Communication Details
• Date of communication: August 12, 2024
• Transcript of the earnings call held on August 7, 2024, is available on the company's website.
• Signed by: Rakesh Darji, Company Secretary.
Corporate Initiatives Update
• Demerger Completion: Lifestyle business demerged on June 30, 2024; new entity named Raymond Lifestyle Limited.
• Ongoing Demerger: Real estate business demerger expected to take 14-16 months.
• Focus Areas: Post-demerger, Raymond Limited will concentrate on real estate and engineering sectors.
Financial Performance (Q1 FY '25)
• Revenue: INR 998 crores (93% YoY increase).
• EBITDA: INR 162 crores.
• Profit After Tax: INR 57 crores (27% YoY increase).
• Demerger Gain: INR 7,338 crores credited to reserves.
Segment Performance
• Real Estate: Strong sales from Thane and Bandra projects; Raymond Realty sales up 108% to INR 488 crores.
• Engineering: Sales doubled to INR 419 crores post-acquisition of Maini Precision Products.
• Lifestyle Business: Revenue declined by 8% to INR 1,249 crores; challenges included heatwaves and elections.
Q&A Highlights
• Weak Demand Factors: Lifestyle segment affected by lack of weddings, heatwaves, and elections.
• Engineering Challenges: Weather, inflation, and logistics costs impacting sales; recovery expected in Q2.
• Real Estate Margins: Lower margins due to marketing expenses; expected to normalize over time.
• Project Additions: Target of adding 2-3 projects annually, contributing INR 4,000 to 5,000 crores to the JDA pipeline.
Margin Concerns
• Branded Textiles: Margin decline from 20% to 10% attributed to scale deleverage and seasonal mix changes.
• Maini Precision Portfolio: Low margins consistent with previous periods; Q1 typically shows lower margins due to seasonality.
Future Outlook
• Aerospace Segment: Revenue run rate of INR 75 crores with a 25% margin; lower revenue this quarter.
• Inventory Management: Emphasis on stringent controls; no issues reported.
• Expansion Plans: Ongoing store expansion despite marketing expenditure increase.
Conclusion
• Plans for two separate investor calls in the next quarter for Raymond Limited and Raymond Lifestyle Limited.
• Moderator thanked participants for their engagement.

Communication and Conference Overview
• Communication date: July 16, 2024
• Conference date: July 9, 2024
• Focus on demerger of Lifestyle business on July 11, 2024
• Key executives: Chairman Gautam Singhania, Group CFO Amit Agarwal
• Transcript available on the company's website
Company Legacy and Strategic Shift
• 100-year legacy and brand trust emphasized by Amit Agarwal
• Fifth largest developer in Mumbai Metropolitan Region (MMR)
• Strategic shift towards aerospace and defense industries
• Key initiatives: Sale of FMCG business and Lifestyle business demerger
• Revenue growth: INR 6,500 crores to INR 9,300 crores with improved EBITDA margins
Business Segments Performance
• Lifestyle Segment: INR 7,000 crores revenue, INR 1,100 crores EBITDA
• Real Estate: INR 1,600 crores revenue, INR 370 crores EBITDA
• Engineering Sector: Expected 20-30% annual growth, especially in Aerospace and Defense
Strategic Vision for Raymond Lifestyle
• Aim to become a leading fashion and lifestyle company
• Plans to enhance B2C and B2B segments, expand into ethnic wear and innerwear
• Ranked among top 10 brands in India by Brand Finance
• Plans to open 250-300 new stores in 18 months
Branded Textiles and Apparel Strategy
• Focus on premiumization and product innovation
• Record EBITDA margin of 12%
• New initiatives: "Build the New" for ethnic wear and SleepZ for sleepwear
Expansion and Sustainability Initiatives
• Launch of Park Avenue innerwear targeting mass premium segment
• Growth in B2B garmenting business and capacity expansion
• Commitment to sustainability with ESG goals for 2030
Real Estate Growth Journey
• Revenue growth from INR 176 crores in 2020 to INR 1,593 crores in 2024
• Focus on capital-light business model and operational efficiency
