Raymond gains after arm signs pact to redevelop housing project in Mumbai

Raymond rose 2.21% to Rs 751.55 after the company announced that its wholly-owned subsidiary has signed a pact for the redevelopment of residential project in Mumbai.

Ten X Realty, the step-down wholly owned subsidiary of Raymond, has signed a binding term sheet for joint redevelopment of residential project in the western sub-urban district of Mumbai.

The project is estimated to have, in aggregate, revenue potential of around Rs 2,000 crore over a period of next 5 years. This is in line with the company's growth plan to expand its realty horizons beyond Thane.

Raymond last month incorporated Ten X Realty as its step-down wholly owned subsidiary for development/joint development of land and properties other than existing properties of the company situated at Thane, Maharashtra.

The company's board also approved infusing upto Rs 150 crore in Ten X Realty in more than one tranches over a period of time.

Raymond is India's largest integrated suiting manufacturer that offers end‐to‐end solutions for fabrics and garmenting. It has one of the largest exclusive retail networks in the country with around 1,500 stores in more than 600 towns.

On a consolidated basis, the company reported a net profit of Rs 56.15 crore in Q2 FY22 as compared to a net loss of Rs 136.59 crore posted in Q2 FY21. Net sales jumped 130.1% to Rs 1,551.32 crore in Q2 FY22 over Q2 FY21.

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