Mukul Agrawal stock with majority business interests in Textile & Apparels, Infrastructure and Engineering jumps 9 percent in the day’s trade upon receiving a redevelopment project with a revenue potential in excess of Rs. 2,000 crores.
With a market capitalization of Rs. 17,569.47 Crores, the shares of Raymond Limited were trading at Rs. 2,639.10 per equity share, up 6.86 percent from its previous day’s close price of Rs. 2,469.70.
Raymond Limited has been selected as the “Preferred Developer” for the redevelopment of MIG VI CHS Limited located in Bandra East, Spread across 2 acres and it will pursue this project post internal and external approvals, as required. This is in line with the Company’s growth plans for Real Estate development in the Mumbai Metropolitan Region.
The project is strategically located in one of the most sought-after residential areas of Mumbai and is estimated to have revenue potential in excess of Rs. 2,000 crores over the project period. This is the fourth project of the company in Mumbai City outside the existing development at Thane.
Ace Investor Mukul Mahavir Agrawal holds a 1.5 percent stake in the company consisting of 10 Lakh Equity shares. He made a fresh position in the company in March 2022, by acquiring a 1.5 percent stake consisting of 10 Lakh equity shares
Raymond Limited is a diversified group with majority business interests in Textile & Apparel sectors as well as presence across diverse segments such as FMCG, Realty, Engineering and Prophylactics in national and international markets.
Its various brands include Raymond, Park Avenue, ColorPlus, Raymond Ready to Wear, Parx, Ethnix, Kamasutra Raymond Home and Raymond Made to Measure, among others.
In FY24 its Engineering Business forays into sunrise sectors of Aerospace, Defense and EV Components Business by Acquisition of MPPL Business.
Its Revenue grew by 21.32 percent from Rs. 2,150.18 Crores in Q4FY23 to Rs. 2,608.5 Crores in Q4FY24, accompanied by profits of Rs. 196.48 Crores to Rs. 229.79 Crores.
In terms of Return ratios, it has reported a return on equity (ROE) of 44.5 percent and a return on capital employed (ROCE) of 30.9 percent. It has a debt to equity ratio of 0.91.
Written by: Bharath K.S
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