Raymond Limited — Investor Presentation 2024

May 3, 2024

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RL/SE/24-25/26

May 3, 2024

To

The Department of Corporate Services - CRD The National Stock Exchange of India Limited BSE Limited Exchange Plaza, 5[th] Floor P.J. Towers, Dalal Street Bandra-Kurla Complex Mumbai - 400 001 Bandra (East), Mumbai - 400 051 Scrip Code: 500330 Symbol: RAYMOND

Dear Sir/Madam,

Sub: Raymond Limited – Investor Presentation

Pursuant to Regulation 30 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, we enclose herewith the Investor Presentation on the Audited Financial Results for the Fourth Quarter and Financial year ended March 31, 2024.

The meeting of the Board of Directors commenced at 11:30 a.m. and concluded at 1:05 p.m.

The Investor Presentation is also available on the website of the Company i.e. www.raymond.in.

We request you to take the above information on record.

Thanking you.

Yours faithfully, For Raymond Limited

Rakesh Digitally signed by Rakesh Muljibhai Muljibhai Darji Date: 2024.05.03 Darji 18:36:45 +05'30' Rakesh Darji Company Secretary

Encl.: A/a

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31[st] March 2024

1

Raymond Achieved Highest Quarterly Revenue & EBITDA

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HIGHEST QUARTERLY OPERATING RECENT
EVER QUATER HIGHLIGHTS DEVELOPMENTS
YoY 23%
Revenue 39 Lifestyle
NCLT hearing scheduled
₹2,688 Cr. New Stores Demerger on 9 [th ] May’24 for
Opened Update Demerger approval.
YoY 36%
EBITDA 1 [st] JDA Real Estate
Bandra Area Under ~4.6 mn sq.ft .RERA
₹516 Cr.
Launched Development Approved Carpet Area
Margin 19.2%
YoY 18%
PAT ₹840 Cr. Engineering
Forays into Sunrise
₹229 Cr. Booking Value Completed Acquisition of sectors of Aerospace,
in Real Estate 59.25% of MPPL Business Defense and EV
Components
Margin 8.5% Business.
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Ensuring Net Debt Free Position at Group Level

2

TABLE OF CONTENT

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Pages
1 Q4FY24 Highlights 4-9
2 Strategic Initiatives Undertaken 10-14
3 Financial Highlights 15-21
4 Go To Market Initiatives 22-27
5 Segment Financials 28-47
6 Current Status and Outlook 48-50
7 Management 51-53
3
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3

Q4FY24 HIGHLIGHTS

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4

Market Update

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DOMESTIC MARKET

Retail Market

• Q4 began with modest consumer sentiments as discretionary spends moderated in the inflationary environment.

• However, at the backdrop of winter wedding season, markets witnessed resilient consumer demand.

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EXPORTS MARKET

• Despite significant challenges of inflation, order book remained healthy for formal wear category in garmenting

• Demand levers: China+1 strategy adoption and consolidation of vendors by major brands, coupled with favorable currency (US$).

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Residential Market

• Residential real-estate continued to demonstrate sustained demand.

• Increase in the demand for luxury homes

• Strong demand from first time home buyers

5

Q4FY24 — Continued Momentum for Profitable Growth With record Revenue and EBITDA performance

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REVENUE EBITDA & Margins (%) PBT & Margins (%) [#]
YoY Growth
(₹Cr.) YoY Growth (₹Cr.) YoY Growth 19.4% (₹Cr.)
23% 38% 28% 12.0%
11.9% 11.5%
17.6% 17.3%
14.0%
4.6% 324
2,688 521 242 253
2,192
2,032 358 379
65
1,291 1,407
0.4% 197
Q4 FY20 Q4 FY21 Q4 FY22 Q4 FY23 Q4 FY24^
5 (152)
(11.8%)
Q4 FY20 Q4 FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY20 Q4 FY21 Q4 FY22 Q4 FY23 Q4 FY24
Pre-Covid Pre-Covid Pre-Covid
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Compared to pre covid period of Q4FY20:

• Operational efficiency supported by effective working capital management and deleveraging initiatives led to Profitability

• Q4FY24: EBITDA before ESOP expenses. Post ESOP expenses the Reported EBITDA is ₹516 Cr.

# PBT before exceptional item in all periods

6

^ Excluding ESOP expenses of ₹~₹5.4 Cr.

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11[th] Consecutive Quarters of Record Financial Performance

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EBITDA & Margins (%)
QoQ
21%
521
432
379 386
358 358 351
303
256 19.4%
213 16.2% 17.6% 235 16.3% 15.9% 17.3% 16.6% 17.6%
13.5% 13.4% 14.0%
Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24
(₹Cr.)
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REVENUE
QoQ
10%
2,450 2,688
2,321
2,191 2,200 2,192
2,032
1,871 1,826
1,754
1,583
Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24
(₹Cr.)
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PBT & Margins (%) [#] QoQ
26%
324
242 237 253 257 12.0%
222 231
186
11.9% 11.5%
9.9% 118 10.8% 10.1% 116 10.5%
95 10.0%
6.7% 6.4%
6.0%
Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24^ Q2 FY24^ Q3 FY24^ Q4 FY24^
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Consistently Delivering Strong Revenue and Profitability Performance

* Q1FY24, Q2FY24, Q3FY24 & Q4FY24 : EBITDA before ESOP expenses. Post ESOP expenses the Reported EBITDA is ₹252 Cr, ₹382 Cr, ₹426 Cr & ₹516 Cr respectively # PBT before exceptional item in all periods

^ Excluding ESOP expenses of ~₹ 4 Cr in Q1FY24, ~₹4 Cr in Q2FY24, ~₹5.5 Cr in Q3FY24 & ~₹5.4 Cr in Q4FY24

7

Continued Focus on Optimizing NWC

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Peak Level
2,319
Real 2,051 316 Acquired
Estate 227 1,855 1,925 MPPL NWC
NWC
635 Real Estate
1,824 NWC
1,265
1,117
1,002
1,368
Sep-19 Mar-20 Mar-21 Mar-22 Mar-23 Dec-23 Mar-24
NWC ^
98 71 68 Excluding
Days MPPL
(₹Cr.)
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• Key Initiatives: Strong emphasis on collections and efficient inventory management and related production cycle.

