736) 
(5,670) 
101 
27 
3,864 
2,283 
4,223 
(30,192) 
(379) 
(7,500) 
(15,821) 
5,094 
(43,970) 
(32,087) 
1,80,000 
(70,937) 
(4,273) 
(2,010) 
(1,812) 
(15,745) 
53,136 
1,430 
11,127 
12,557 
12,697 
(140) 
12,557 Notes (A to D) : 
These standalone unaudited financial results (the 'Statement') have been prepared In accordance with the recognition and measurement principles laid down under Indian Accounting 
Standard :,4, Interim Financial Repcrting ('Ind AS 34'), prescribed under section 133 of the Companies Act, 2013 (the 'Acr) and other accounting principles generally accepted in India 
and Is In compliance with the presentation and disclosure requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as 
amended) ('Listing Regulations'}. 
2 Exceptional Items : (' in lakhs) 
Quarter ended Half year ended Year ended 
Particulars 30.09.2024 30.06.2024 30.09.2023 30.09.2024 30.09.2023 31.03.2024 
!Unaudited\ !Unaudited\ (Unaudited) (Unaudited) (Unaudited) (Audited) 
Continuing operations 
Provision for diminution in the value of Investment in jOinUy cootrolled entity (2,000) (1,000) (2,000) (1,000) (2,900) 
(unallocable} 
Exceptional Items• (loss) . {2,000) {1,000 {2,000 (1,000 (2,900) 
Discontinued operations (demerged Lifestyle Business) (refer note 3) 
Gain on demerger of lifescyie business (textile -discontinued operations) 8,77,976 8,77,976 
VRS payments (textile• discontinued operations) (919) (919) 
Exceptional items• aainl (loss\, net . 8,77,976 8,77,976 19191 1919) 
During tho quarter ended 30 June 2023, the Board of Directors of the Company at Its meeting held on 27 April 2023 had approved the Composite Scheme of Arrangement for the 
demerger of the lifestyle business undertaking of Raymond Limited ('Demerged Company') Into Raymond Lifestyle Limited (formerly known as "Raymond Consumer Care Limited") 
('Resulting Company') on a going concern basis. The appointed date proposed under this scheme was 01 April 2023. 
During the quarter ended 30 June 2024, the Company had received requisite approval from National Company Law Tribunal ('NCLr) vide its order dated 21 June 2024. Respective 
companies had filed the certified true oopy of NCLT order along with the sanctloned scheme with lhe Registrar of Companies on 30 June 2024. Accordingly , the scheme was effective 
w.e.f. 30 June 2024. The accounting of this scheme In the books of Demerged Company was done based on Appendix A to Ind AS 10 "Distribution of Non-cash Assets to Owners". 
The Demerged Cot1l)any had accordingly debited the fair value of lifestyle business undertaking amounting tot 851,600 lakhs to retained earnings as dividend distribution attributable 
to each of the shareholders of Demerged Company. The difference between the aforementioned fair value and the carrying amount of net liability of~ 26,376 lakhs of lifestyle business 
undertaking as at 30 June 2024 was recognised as gain on demerger In the statement of profit and loss as an exceptlona J item amounUng to {877,976 lakhs. Further, upon the scheme 
becoming effective, lhe investment made by the Oemerged Company In the Resulting Company stands cancelled. 
As a consideration for the demerger, the Resulting Company has Issued its equity shares to each shareholde r of the Demerged Corrpany as on record dale In 4:5 swap raUo (I.e .. four 
shares oft 2 each has been issued by lhe Resulting Company for every five shares of, 10 each heM in lhe Demerge<l Company). The eqully shares of Resulting Corr()any are listed 
on NSE and BSE w.e.f. 05 September 2024. 
The net results of lifestyle business undertaking for the cOltl)aratlve quarters/ period are disclosed separately as discontinued operations in the statement of profit and loss, as required 
by Ind AS 105 "Asset Held for Sale and Discontinued Operations" and Division II of Schedule Ill to the Act. 
4 The Board of Directors of the Company at its me:etlng held on 04 July 2024, has approved the Scheme of Arrangement of Raymond Limited {'Oemerged Company ') and Raymond 
Really Limited ('Resoltlng Company') and lheir respecUve shareholders ('Real Estate Scheme') as per provisions of sections 230 to 232 read with section 66 of the Act and the rules 