Engineering and Aerospace Business Insights
• Focus on precision engineering for electric vehicles and aerospace
• Strong supplier position for global aircraft engine manufacturers
Challenges and Opportunities in Aerospace Manufacturing
• Discussion on manufacturing complexities and strategic focus on titanium
• Significant revenue from exports, commitment to quality and timely delivery
Conference Call Summary
Q&A Session
• Management requested attendees to settle for Q&A
• Analysts inquired about market share and real estate project selection
Market Share and Growth Opportunities
• 20% market share in fragmented shirting market
• Growth in premiumization and value cotton segments
Company Progress and Real Estate Insights
• Cost reductions and debt elimination discussed
• Criteria for selecting real estate projects explained
Real Estate Economics
• Margin variations between owned land and Joint Development Agreements (JDA)
• Higher margins achieved through effective land management
Aerospace Business Potential
• Projected 30-40% growth for aerospace sector
Real Estate Project Success
• Secured projects worth INR 5,000 crores
• Mumbai's $2 trillion real estate potential emphasized
Textile Sector Challenges
• Challenges in shirting availability and distribution efficiency strategies discussed
Defense and Space Opportunities
• Potential in defense and space sectors highlighted
• Emphasis on Make-in-India program and technology transfer
New Market Entries
• Entry into sleepwear and strategies for innerwear market discussed
Engineering Business Insights
• INR 1,400 crore engineering business with growth potential in auto sector
Business Integration and Demerger Plans
• Expected synergies from business integration discussed
• Strategic plans for potential demergers based on business maturity reiterated
Conclusion
• Call concluded with invitation for further engagement and product displays.

Demerger Announcement
• Demerger of Real Estate Business:
• Approved by the board to create Raymond Realty Limited (RRL).
• Expected to enhance shareholder value and simplify company structure.
• Timeline: 12 to 15 months; shareholders receive one share of RRL for each share of Raymond Limited.
Financial Overview
• Net Debt-Free Status:
• Lifestyle segment: INR 200 crores in net cash.
• Realty segment: Over INR 500 crores in net cash.
• Working Capital Estimates:
• Lifestyle: INR 1,200 crores.
• Realty: INR 500 crores.
• Engineering: INR 300-350 crores.
Business Growth Projections
• Real Estate Sector:
• Focus on Thane land and asset-light models.
• Projected annual revenues of INR 4,000 crores with an EBITDA margin of 24%-25%.
• Engineering Business:
• Order book: INR 1,800-1,900 crores.
• Expected growth in aerospace and defense at 25-30% annually.
• Aim to double engineering business revenue in 4-5 years.
Cash Flow and Project Management
• Cash Flow Strategy:
• Reinvestment of cash from successful projects.
• Project Approvals:
• Commitment to securing approvals before construction to ensure timely project completion.
Engineering Segment Insights
• Production Capabilities:
• Maini division specializes in high-value materials; current capacity utilization at 85%.
• JK Files IPO:
• Not proceeding; consolidation of engineering businesses into two subsidiaries.
Future Developments
• Aerospace and Defense Business:
• Demerger expected by March 2025.
• Current turnover: INR 300 crores with an EBITDA margin of 25-27%.
• Thane Land Development:
• 40% developed; strong pipeline for new projects.
Market Position and Strategy
• Competitive Landscape:
• Strong sales in Thane despite market competition.
• Focus on quality and timely delivery contributing to brand trust and customer referrals.
• Navi Mumbai Opportunities:
• Actively evaluating proposals despite challenges in land acquisition and pricing.
Conclusion
• Commitment to Financial Updates:
• Future financial updates to be provided, reflecting ongoing growth and strategic initiatives.