• NWC Increase in Mar-24 on QoQ basis due to:

• MPPL Acquisition: Completed acquisition in March end, Incremental NWC of ₹316 Cr. of MPPL Business.

^ Acquisition of MPPL has been completed on 28[th] Mar 24, NWC days calculated excluding MPPL NWC of ₹ 316 Cr

8

Net Debt Free 2 Years Ahead of Stated Guidance

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Peak
Level
Including FMCG business Sale
proceeds of
2,378
₹2,825 Cr.
1,859 1,817 achieved Net Debt free status at
1,564 Group level
1,416
1,286
1,088
689
Sep-19 Mar-20 Sep-20 Mar-21 Sep-21 Mar-22 Sep-22 Mar-23 Sep-23 Mar-24 680
1,100
Achieved Surplus Cash at Group level led by:
• ~₹1,380 Cr. through FCF generated during the period of FY21-FY24. Post completion of
acquisition of MPPL
• ₹350 Cr. from land sale in Dec-19. business for
(₹Cr.)
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Achieved Surplus Cash at Group level led by:

• ~₹1,380 Cr. through FCF generated during the period of FY21-FY24.

• ₹350 Cr. from land sale in Dec-19.

₹682 Cr.

• ₹2,825 Cr. from sale of FMCG business, with estimated after-tax realization of ~₹2,200 Cr. in May-23.

• ₹682 Cr. completed acquisition of MPPL business in Mar-24.

Key Initiatives : Focused revenue growth, cost optimization & effective working capital management generating FCF

* Group surplus cash based on aggregation of Net debt/ (Surplus) of consolidated Raymond Limited and Raymond Consumer Care Ltd.

9

Financial HIGHLIGHTS

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10

nsolidated Results Y24 and FY24	nsolidated Results Y24 and FY24	nsolidated Results Y24 and FY24	nsolidated Results Y24 and FY24	nsolidated Results Y24 and FY24	nsolidated Results Y24 and FY24	nsolidated Results Y24 and FY24	nsolidated Results Y24 and FY24	nsolidated Results Y24 and FY24
Particulars (₹ Cr.)	Q4FY24	Q3FY24	Q4FY23	YoY		FY24	FY23	YoY
Net Revenue	2,688	2,450	2,192	23%		9,286	8,337	11%
Opex	683	641	562			2,499	2,204
EBITDA (excluding ESOP)	521	432	379	38%		1,594	1,322	21%
EBITDA Margin %	19.4%	17.6%	17.3%			17.2%	15.9%
Reported EBITDA	516	426	379	36%		1,575	1,322	19%
Depreciation	88	70	62			284	235
Interest Expense^	66	66	64			253	257
Interest on Group NCD*	38	38	-			123	-
PBT before exceptions	324	252	253	28%		916	829	10%
PBT margin %	12.0%	10.3%	11.5%			9.9%	10.0%
Exceptional Items	(11)	0	(93)			(43)	(107)
Taxes	(83)	(63)	23			(223)	(200)
Associate / JV / Minority	(1)	(6)	11			5	7
Profit on Sale of FMCG#	-	-	-			983	-
Net Profit	229	184	194	18%		1,638	529	210%

Consolidated Results Q4FY24 and FY24

* Interest on Group NCD’s issued in Q1FY24 to RCCL for ₹1,700 Cr

^ Q4FY24 and FY24: Includes interest on lease liability, unamortized transaction cost for external loan prepayment through RCCL NCD proceeds

# FY24 Reported PAT includes ₹ 983 Crores (being 47.66%) of Raymond Ltd. share of profit in associate (Raymond Consumer Care Ltd.) on sale of FMCG business Note: As the acquisition of MPPL was completed on 28[th] March 24 the above P/L excludes MPPL business

11

24 — Segment Results	24 — Segment Results	24 — Segment Results	24 — Segment Results	24 — Segment Results	24 — Segment Results	24 — Segment Results	24 — Segment Results	24 — Segment Results	24 — Segment Results
Post IndAS 116		Revenue			EBITDA			EBITDA %
Particulars (₹ Cr.)		Q4 FY24	Q4 FY23	YoY (%)	Q4 FY24	Q4 FY23	YoY (%)	Q4 FY24	Q4 FY23
Branded Textile	LIFESTYLE *BUSINESS **	920	902	2%	201	196	3%	21.9%	21.8%
Branded Apparel		409	332	23%	55	52	5%	13.4%	15.8%
Garmenting		280	305	(8%)	32	20	57%	11.3%	6.6%
High Value Cotton Shirting		213	187	14%	24	20	25%	11.5%	10.4%
Engineering*		234	219	7%	37	33	13%	15.8%	14.9%
Real Estate		677	289	134%	171	70	143%	25.2%	24.3%
Others #		(44)	(41)		(4)	(13)
Raymond Consolidated		2,688	2,192	23%	516	379	36%	19.2%	17.3%