framed thereunder, subject to the requisite approvals and sanction of the jurisdiclional bench of NCLT. 
The Real Estate Scheme, infer-alia, provides for domerger of real estate business carried on by Oemerged Company ('Real Estate Business Undertaking '), inlo Resulting Company, a 
wholly owned subsldfary of Raymond Limiled and issue of equity shares by the Resulting Company to the shareholders of the Demerged Company, along with the conseque ntial 
reduction and cancellation of the paid-up share capital of Resulting Company held by Oemerged Company. 
The Appointed Date proposed under this scheme is 01 April 2025. Pending receipt of statutory approvals as required, no adjustments are made in the books of account. 
5 During the year ended 31 March 2024, Ring Plus Aqua Limited ('RPAL'), a step-down subsidiary of Raymond Limited [direct subsidiary of JK Flies & Engineering Limited ('JKFEL')I had 
acquired 59.25% stake in Maini Precision Products Limited ('MPPL') for a total cash consideration of , 68,200 lakhs In accordance with the share purchase agreement ('SPA') entered 
between RPAL and shareholders of MPPL. 
The Soard of Directors of JKFEL in its meeting held on 02 May 2024 had approved Composite Scheme of Asrangement belween JKFEL, MPPL, RPAL, JKFEL Tools and Technologies 
Umited and Ray Global Consumer Enterprise Llmiled (the 'Scheme') under 1he provisions of sections 230 to 232 read with section 66 and other applicable provisions of the Act and the 
rules framed lhereunder, subject to the requisite regulatory approvals. The Appointed Date proposed under this scheme YJaS 01 April 2024. Pending receipt of statutory approvals as 
required, no adjustments are made In the bOOks of account. 
6 During the year ended 31 March 2024, Raymond Limited had sold its entire investment in its wholly owned subsidiaries namely, Raymond Apparel Limited and Ultrashore Realty 
Limited for a consideratio n of, 125 lakhs and, 1 lakh, respectively. Accordingly, the cor'1)any naa recognised prom on sale 01 suosIaIar1es or, 126 lakhs (net or provisions) In the 
standalone financial results during the year ended 31 March 2024. 
The Statement was reviewed and recommended by the Audit Committee and approved by the Board of Directors at their respective meetings held on 04 Novembe r 2024. There are no 
qualifications in the review report issued for the quarter and half year ended 30 September 2024. 
s Subsequent to 30 June 2024, 9.00% Series 'P" secured listed rated redeemable non~convertlble debentures and 7.60% Series ·a· secured listed rated redeemable non-convertible 
debentures are transferred rrom Raymond Limited to Raymond Lifestyle Limited under the Composite Scheme or Arrangement for the demerger of the lifestyte business undertaking . 
Accordingly, relevant dlsdosures as per Regulation 54 of the Listing Regulations until 30 June 2024 have been disclosed ln the financial resulls of Raymond Limiled, and thereafter it 
will be presented in the financial resulls of Raymond Lifestyle Limited. 
g Figures of previous period/ year have been re-grouped , reclassified and rearranged , wherever necessary, to conform to current period's presentation. Y-lhlch are not considered material 
to this Statement. 
10 With the recent amendment In Union Budget 2024•25 on 23 July 2024, Company has re-assesse d its deferred tax position related to indexation benefit no longer available on long term 
capital gain and consequently , the deferred tax asset Is reversed to the extent of Rs. 1,265 lakhs in the quarter and half year ended 30 September 2024. 
11 The Board of Directors of the Company had recommended O<lUi1y dividend oft 10 per share of face value of, 10 each for the financial year 2023-24. It was subsequen tly approved,l>Y 
the members of the Company in the annual general meeting held on 27 June 2024. 
Mumbai 
Date: 04 November 2024 ., . 
Gautam Hari Singhanla 
Chalnnan & Mana In Director                                                                                                                                                                                                            
 