Communication Details
• Date of submission: May 13, 2024
• Transcript available on company website
• Key management present:
• Director S.L. Pokharna
• Group CFO Amit Agarwal
• CEOs Sunil Kataria and Harmohan Sahni
• Signed by: Rakesh Darji, Company Secretary
Financial Highlights
• Q4 FY '24 Results:
• Revenue: ₹2,688 crores (23% YoY increase)
• EBITDA: ₹516 crores (19.2% margin)
• Annual Performance:
• Total revenue: ₹9,286 crores
• Profit after tax: ₹655 crores (24% increase)
• Branded Apparel Growth:
• 20% growth, over 200 new stores opened
• Real Estate Success:
• Booking value: ₹2,249 crores for the year
Strategic Developments
• Acquisitions:
• Completed acquisition of Maini Precision
• Positioned in aerospace and EV sectors
• Debt Management:
• Achieved net debt-free status ahead of schedule
• Shareholder Rewards:
• Plans for a 100% dividend
Operational Restructuring
• Creation of two new subsidiaries:
• Aerospace and defense
• Auto components and engineering consumables
• Engineering Business Performance:
• Pro forma revenue: ₹1,800 crores
• EBITDA: ₹270 crores
Real Estate Initiatives
• New joint venture in Bandra, Mumbai
• Total bookings: ₹840 crores for the quarter
• Ongoing projects in Thane with potential revenue of ₹25,000 to ₹27,000 crores
Q&A Session Insights
• Real Estate Division:
• Raymond Vibez fully sold out
• Branded Apparel Margins:
• Targeting EBITDA margins of 12% to 14%
• Ethnix Brand Performance:
• 114 stores, plans to double next year
• Seasonal revenue patterns noted
Corporate Developments
• Promoter Shareholding:
• Increased from 49% to 54% in RCCL post-demerger
• Corporate Overheads:
• Stabilized and not expected to rise significantly
• Future Projections:
• Aerospace and defense revenue projected at ₹275 crores
• Real estate division anticipates ₹3,500 to ₹4,000 crores over five years
Conclusion
• Ongoing focus on growth in engineering and real estate sectors
• Plans for future discussions and updates on demerger and corporate strategies

Submission Details
• Date of Call: February 2, 2024
• Submission Date: February 9, 2024
• Directed to: BSE Limited and National Stock Exchange of India
• Key Personnel:
• Director: S.L. Pokharna
• Group CFO: Amit Agarwal
• CEOs: Sunil Kataria, Harmohan Sahni
• Moderator: Abhijeet Kundu (Antique Stock Broking)
• Transcript Availability: Company website
Financial Highlights
• Quarterly Revenue: ₹2,450 crores (11% YoY increase)
• EBITDA: ₹426 crores (22% YoY increase, 17.4% margin)
• Segment Performance:
• Branded Textiles: ₹909 crores
• Branded Apparel: ₹437 crores
• Garmenting: ₹281 crores
• High-Value Cotton Shirting: ₹214 crores (10% increase)
• Engineering: ₹217 crores
• Real Estate:
• Redevelopment projects potential revenue: ₹5,000 crores
• Strong booking momentum: ₹428 crores
Project Updates
• Invictus by GS: Progressing well
• Raymond Reality: 50% sales increase to ₹439 crores, EBITDA margin at 22.1%
• Net Working Capital: Improved to 71 days
• Operating Cash Flow: ₹319 crores
• Debt: Total gross debt at ₹2,754 crores, net debt at ₹919 crores
Demerger Plans
• Demerger Timeline: EGM on February 26, completion expected by Q1 FY 2024-25
• Future Demerger: Potential for auto business demerger discussed
Real Estate Insights
• EBITDA Margins: Maintained at 24-25%
• Upcoming Projects: Significant project launch in Bandra pending RERA registration
Branded Apparel Segment
• Margin Improvement: 14% due to operational efficiencies
• Store Expansion: Plans to open 200-300 new stores
Brand Performance
• Ethnix by Raymond: Led expansion with 105 stores
• Omnichannel Network: Currently in low double digits
Strategic Focus
• Growth Strategy:
• Acquiring large customers
• Expanding into Europe and Japan
• Maintaining presence in U.S. and U.K.
• Real Estate Growth: Targeting ₹3,500 to ₹4,000 crores annually
Project Pipeline
• Non-Thane Projects: Nearly ₹5,000 crores, cautious portfolio building
• Ethnix Target: 300 stores across Tier 1 to 3 markets
Conclusion
• Management Outlook: Optimistic about future growth through strategic project development, brand expansion, and enhanced distribution networks.