Q4FY24 — Segment Results

* Engineering business is aggregation of JK Files & Engineering Ltd, JK Talabot Ltd. and Ring Plus Aqua Ltd (RPAL)

# Others includes non-scheduled airline operations, unallocated expenses, elimination and other income.

12

— Segment Results	— Segment Results	— Segment Results	— Segment Results	— Segment Results	— Segment Results	— Segment Results	— Segment Results	— Segment Results	— Segment Results
Post IndAS 116		Revenue			EBITDA			EBITDA %
Particulars (₹ Cr.)		FY24	FY23	YoY%	FY24	FY23	YoY%	FY24	FY23
Branded Textile	LIFESTYLE *BUSINESS **	3,450	3,364	3%	721	702	3%	20.9%	20.9%
Branded Apparel		1,587	1,328	20%	189	144	31%	11.9%	10.8%
Garmenting		1,139	1,100	3%	109	84	30%	9.6%	7.6%
High Value Cotton Shirting		830	762	9%	95	85	12%	11.4%	11.1%
Engineering*		861	864	0%	122	122	0%	14.2%	14.1%
Real Estate		1,593	1,115	43%	370	287	29%	23.2%	25.7%
Others #		(173)	(196)		(30)	(101)
Raymond Consolidated		9,286	8,337	11%	1,575	1,322	19%	17.0%	15.9%

FY24 — Segment Results

* Engineering business is aggregation of JK Files & Engineering Ltd, JK Talabot Ltd. and Ring Plus Aqua Ltd (RPAL) # Others includes non scheduled airline operations, unallocated expenses, elimination and other income

13

Q4FY24 — Net Working Capital & Liquidity

								Particulars (₹Cr.)	Particulars (₹Cr.)	Particulars (₹Cr.)	Particulars (₹Cr.)	Particulars (₹Cr.)	Particulars (₹Cr.)	FY24	FY24	FY24
								Operating Cash Flow						533
								Free cash Flow						30
Particulars (₹Cr.)	Mar’24&		Dec’23		Sep’23			Mar’23		vs Dec’23		vs Sep’23			vs Mar’23
NWC	2,003		1,925		1,927			1,265		78		76			738
NWC Days	68		71		76			53		(3)		(8)			15
Particulars (₹Cr.)		Mar’24		Dec’23		Sep’23			Mar’23		vs Dec’23		vs Sep’23			vs Mar’23
External Gross Debt		1,726		1,054		1,151			2,100		672		575			(374)
Group NCD to RCCL		1,700		1,700		1,700			-		-		-			1,700
Cash and cash Eq.		1,758		1,835		1,712			1,411		(77)		46			347
Net Debt		1,667		919		1,139			689		749		529			979
Surplus Cash at Group Level#		~₹680 Crore

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NWC higher in Mar-24 on QoQ basis:

• Due to opening of new stores In the lifestyle business

• Completed acquisition of MPPL on 28th Mar 24, NWC of MPPL business was ₹ 316 Cr

Net Debt:

• With FMCG business sale proceeds of ₹2,825 Cr. achieved Net Debt free status at Group level two years ahead of stated guidance

  • Post acquisition of MPPL business for 682 Cr. Surplus Cash of ~₹680 Cr. at Group level available as Growth Capital

• # Group surplus cash based on aggregation of Net debt / (Surplus) of consolidated Raymond Limited and Raymond Consumer Care Ltd & Excluding MPPL NWC of ₹ 316 Cr completed acquisition on 28th Mar 24

14

Strategic INITIATIVES UNDERTAKEN

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15

Strategic Initiatives Undertaken

STRENGTHENING THE CORE (FY21-23)

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Reset the Business model during Covid

Established Real Estate Business

Sustainable Annualized Opex Cost Savings (~₹400 Cr.)

Effective Working Capital Management

Continued Net Debt Reduction

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RECENT VALUE UNLOCKING & GROWTH INITIATIVES in FY24

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Demerger * of Lifestyle Business

Selling of FMCG Business

Engineering Business forays into sunrise sectors of Aerospace, Defense and EV Components Business by Acquisition of MPPL Business

Shaping Scalable Real Estate Business

Raymond Group: 3 Vector of Growth

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Lifestyle Real Estate Engineering

Continues to Remain Net Cash Surplus

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* In progress and Subject to regulatory approvals

Deleveraging Action — Selling of FMCG Business Enable Net Debt Free & Provides Growth Capital

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SOLD
RCCL
FMCG ₹2,825 Cr ₹2,200 Cr
Business
SALE AFTER-TAX
Raymond Group
Company PROCEEDS REALIZATION
with trademarks of Park Avenue
(FMCG category), Premium, KS and Kamasutra.
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Shareholding Structure in RCCL
BEFORE FMCG Business Sale
47.66%
49.68%
PROMOTER
2.66%
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PROMOTER INFUSED 100% Proceeds (From the FMCG sale proceeds into PROMOTER the business at market valuation because of which stake has increased by 5.2%)

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Shareholding Structure in RCCL AFTER FMCG Business Sale

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54.87%
45.13%
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Raymond Ltd Promoter Public

Promoter Public & Other

17

Demerger of Lifestyle Business Appointed date of Demerger: 1[st] April 2023

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RAYMOND GROUP 3 Distinct Vectors of Growth

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RCCL
To be a listed Lifestyle Company
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Raymond Ltd.
(Existing Listed Company)
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1 Lifestyle
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₹7,000 Cr+. Aggregate Sales in FY24

• Branded Textile

• Branded Apparel

• Garmenting

• High Value Cotton Shirting

• Real Estate 2 3 Engineering Business ~₹1,590+ Cr. ~₹1,800 Cr. Sales in FY24 Proforma Revenue in FY24

• • Thane land Development • Tools and Hardware

• ₹25,000 Cr + Revenue Potential

• Auto Component

• Aerospace and Defense

• JDA in MMR Region:

• EV Components

• 3 Joint Development Projects

• ₹5,000 Cr + Revenue Potential

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Demerger* will result into two independent net debt free listed entities of pure play B2C focused Lifestyle and Real Estate businesses with significant liquidity surplus at the Group level to spur future growth.

*Note: Each Raymond Ltd shareholder to get four shares of RCCL for every five shares held in Raymond Ltd. (Post completion of transaction including regulatory approvals)

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Issue of NCD to Group Company To Repay External Debt

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KEY PARAMETERS OF NCD

Transfer of ₹1,700 Cr. out of RCCL sale proceed from FMCG business from RCCL to Raymond Ltd. as NCD

Raymond Group Company

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NCD of ₹1,700 Cr. issued by Raymond Limited to RCCL

• Raymond Consumer Care Limited (RCCL) received proceeds through sale of FMCG business

• To repay the external debt at Raymond, NCDs of ₹1,700 Cr. issued by Raymond Limited to RCCL.

• This issuance of ₹1,700 Cr. to RCCL is a temporary arrangement , which will be netted off/ cancelled at the completion of demerger as the assets and liabilities will get transferred

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Group NCD’s issued in Q1FY24 to RCCL for ₹1,700 Cr

Acquisition of Maini Precision Forays into sunrise sectors of Aerospace, Defense and EV Components Business

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Step: 1
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Raymond Ltd. Acquired Business of Maini Precision Product (MPPL)

Source of Funding	Source of Funding
Internal Accrual of Engineering Business	₹107 Cr.
External Debt	₹300 Cr.
Debt from Raymond Ltd	₹275 Cr.
Total Funding	₹682 Cr.

• Raymond Group acquired 59.25% stake in the business of Maini Precision Products Limited (MPPL) business for ₹682 Cr., concluded through Ring Plus Aqua Limited (RPAL), subsidiary of JK Files & Engineering Limited, which is a subsidiary of Raymond Limited.

• Debt would be serviced by the engineering businesses as it would be on the consolidated balance sheet of the engineering business.

Step: 2

• Post acquisition, through a composite scheme of arrangements, Raymond will consolidate all the

• 3 businesses of JK Files , RPAL , and MPPL and will form two new subsidiaries:

• New Co 1: Will include JK Files (Engineering consumable business), Auto RPAL, and MPPL auto business

• Shareholding of the Two New subsidiaries:

  • Raymond Limited 66.3%

  • MPP Family 28.5% and

  • Minority Shareholders 5.2%

• New Co 2: Will include Aerospace and Defense business

20

New JDA Launch — Premium Residential Projects Over 0.7 Mn Sq ft RERA Approved Carpet Area With 2,000 Cr.+ Revenue Potential

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Queens Court

8 towers with RERA approved carpet area ~0.7 Mn sq.ft.

Total Units Planned: 782 (1BHK: 2; 2BHK: 497; 3BHK: 215; 4BHK & above: 68)

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Received An Overwhelming Response with Booking of ~96 Units within 40 days of launch

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Go To MARKET INITIATIVES

22

Go to Market Initiatives SUITINGS & SHIRTING

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ULTIMO BLACK PLATINUM

• Ultimo Black has a wide range of superior black.

• Range has been expanded with the introduction of Super 180s, 160s, 150s, 140s and 130s Wool Rich fabric.

SUPERLUXE

• The luxurious suiting fabric made in Super 180s, Super 160s, Super 150s and Super 140’s wool blend.

• The collection is a perfect way to add a touch of elegance and sophistication to your wardrobe.

• With the finest wool fabric and contemporary designs, the collection is both classic and stylish.

Voyage

Checkmate

Regio Italia

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Stain Resistant
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Go to Market Initiatives — REGIO ITALIA

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Go to Market Initiatives — Apparel

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‘Ethnix by Raymond’ Ethnix Range for Targeted Occasion

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SMART ETHNIX
Collections
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WEDDING
Collections
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FESTIVE
Collections
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26

Digital Imperatives The New Norm of Business

INSIGHTFUL ANALYTICS

Store Health Card – Store Dashboard

• Store level Reports available for lifestyle Business.

• Feature engineering for chart attributes to derive robust insights

SMART DIGITAL ASSET

Sales Force Automation– Darpan

• Beat Mapping at DSR level for Real time tracking on business on field.

• Easy mobile application available on Android and iOS for DSR’s to attend the assigned Beat mapping.

• Quick view of Reports for Business user on Tableau Dashboard

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INSIGHTFUL RETAIL

Customer Connect – Tailoring Business

• Realtime collecting tailoring feedback on every purchase from store.

• Live Tailoring NPS Dashboard for Lifestyle business users for easy Analysis and discission making.

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SMART ENGAGEMENT

Video- Messaging – AI Enabled

• Digital engagement made accessible to mass with latest technology in hand

• Let the brand express the thoughts in a handmade video where customer has option to share the same to his loved ones on WhatsApp

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Segment FINANCIALS

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Branded Textile	1. Top line higher in Q4FY24 Vs PYduring the weaker market conditions and subdued customer demand. Particulars (₹Cr.) Q4 FY24 Q4 FY23 % Var. Net Sales 920 902 2% EBITDA 201 196 3% EBITDA margin 21.9% 21.8% FY24 FY23 % Var. 3,450 3,364 3% 721 702 3% 20.9% 20.9%

• Primary sales were moderate during the quarter, however the sales across secondary channels picked up during the second half of the quarter

2. EBITDA margins maintained at 21.9%

29

Branded Apparel

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Particulars Q4 Q4 %
FY24 FY23 % Var.
(₹Cr.) FY24 FY23 Var.
Net Sales 409 332 23% 1,587 1,328 20%
EBITDA 55 52 5% 189 144 31%
EBITDA margin 13.4% 15.8% 11.9% 10.8%
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➢ Recorded sales growth of 23% in Q4FY24 Vs PY, driven by:

• Enhancing distribution reach with the opening of 200+ stores in last 12 months enabled sales growth despite muted consumer demand

• Top line growth witnessed across all brands and channels with the focused approach on casualization, premiumization and newer designs.

• ➢ EBITDA margin: Lower as compared to PY due to increased investments in branding and category creation (Ethnix) through additional spending on advertising and marketing initiatives

30

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Strategic Retail Network Expansion

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2.61 Mn 2.63 Mn 2.49 Mn 2.36 Mn
sq ft sq ft sq ft sq ft
1,518 1,512
1,453
1,409
409 380 345 316
EBO
44 46 43 40
MTM
1,065 1,086 1,065 1,053
TRS
Mar'24 Dec'23 Sep'23 Mar'23
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• Opened 56 ‘Ethnix by Raymond’ stores during the year with 114 stores as on 31[st] Mar 2024

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TRS – The Raymond Shop; MTM – Made To Measure; EBO – Exclusive Brand Outlet.

Garmenting

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Particulars Q4 Q4 %
FY24 FY23 % Var.
(₹Cr.) FY24 FY23 Var.
Net Sales 280 305 (8%) 1,139 1,100 3%
EBITDA 32 20 57% 109 84 30%
EBITDA margin 11.3% 6.6% 9.6% 7.6%
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1. Top line decline in Q4FY24 Vs PY due to ongoing Red Sea crisis and geopolitical issues

• However, healthy momentum in orderbook maintained with China+1 adoption and consolidation of vendors by global brands.

2. EBITDA margin for the quarter was 11.3% as compared to 6.6% in the previous year mainly due to better product mix and operational efficiency

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Particulars Q4 Q4
% Var. FY24 FY23 % Var.
(₹Cr.) FY24 FY23
Net Sales 213 187 14% 830 762 9%
EBITDA 24 20 25% 95 85 12%
EBITDA margin 11.5% 10.4% 11.4% 11.1%
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High Value Cotton Shirting

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1. Sales growth of 14% in Q4F24 vs PY:

• Led by higher demand for linen fabric offerings from our B2B customers in the domestic market

2. EBITDA margin for the quarter at 11.5% was high as compared to previous year due to operational efficiency.

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Engineering Business

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Particulars Q4 Q4 %
FY24 FY23 % Var.
(₹Cr.) FY24 FY23 Var.
Net Sales 234 219 7% 861 864 0%
EBITDA 37 33 13% 122 122 0%
EBITDA margin 15.8% 14.9% 14.2% 14.1%
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1. The segment witnessed a growth of 7% in Q4F24 vs PY:

• Growth driven by demand in auto components category especially in the PV, CV and industrial sectors, driven by:

  • Domestic markets: In flex plates & bearings categories

  • Export markets: In flex plates, ring gear and shield ring categories

• However topline impacted in files, drills and tools categories due to sluggish exports market.

2. EBITDA margin higher and was at 15.8% mainly due to operational efficiencies and better product mix

34

* Engineering business is aggregation of JK Files & Engineering Ltd, JK Talabot Ltd and Ring Plus Aqua Ltd. (RPAL). The results shown above are for 100% operations and include minority interest.

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35

Real Estate Business at a Glance

Development of Own Land & JDA led business model in MMR region

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THANE LAND: (~100 Acre[^] )

JDA LED BUSINESS MODEL Asset Light Expansion

FURTHER POTENTIAL Development ~60 Acre

~7.4[*] mn sq.ft .RERA Approved Carpet Area

Potential Revenue ₹16,000 Cr. +

AREA UNDER Development

~40 Acre

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Launched Project
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in Bandra
Est. Revenue
~₹2,000 Cr.+
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~4.0 mn sq.ft .RERA Approved Carpet Area

Estimated Revenue ₹9,000 Cr.+

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Booking Value Balance Booking Value ~₹5,850Cr. ~₹298Cr. ~₹3,150 Cr. (as of 31st Mar 24) (as of 31st Mar 24)

Appointed: Preferred Developer for a project in Sion

Appointed: Developer for a prominent project in Mahim

Est. Revenue ~₹1,700 Cr.+

Est. Revenue ~₹1,400 Cr.+

~ 36%

From outside Thane projects (JDAs)

Further Expansion in MMR - Additional Projects Under Evaluation

Current Projects: Ten X Habitat, The Address By GS, Ten X Era, The Address By GS 2 , Invictus by GS and JDA project in Bandra ^ Excluding 20 acre land on which 2 schools are located

• Status as of 31[st] Mar 2024, Including Residential, Retail shops and common road; Residential units in the projects include 1,2,3,4 and 5 BHK units

• # Assuming residential development based on current regulatory norms and current market prices

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Existing Projects Booking Update

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(as on 31 [st] March 2024)
10 towers with Particulars FY23 Q4 FY24 Project
FY24 Till Date
RERA carpet area
No of Bookings 542 72 359 2,810
~1.7 Mn sq.ft.
RERA Carpet Area 0.31 0.04 0.21 1.53
Total Units Planned:
Value of Bookings (Cr.) 663 86 425 2,974
3,103
(2BHK: 2,463; 1BHK: 640) Customer Collections (Cr.) 897 314 719 2,712
02 towers with Particulars FY23 Q4 FY24 Project
FY24 Till Date
RERA carpet area
~0.7 Mn sq.ft No of Bookings 255 7 70 504
RERA Carpet Area 0.34 0.01 0.08 0.62
Total Units Planned:
551 Value of Bookings (Cr.) 742 24 194 1,336
(4BHK: 188; 3BHK: 318,
5BHK & above: 45) Customer Collections (Cr.) 374 98 450 865
03 towers with Particulars FY23 Q4 FY24 Project
FY24 Till Date
RERA carpet area
~0.6 Mn sq.ft No of Bookings 141 44 243 384
Total Units Planned: RERA Carpet Area 0.10 0.03 0.18 0.28
Tower 3 launched
in Dec-23 905 Value of Bookings (Cr.) 204 68 366 570
(3BHK: 301; 2BHK: 604)
Customer Collections (Cr.) 11 81 164 175
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% UNIT SOLD

~91%

% UNIT SOLD

~92%

% UNIT SOLD

~42%

3741

* In Mn Sq.ft

Particulars Q4FY24 Project Till Date No of Bookings 58 228 RERA Carpet Area 0.07 0.26 Value of Bookings (Cr.) 149 575 Customer Collections (Cr.) 38 109 1 tower with RERA carpet area ~0.2 Mn sq.ft Total Units Planned: 102 (4.5BHK: 102) 2 Towers with RERA Carpet Area ~0.7 Mn sq.ft. Total Units Planned: 440 5BHK & above: 20, 4BHK: 160; 3BHK: 260) Launched in July-23; Tower 2 launched in Dec-23 Launched in Aug-23 Mn Sft Particulars Q4FY24 Project Till Date No of Bookings 8 41 RERA Carpet Area 0.02 0.09 Value of Bookings (Cr.) 45 221 Customer Collections (Cr.) 19 39 xisting Projects Booking Update** s on 31stMarch 2024)	Particulars Q4FY24 Project Till Date No of Bookings 58 228 RERA Carpet Area 0.07 0.26 Value of Bookings (Cr.) 149 575 Customer Collections (Cr.) 38 109 1 tower with RERA carpet area ~0.2 Mn sq.ft Total Units Planned: 102 (4.5BHK: 102) 2 Towers with RERA Carpet Area ~0.7 Mn sq.ft. Total Units Planned: 440 5BHK & above: 20, 4BHK: 160; 3BHK: 260) Launched in July-23; Tower 2 launched in Dec-23 Launched in Aug-23 Mn Sft Particulars Q4FY24 Project Till Date No of Bookings 8 41 RERA Carpet Area 0.02 0.09 Value of Bookings (Cr.) 45 221 Customer Collections (Cr.) 19 39 xisting Projects Booking Update** s on 31stMarch 2024)	Particulars Q4FY24 Project Till Date No of Bookings 58 228 RERA Carpet Area 0.07 0.26 Value of Bookings (Cr.) 149 575 Customer Collections (Cr.) 38 109 1 tower with RERA carpet area ~0.2 Mn sq.ft Total Units Planned: 102 (4.5BHK: 102) 2 Towers with RERA Carpet Area ~0.7 Mn sq.ft. Total Units Planned: 440 5BHK & above: 20, 4BHK: 160; 3BHK: 260) Launched in July-23; Tower 2 launched in Dec-23 Launched in Aug-23 Mn Sft Particulars Q4FY24 Project Till Date No of Bookings 8 41 RERA Carpet Area 0.02 0.09 Value of Bookings (Cr.) 45 221 Customer Collections (Cr.) 19 39 xisting Projects Booking Update** s on 31stMarch 2024)	Particulars Q4FY24 Project Till Date No of Bookings 58 228 RERA Carpet Area 0.07 0.26 Value of Bookings (Cr.) 149 575 Customer Collections (Cr.) 38 109 1 tower with RERA carpet area ~0.2 Mn sq.ft Total Units Planned: 102 (4.5BHK: 102) 2 Towers with RERA Carpet Area ~0.7 Mn sq.ft. Total Units Planned: 440 5BHK & above: 20, 4BHK: 160; 3BHK: 260) Launched in July-23; Tower 2 launched in Dec-23 Launched in Aug-23 Mn Sft Particulars Q4FY24 Project Till Date No of Bookings 8 41 RERA Carpet Area 0.02 0.09 Value of Bookings (Cr.) 45 221 Customer Collections (Cr.) 19 39 xisting Projects Booking Update** s on 31stMarch 2024)
	Particulars	Q4FY24	Project Till Date	% UNIT SOLD LAUNCHED UNITS
	No of Bookings	58	228
	RERA Carpet Area*	0.07	0.26
				~52%
	Value of Bookings (Cr.)	149	575
	Customer Collections (Cr.)	38	109
	Particulars	Q4FY24	Project Till Date	% UNIT SOLD LAUNCHED UNITS
	No of Bookings	8	41
	RERA Carpet Area*	0.02	0.09
				~40%
	Value of Bookings (Cr.)	45	221
	Customer Collections (Cr.)	19	39
				38

Existing Projects Booking Update

(as on 31[st] March 2024)

38

* In Mn Sq.ft

Particulars Q4FY24 Project Till Date No of Bookings 96 96 RERA Carpet Area 0.09 0.09 Value of Bookings (Cr.) 298 298 Customer Collections (Cr.) 13 13 RERA carpet area ~0.04 Mn sq.ft Total Units Planned: 104 8 Towers with RERA Carpet Area ~0.7 Mn sq.ft. Total Units Planned: 782 (1BHK: 2; 2BHK: 497; 3BHK: 215; 4BHK & above: 68) Mn Sft Particulars Q4FY24 Project Till Date No of Bookings 89 89 RERA Carpet Area 0.02 0.02 Value of Bookings (Cr.) 122 122 Customer Collections (Cr.) 24 24 xisting Projects Booking Update s on 31stMarch 2024) Launched in Feb-24; Tower 2 launched in Mar-24 Queens Court Retail Shops in TenX Project**	Particulars Q4FY24 Project Till Date No of Bookings 96 96 RERA Carpet Area 0.09 0.09 Value of Bookings (Cr.) 298 298 Customer Collections (Cr.) 13 13 RERA carpet area ~0.04 Mn sq.ft Total Units Planned: 104 8 Towers with RERA Carpet Area ~0.7 Mn sq.ft. Total Units Planned: 782 (1BHK: 2; 2BHK: 497; 3BHK: 215; 4BHK & above: 68) Mn Sft Particulars Q4FY24 Project Till Date No of Bookings 89 89 RERA Carpet Area 0.02 0.02 Value of Bookings (Cr.) 122 122 Customer Collections (Cr.) 24 24 xisting Projects Booking Update s on 31stMarch 2024) Launched in Feb-24; Tower 2 launched in Mar-24 Queens Court Retail Shops in TenX Project**	Particulars Q4FY24 Project Till Date No of Bookings 96 96 RERA Carpet Area 0.09 0.09 Value of Bookings (Cr.) 298 298 Customer Collections (Cr.) 13 13 RERA carpet area ~0.04 Mn sq.ft Total Units Planned: 104 8 Towers with RERA Carpet Area ~0.7 Mn sq.ft. Total Units Planned: 782 (1BHK: 2; 2BHK: 497; 3BHK: 215; 4BHK & above: 68) Mn Sft Particulars Q4FY24 Project Till Date No of Bookings 89 89 RERA Carpet Area 0.02 0.02 Value of Bookings (Cr.) 122 122 Customer Collections (Cr.) 24 24 xisting Projects Booking Update s on 31stMarch 2024) Launched in Feb-24; Tower 2 launched in Mar-24 Queens Court Retail Shops in TenX Project**	Particulars Q4FY24 Project Till Date No of Bookings 96 96 RERA Carpet Area 0.09 0.09 Value of Bookings (Cr.) 298 298 Customer Collections (Cr.) 13 13 RERA carpet area ~0.04 Mn sq.ft Total Units Planned: 104 8 Towers with RERA Carpet Area ~0.7 Mn sq.ft. Total Units Planned: 782 (1BHK: 2; 2BHK: 497; 3BHK: 215; 4BHK & above: 68) Mn Sft Particulars Q4FY24 Project Till Date No of Bookings 89 89 RERA Carpet Area 0.02 0.02 Value of Bookings (Cr.) 122 122 Customer Collections (Cr.) 24 24 xisting Projects Booking Update s on 31stMarch 2024) Launched in Feb-24; Tower 2 launched in Mar-24 Queens Court Retail Shops in TenX Project**
	Particulars	Q4FY24	Project Till Date	% UNIT SOLD LAUNCHED UNITS
	No of Bookings	96	96
	RERA Carpet Area*	0.09	0.09
				~62%
	Value of Bookings (Cr.)	298	298
	Customer Collections (Cr.)	13	13
	Particulars	Q4FY24	Project Till Date	% UNIT SOLD LAUNCHED UNITS
	No of Bookings	89	89
	RERA Carpet Area*	0.02	0.02
				~86%
	Value of Bookings (Cr.)	122	122
	Customer Collections (Cr.)	24	24
				39

Existing Projects Booking Update

(as on 31[st] March 2024)

39

* In Mn Sq.ft

Ten X Habitat

Three towers delivered 2 years ahead of RERA Timeline

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Towers 1, 2, 3, 4 & 5 Towers 10, 9, 8, 7 & 6

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Central Amenities Building Elevation
Reference Image Reference Image
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Building Elevation
Tower (A)
37 [th] Floor
Slab Completed
Tower (B)
29 [th] Floor
Slab Completed
Reference Image
(Tower A & Tower B)
41
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The Address By GS Construction in Full Swing

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Ten X ERA

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Building Elevation
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Launched 3[rd] Tower in Dec-23

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Reference Image
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Tower (B)
Podium-3 slab work in progress
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Tower (A) Plinth work in progress

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Tower (C)
2nd floor slab in progress
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The Address by GS Season 2 Launched in Q2FY24

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Building Elevation

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Reference Image (Tower C & Tower D)

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Tower (C) Plinth slab work in progress

Tower (D) Raft work in progress

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Invictus by GS Launched in Q2FY24

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Building Elevation

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Foundation Plinth slab work in progress

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Reference Image

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New Launch: Launched First JDA Project in Bandra Launched in Q4FY24:

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Received An Overwhelming Response with Booking of ~96 Units within 40 days of launch

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Queens Court

Building Elevation

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Foundation Plinth slab work in progress

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45

Reference Image

Excellent Connectivity & Eco-system

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Real Estate Business

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Q4 Q4
Particulars (₹Cr.) % Var. FY24 FY23 % Var.
FY24 FY23
Net Sales 677 289 134% 1,593 1,115 43%
EBITDA 171 70 143% 370 287 29%
EBITDA margin 25.2% 24.3% 23.2% 25.7%
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• ➢ Strong booking momentum maintained during the quarter:

• With the booking value of ₹ 840 Cr in Q4FY24 vs ₹ 473 Cr in Q4FY23

• Numbers of unit sold was 602 units in Q4FY24 vs 299 units in Q4FY23

• ➢ EBITDA margin : Higher mainly due to operational efficiency and incremental revenue from retail shops in TenX Habitat project.

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Current Status & OUTLOOK

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Current Status of Operations & Outlook

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LIFESTYLE BUSINESS

a) DOMESTIC MARKET

• Continued focus on innovation, new offerings such as smart Ethnix and casual wear

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• Expand retail store network mainly through asset light franchise model: To open ~ 200 stores in next 12-18 months

• Anticipating and proactively addressing challenges such as limited wedding days in first quarter and heat waves

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b) EXPORTS MARKET

• Global inflationary and Geo-political situations around the world remain concerns

• Developing new strategic customer relationships in garmenting business

REAL-ESTATE BUSINESS

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• Residential real estate continues to demonstrate sustained demand

• Our Projects: Construction activity in full swing in compliance with all the relevant guidelines

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BUILD A SCALABLE ENGINEERING BUSINESS

• Drive strong growth from sunrise sectors of Aerospace, Defense and EV Components Businesses

Raymond group to Remain Net Cash Surplus

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Chairman & Managing Director on Q4FY24 performance

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I am satisfied with the performance across businesses, and they have demonstrated consistent growth throughout the year. Our Lifestyle business showed strong perseverance and recorded growth despite headwinds and muted consumer demand. For our Real Estate business, we have maintained strong booking momentum particularly with the launch of our first JDA project in Bandra, Mumbai. We remain committed to delivering value to stakeholders and are confident in our ability to capitalize on growth opportunities, ensuring sustained success in the future. We have our three verticals vis Lifestyle, Real Estate & Engineering business that are future growth engines which is in line with India’s vision of Viksit Bharat.

GAUTAM HARI SINGHANIA

(Chairman & Managing Director)

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MANAGEMENT

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Raymond Group Led by

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GAUTAM HARI SINGHANIA Chairman & Managing Director Raymond Ltd.

S.L. POKHARNA

Director Raymond Ltd.

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RAVI UPPAL
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RAVI UPPAL Non-Executive Chairman JK Files & Engineering Ltd & RPAL Ex – L&T, JSW Currently – CMD of Steel Infra Solutions P. Ltd

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52

Raymond Management Team

S.L. POKHARNA Director Raymond Ltd .

AMIT AGARWAL Group CFO Ex- JSW, Jet Airways, Essar Group

SUNIL KATARIA

HARMOHAN SAHNI

CEO-Lifestyle

CEO-Realty Ex- ECL Finance Gcorp Developers

Ex- Godrej Consumer Products.

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K.A. NARAYAN President – HR Ex- Wockhardt

JATIN KHANNA Head – Corporate Development Ex- Max Financial Services

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BALASUBRAMANIAN V

ARVIND MATHUR

CEO-Denim Ex- Coats Plc

Managing Director JK Files & Engineering Ltd. Ex- Eaton Industrial, Bosch Chassis

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Disclaimer

The particulars of this presentation contain statements related but not limited to revenues, financial results and supplemental financial information which has been compiled by the management, not to be construed as being provided under any legal or regulatory requirement and are not intended to invite any investment in the Company. The information contained in this presentation has not been subjected to review by Auditors or the Board of Directors of the Company. Commentary in the presentation describes the reporting quarter’s performance versus the same quarter of the corresponding previous year, unless specified otherwise. The figures for the previous periods in this presentation have been regrouped/ reclassified, wherever necessary. The Company assumes no responsibility and does not provide any warranty to the accuracy or comprehensiveness of the information contained in this presentation.

This presentation is not intended to be a “prospectus” (as defined under the Companies Act, 2013), SEBI Regulations and relevant provisions of applicable laws. This presentation is for information purposes only and does not constitute or form part of, and should not be considered as any offer for sale or subscription of or solicitation or invitation of any offer to buy or subscription of securities in any manner. No part of this presentation and the information contained herein should form the basis of, or be relied upon, in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities.

Statements in this presentation describing the Company’s objectives, projections, estimates, expectations or predictions may constitute “forward looking statements”. Such statements are based on the current expectations and certain assumptions of the Company's Management, and are, therefore, subject to risks and uncertainties. Actual results may differ materially from those expressed or implied. The Company neither intends, nor assumes any obligation to amend, modify, revise or update these forward looking statements, on the basis of any subsequent developments which differ from those anticipated.

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THANK YOU

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