CORPORATE  OFFICE:  
New Hind House,  Narottam  Morarjee  Marg,  Ballard  Estate,  Mumbai  400 001, India  
 
   
 
PRESS  RELEASE  
 
Raymond  Limited  delivers  strong  quarterly  performance  
 
• Revenue  at ₹ 1,101  Cr with  a YoY  growth  of 115 % in Q2 FY25   
• EBITDA  at ₹ 172 Cr with  a YoY  growth  of 75% with  an EBITDA  margin  of 15.6% in Q2 FY25  
• Real  Estate  business  recorded  revenue  of ₹ 571 Cr with  a growth  of 135% YoY  growth  with  a strong  
booking  value  of ₹ 562  Cr in Q2 FY25  
• Engineering  business  recorded  a revenue  of ₹ 443 Cr (Inc.  MPPL)  with  a YoY  growth  of 121% in 
Q2FY25  
 
Mumbai,  4th November , 2024:  Raymond  Limited  today  announced  its unaudited  financial  
results  for the quarter  ended  30th September , 2024.   
 
Consolidated Results Snapshot (Post IND AS 116)  
(₹) in Crores  Q2 
FY25  Q2 
FY24  Y-o-Y 
% H1 
FY25  H1 
 FY24  Y-o-Y 
% 
Revenue  1,101  512  115%  2,099  1,029  104%  
EBITDA  172  98 75%  334  187  78%  
EBITDA  % 15.6%  19.2%    15.9%  18.2%    
PBT (before exceptional items)  103  72 42%  195  138  41%  
PBT (before exceptional items) %  9.4%  14.1%    9.3%  13.4%    
 
Note:  Raymond  Limited  now  includes  Real  Estate  and  Engineering  businesses,  excluding  the Lifestyle  business,  which  has  been  demerged  into  
Raymond  Lifestyle  Limited.  
 
Raymond  Limited  continue d its growth  momentum,  delivering  a robust  performance  with  consolidated  
quarterly  revenue  from  Real  Estate  and  Engin eering  business  of ₹ 1,101  Cr, reflecting  a ~ 115 % increase  
compared  to the same  quarter  of the previous  financial  year,  and  an EBITDA  of ₹ 172 Cr with  an EBITDA  
margin  of 15.6 %. 
Commenting  on the performance,  Gautam  Hari  Singhania,  Chairman  & Managing  Director,  Raymond  
Limited  said;  “We witnessed  good  momentum  both  in Real  Estate  and  Engineering  businesses.  With  
the launch  of Park  Avenue - High  Street  Reimagined,  the first  of its kind  retail  space  in Thane,  
Raymond  Realty  has  taken  yet another  pioneering  step  to create  the aspirational  ecosystem  for its 
current  and  upcoming  residential  projects.  The  project  execution  remains  our  USP  as our endeavor  
is to continue  to deliver  before  RERA  timelines.  The  seamless  integration  of Maini  operations  with  JK 
Engineering  has  taken  an affirmative  shape  and  has  started  positive  results  with  growth  in the overall  
engineering  business. ” 
 
 
 
                                                                                                                                                                                                            
 
CORPORATE  OFFICE:  
New Hind House,  Narottam  Morarjee  Marg,  Ballard  Estate,  Mumbai  400 001, India  
 