Communication Details
• Date of communication: November 17, 2023
• Earnings call date: November 9, 2023
• Transcript available on the company's website
Financial Performance Overview
• Q2 Fiscal '24 Results:
• Record revenue: ₹2,321 crores (27% QoQ increase, 6% YoY growth)
• EBITDA: ₹382 crores (52% QoQ growth, 16.5% margin)
• Branded apparel segment: 18% sales increase
• Garmenting segment: 18% growth, slight EBITDA margin decline
• Engineering business: Stable margins despite challenges
• Real estate segment: Strong performance with new project launches
Development Projects and Financial Updates
• Joint Development Projects:
• Three projects in Mumbai with revenue potential over ₹5,000 crores
• Construction progress on five projects, notably Ten X Habitat ahead of schedule
• Financial Metrics:
• Sales revenue: ₹243 crores (slight decline)
• EBITDA margin: 19.5% (decrease due to new project costs)
• Working capital: Increased to ₹1,927 crores
• Total gross debt: ₹2,851 crores; liquidity: ₹1,712 crores
• Plans to add 200 stores in the next 12-18 months
Engineering Sector Developments
• Acquisition of Maini Precision Products Limited to enter aerospace and defense markets
• Focus on operational efficiencies and synergies in engineering business
• Leadership by Gautam Maini for the consolidated entity
Lifestyle Business Demerger
• Awaiting regulatory approval, expected by Q1 of the next financial year
• Focus on three growth vectors: engineering consolidation, lifestyle business demerger, real estate development
Q&A Highlights
• Branded Textiles Growth:
• 2% growth driven by polywool fabric
• Optimism for branded apparel and garmenting segments
• Ethnic Wear Performance:
• Recent sales during festivals show promising results
• Increased investments anticipated for higher growth
• Margin Projections:
• Apparel margins expected to remain 10%-12%, aiming for 14%-15% in four years
• Real Estate Project Launches:
• Bandra project nearing approval; other projects to launch in 12-14 months
• Cost Synergies:
• Estimated 250-300 basis points improvement through shared resources
Market Trends and Strategic Focus
• Notable trends: premiumization in various sectors and downtrading in the mass market
• Raymond Limited's strategy: capitalize on mass premium segments and explore adjacent categories like ethnic wear
• Increased receivables due to seasonal buying patterns expected to normalize
Conclusion
• The call concluded with wishes for a prosperous New Year, emphasizing the company's growth and expansion strategies amidst market challenges.

Conference Call Overview
• Date: November 3, 2023
• Purpose: Discuss corporate initiatives and strategic acquisition
• Participants: Senior management, including Group CFO Amit Agarwal
Strategic Acquisition
• Target: 59.25% stake in Maini Precision Products Limited
• Cost: ₹682 crores
• Sectors: Aerospace, defense, and electric vehicle components
• Funding: Combination of internal accruals and debt
• Post-Acquisition Plans: Consolidate engineering businesses into a new subsidiary for operational efficiency and revenue growth
Financial Insights
• Maini Precision Products Limited (MPPL) Financials:
• Revenue: ₹750 crores
• EBITDA: ₹100 crores for FY '23
• Debt: ₹285-290 crores to be consolidated
• Acquisition Funding Structure:
• ₹682 crores structured as debt
• Cost of debt: 9-9.5%
• Valuation resulted in 66% shareholding for existing engineering business
Future Considerations
• Potential for Separate Listing:
• Aim to reach a certain scale before considering a demerger
• Industry Growth Rates:
• Aerospace sector expected to grow significantly
• Auto industry projected slower growth
• MPPL positioned to outperform due to complementary customer base and EV opportunities
Market Opportunities
• Aerospace Sector:
• Driven by supply chain constraints and "China Plus One" strategy
• Importance of quality and safety in aerospace components
• Long-term client relationships once established
• Government Plans:
• Aircraft maintenance starting in 2025
• Manufacturing by 2030, indicating a decade of growth potential
• Electric Vehicle Sector:
• Maini's longstanding presence positions it well for market growth
Financial Position Post-Acquisition
• Pre-acquisition cash: ₹100 crores
• Post-acquisition consolidated debt: Approximately ₹800 crores
Conclusion
• Call concluded with gratitude to participants and indication of a follow-up earnings call.

Submission Details
• Date of Submission: August 21, 2023
• Earnings Call Date: August 11, 2023
• Regulatory Compliance: Submitted transcript to BSE and NSE
• Key Personnel: Group CFO Amit Agarwal and other executives
• Public Access: Transcript available on the company's website
• Signed by: Rakesh Darji, Company Secretary
Financial Performance
• Record Revenue: ₹1,826 crores (4% increase YoY)
• EBITDA: ₹252 crores (13.8% margin)
• Net Profit: ₹1,065 crores (boosted by FMCG business sale)
Segment Performance
• Branded Textiles: 6% growth to ₹688 crores
• Branded Apparel: 16% increase to ₹305 crores
• Garment Segment: 7% growth
• High Value Cotton Shirting: 13% growth
• Real Estate: Strong booking momentum with 215 bookings valued at ₹330 crores
Project Updates
• Ten X Era Project: Over 80% units sold in Tex X Habitat
• Address by GS: 41 bookings worth ₹93 crores (decrease from previous year)
• Construction Progress: Ahead of schedule across multiple projects
Working Capital and Cash Flow
• Net Working Capital: Increased to ₹1,583 crores
• Free Cash Flow Utilization: Net utilization of ₹260 crores after CAPEX of ₹58 crores
• Debt Status: Net debt-free post-FMCG sale
Future Outlook
• Retail Expansion: Plans to add 200 stores in 12-18 months
• Market Challenges: Anticipated delays in primary sales due to inflation
• Engineering Business: Strong domestic performance, challenges in export markets
Q&A Highlights
• Demand Strategies: Optimism for improvement with wedding season; focus on product innovation and marketing
• Pricing Strategy: Adjustments based on product portfolio review
• Real Estate Development: Focus on Thane land and joint development agreements
• Cash Reserves: Investments in garment capacity and technology post-demerger
Additional Insights
• Ethnix Performance: Early stages, challenging year-on-year comparisons
• Invictus Project: Luxury offering with limited units, high consumer interest
• Market Position: 28-30% market share in Thane micro market
• Global Expansion: Focus on U.S. and Europe for new customer acquisition
Conclusion
• Future Plans: Doubling Exclusive Brand Outlets (EBOs) in four years, targeting ₹2,000-₹2,200 crores in revenue
• Technology Investment: ₹100 crore for integrated S/4 HANA system
• Advertising Consistency: ₹45-50 crores with increased activity expected around wedding season
• Management's Closing Remarks: Gratitude and anticipation for future discussions.

Communication Details
• Date of communication: May 17, 2023
• Transcript of Q4 FY23 earnings call held on May 10, 2023
• Key personnel: Group CFO Amit Agarwal, CEOs Sunil Kataria and Harmohan Sahni
• Signed by: Rakesh Darji, Director - Secretarial & Company Secretary
• Transcript available on the company's website
Financial Performance
• Q4 FY23 Revenue: INR 2,192 crores (8% increase YoY)
• Quarterly EBITDA: INR 379 crores (17.3% margin)
• Net Profit: INR 194 crores (down from INR 263 crores YoY)
• Adjusted PAT: INR 129 crores (50% increase YoY)
• Full Fiscal Year Revenue: INR 8,337 crores (31% increase)
• Net Profit for FY23: INR 529 crores (doubled YoY)
Segment Performance
• Growth in branded textiles, apparel, and garmenting
• Retail network expanded by 50 new stores, total of 1,409 stores
• Engineering segment performed well despite export challenges
Operational Highlights
• Operating Costs: Increased to INR 562 crores
• Net Working Capital Days: Reduced to 53
• Net Debt: Decreased by INR 243 crores to INR 689 crores
Future Outlook
• Anticipated improvement in consumer sentiment due to wedding season
• Plans for significant retail network expansion
• Continued healthy domestic demand in engineering despite export challenges
Conference Call Insights
• EBITDA Margin Drivers: Operating leverage, store rationalization, reduced discounting
• Inventory Increase: Linked to new store openings and seasonal collections
• Ethnic Business: In incubation phase with gross margin above 65%
• Future ROCE: Current operational ROCE at 27-28%
Real Estate Developments
• Launched Ten X Era project with strong initial bookings
• Projected revenue of INR 1,400 crores from Ten X Era
Growth Plans
• Investment of INR 200-225 crores in growth and maintenance capital expenditures
• Focus on retail expansion and capacity enhancements in garmenting and engineering
Key Questions Addressed
• Garmenting Capacity: Currently at 87-90% utilization, plans for 30% expansion
• Real Estate Development: 60 acres of land available for future projects
• Allocation of Sale Proceeds: Dependent on debt and cash needs across businesses
Conclusion
• Raymond Limited is optimistic about sustainable growth across various segments, with a focus on maintaining EBITDA margins and expanding its market presence.

Communication Details
• Date of communication: May 8, 2023
• Transcript of the call held on April 28, 2023, available on the company's website
• Moderated by: Abhijeet Kundu (Antique Stock Broking)
• Key management personnel present:
• S.L. Pokharna (Director)
• Amit Agarwal (Group CFO)
• Jatin Khanna (Head of Corporate Development)
Corporate Initiatives
• Significant initiatives announced by Amit Agarwal aimed at:
• Long-term growth
• Shareholder value creation
• Key actions include:
• Sale of FMCG business to Godrej Consumer Products for INR 2,825 crores
• Demerger of lifestyle business into Raymond Consumer Care Limited (RCCL), which will be net debt-free
• Post-demerger focus:
• Real estate and engineering investments
• Achieving net debt-free status
• Shareholding changes:
• Promoters increasing stake in RCCL
• Expected outcomes:
• Simplified group structure
• Enhanced liquidity for future growth
• Target for net debt-free status ahead of schedule
• Timeline for RCCL's listing: 12 to 14 months
Financial Status
• INR 1,300 crores based on pro forma numbers as of March 31
• Existing debt primarily related to the lifestyle business
• Real estate and engineering sectors have strong cash reserves
• Premature to decide on cash allocation; focus on growth across all segments
Business Operations
• FMCG leadership team transition to GCPL, except for the CEO
• B2C shirting business legal issues resolved, potential demerger possible
• Current debt primarily related to working capital; net debt of INR 930 crores as of December 31
• Contract manufacturing business will continue supplying KamaSutra and B2B clients
Real Estate and Brand Development
• Potential for 7 to 8 million square feet of developable area on 60 acres of land
• Focus on expanding retail brands, particularly ColorPlus and Park Avenue
• Commitment to building brands rather than pursuing sales of ColorPlus and engineering business
Share Valuation and Conclusion
• Valuation of shares in newly demerged RCCL:
• Shares priced at INR 1,450 each
• Shareholding structure: 54.87% for promoters, 45.13% for the public
• Anticipation for upcoming fourth-quarter results announcement

Communication to BSE and NSE
• Date: February 9, 2023
• Transcript of investor conference held on February 2, 2023, available on the company's website.
• Key management personnel participated, including the Group CFO.
• Focus: Financial results for the quarter and nine months ending December 31, 2022.
Financial Performance Highlights
• Record Revenue: INR 2,200 crores, an 18% increase year-over-year.
• EBITDA: Highest in a decade at INR 351 crores (15.9% margin).
• Normalized PAT: INR 168 crores, up 68% year-over-year.
• Segment Performance:
• Branded textiles: INR 902 crores in sales (20.9% EBITDA margin).
• Branded apparel: INR 364 crores in sales (11.2% margin).
• Store Expansion: 49 new stores added, 1,400 stores across 600 towns.
Market and Business Insights
• Consumer Sentiment: Positive during festive season; challenges from inflation and delayed winter.
• Garmenting Business: 39% growth to INR 282 crores; strong demand from global customers.
• Real Estate Growth: 67% sales growth to INR 292 crores.
• Debt Reduction: Net debt decreased to INR 932 crores.
Future Outlook
• Anticipated surge in consumer demand due to wedding season.
• Plans to open 70 new stores, focusing on ethnic wear.
• "China plus one" strategy for garment exports.
• Ongoing investment in capacity expansion and working capital optimization.
Conference Call Highlights
• Questions from Analysts:
• Interest expenses increase explained by rising rates and expansion costs.
• Flat sales in branded textiles attributed to previous COVID impacts.
• Updates on ethnic business growth and store count.
• Margin Improvement Strategies:
• Enhancing product assortment and optimizing discount plans.
• Focus on premium product mix and effective discount management.
• Store Expansion Plans: 70 stores in the current quarter, 300 over 18-24 months.
Competitive Positioning
• Strong market presence in branded suiting despite inflationary pressures.
• No End of Season Sale (EOSS) for fabric business; focus on inventory management.
• Optimism for future performance amid ongoing challenges in export markets.