The share of Raymond Realty experienced a significant surge of almost 9%, reaching a peak of Rs.2,687.15 per share on the BSE on Monday. This remarkable increase came as a result of the company's recent announcement regarding the successful acquisition of a redevelopment project in Mumbai.
Raymond Realty has surged 7.29% to Rs. 2,649.75 after its real estate division gets selected as the preferred developer for redevelopment of MIG VI CHS located in Bandra (East), Mumbai.
The project is spread across 2 acres, located at one of the most sought-after residential areas of Mumbai and estimated to have a revenue potential in excess of Rs. 2,000 crore over the project period.
The company will pursue this project post internal and external approvals, as required. This is in line with the firm's growth plans of real estate development in Mumbai Metropolitan Region.
Raymond further mentioned that the project aligns with the company's expansion strategies for real estate development in the Mumbai Metropolitan Region. This marks the company's fourth project in Mumbai, in addition to their ongoing development in Thane.
The company experienced a 21% increase in consolidated revenue from operations during the March quarter, reaching Rs.2,608.49 crore, as opposed to Rs.2,150.18 crore in the previous fiscal year. In contrast, the company recorded a net loss of Rs.82.6 crore in the March quarter, compared to a net profit of Rs.23.09 crore in the same period last year.
The company’s revenue from operation during the March quarter has increased 9% from Rs.2,386.16 crore in the quarter ended December. The company has clocked a net loss of Rs.62.61 crore in the quarter ended December 2023.
The real estate arm of Raymond has reported 18% rise in consolidated net profit to Rs. 229 crore on 21.32% increase in revenue from operations to Rs. 2,608.50 crore in Q4 FY24 over Q4 FY23.
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