 
Q2FY25  Segmental  Performance   
Real  Estate  Business :   
In a stated  strategy  to sell  and  construct  fast  leading  to quick  project  completion  and  faster  
reven ue generation,  Raymond  Realty  posted  yet another  strong  quarter  with  a revenue  of ₹ 571 Cr in 
Q2 FY25  from  ₹243  Cr in Q2FY24  recording  a solid  growth  of 135% . The  segment  reported  an EBITDA  of 
₹112 Cr in Q2 FY25  from  ₹47 Cr in Q2 FY24.   
During  the quarter,  Raymond  Realty  launched  Park  Avenue  – High  Street  Reimagined  Retail  with RERA  
carpet  area  of 0.08  Mn sq ft in the month  of September  2024.  The  first  of its kind  high  street  retail  in Thane  
received  an overwhelming  response . The  project  will host  premium  aspirational  brands.  
Raymond  Realty  continues  to focus  on delivering  projects  within  committed  timelines.  Given  our track  
record  of delivering  projects  ahead  of timelines,  which  was  well  appreciated  by our customers  and  
resulted  in increased  customer  confidence.  In Q2 FY25,  the company  achieved  a strong  booking  value  of 
₹ 562  Cr, primarily  driven  by demand  for 'TenX  ERA ', Sale  of Retail  shops  in Thane  and  in JDA  'The  Address  
by GS' in Bandra . Total  potential  revenue  from  our current  Real  Estate  Business  is ₹ 32,000  Cr+, which  
includes  ₹ 25,000  Cr+ from  our Thane  Land parcel  and  ₹ 7,000  Cr+ from  JDA  led business  model.  
Engineering  Business :  
Segment  reported  sales  of ₹ 443 Cr in Q2 FY25 , doubling  revenue  compared  to ₹201 Cr in the same  quarter  
of the previous  year.  Revenue  for Q2 FY25  includes  revenue  from  MPPL  of ₹ 225 Cr, which  was  acquired  in 
March  24. The  segment  delivered  an EBITDA  margin  of 11.0% in Q2 FY25 . The  performance  was  driven  by 
support  from  the domestic  markets  for Flex  plates,  Ring  Gear  & Shaft  Bearings  categories . However,  our 
exports  were  sluggish  on account  of weak  demand  and  geopolitical  issues . 
Raymond  Limited  to remain  a Net  Cash  Surplus  company  with  a cash  of ₹ 685 Cr available  for future  
growth.   
About  Raymond  
Raymond  Group  has  been  a pioneer  and  leader  in fabric  manufacturing , since  1925,  and  then  forayed  into  other  
sectors  such  as engineering  business  and  Real  Estate.  After  demerging  its Lifestyle  Business  into  a separate  listed  
entity  in year  2024,  Raymond  Limited  now  has  two  core  businesses  of Real  Estate  and  Engineering.  Raymond  Realty  
that  has  carved  its position  in Real  Estate  sector  by leaps  and  bounds  and  today  is amongst  the top 10 Real  Estate  
players  in the country.  Being  the only  Real  Estate  player  in India  to deliver  its maiden  project  2 years  ahead  of RERA  
timeline.  Raymond  Realty  has  cemented  its position  amongst  the home  buyers  in MMR  region.  Raymond’s  
engineering  business  is well  known  with  its leadership  position  in manufacturing  files  and  hand  tools  and  has  a 
significant  presence  in national  and  international  markets.  With  the acquisition  of Maini  Precision  Products  Limited  
(MPPL)  Raymond’s  engineering  business  will emerge  as a large‐scale  provider  of Engineering,  Automotive,  EV, 
Aerospace  & Defense  components,  distinctly  positioned  to target  high‐growth  precision  engineering  products  with  a 
significant  presence  across  international  as well  as domestic  markets.   
 
To know  more,  visit  us today  at www.raymond.in  
For further  information,  please  contact:  
Rohit  Khanna   
Corporate  Communications   
Raymond  Limited   
Tel:  022  6152  7624   
Email:  <PRESIDIO_ANONYMIZED_EMAIL_ADDRESS>  
    
Assistant: