Raymond Limited

rs,

23-24/113 August 11, 2023 To The Department of Corporate Services - CRD BSE Limited P.J. Towers, Dalal Street Mumbai - 400 001 Scrip Code: 500330 Dear Sir/Madam Sub: Raymond Limited – Investo

₹1,826

1 Revenue and Profitability Achieved Net Debt Free Status at Group Level HIGHEST EVER, Q1 REVENUE ₹1,826 Cr. Delivered highest Q1 revenue in a subdued consumer demand and seasonally weak quarter YoY Gro

4%

Delivered highest Q1 revenue in a subdued consumer demand and seasonally weak quarter YoY Growth 4% EBITDA ₹252 Cr. Margin 13.8% Reported highest ever Q1 EBITDA (YoY growth 7%) REAL ESTATE BOOKIN

₹252

highest Q1 revenue in a subdued consumer demand and seasonally weak quarter YoY Growth 4% EBITDA ₹252 Cr. Margin 13.8% Reported highest ever Q1 EBITDA (YoY growth 7%) REAL ESTATE BOOKING VALUE ₹330

13.8%

e in a subdued consumer demand and seasonally weak quarter YoY Growth 4% EBITDA ₹252 Cr. Margin 13.8% Reported highest ever Q1 EBITDA (YoY growth 7%) REAL ESTATE BOOKING VALUE ₹330 Cr. Strong book

7%

quarter YoY Growth 4% EBITDA ₹252 Cr. Margin 13.8% Reported highest ever Q1 EBITDA (YoY growth 7%) REAL ESTATE BOOKING VALUE ₹330 Cr. Strong booking momentum maintained in 3 projects with 215

₹330

252 Cr. Margin 13.8% Reported highest ever Q1 EBITDA (YoY growth 7%) REAL ESTATE BOOKING VALUE ₹330 Cr. Strong booking momentum maintained in 3 projects with 215 units sold in Q1 215 Units Launch

₹2,825

ed across Tier I to Tier IV towns including 15 ‘Ethnix by Raymond’ stores SALE OF FMCG BUSINESS ₹2,825 Cr. Sale Proceeds^ With sale proceeds, achieved Net Debt free status at Group level 2 years ahe

₹1,500

th sale proceeds, achieved Net Debt free status at Group level 2 years ahead of stated guidance ~₹1,500+ Cr. Group# Surplus Cash Strong balance sheet with surplus cash of ~₹1,500+ Cr. at Group level

₹ 2,825

with surplus cash of ~₹1,500+ Cr. at Group level available as Growth Capital ^ Sale proceed of ₹ 2,825 Cr. with estimated after-tax realization of ~₹2,200 Cr. # Group surplus is aggregation of Net debt

₹2,200

vailable as Growth Capital ^ Sale proceed of ₹ 2,825 Cr. with estimated after-tax realization of ~₹2,200 Cr. # Group surplus is aggregation of Net debt / (Surplus) of Raymond Limited consolidated and Raym

9%

y weak quarter (₹Cr.) Revenue 4% (₹Cr.) 1,470 222 862 1,754 1,826 EBITDA & Margins (%) 9% 14.0% 13.4% 235 256 9.8% 144 0.8% 7 Q1 FY20 Q1 FY21 Q1 FY22 Q1 FY23 Q1 FY24 Q1 FY2

“of Days 79 53 69 318 26 Particulars (₹ Cr.) Operating Cash Flow Free cash Flow 260 10 Jun’23 (149) (260) NWC higher mainly due to Increase in inventory: • To cater to demand for upcoming festive season & • Increase in real estate related to construction cost & new project approvals”

“The launch of TenX ERA project in Feb-23 contributed to the booking momentum as 80%+ units already sold in TenX Habitat • In ‘Address By GS’ premium brand offering, booked value of ₹ 93 Cr in Q1FY24 vs ₹ 270 Cr in Q1FY23.”

“However, going forward we are optimistic as festive and wedding season will set in during the second half of the year giving an impetus to the consumer demand across the country.”

Total Units Planned

5

Achieved Surplus Cash at Group level led by

1

Total booking value

1

Free Cash Flow utilization

1

Net Debt

1

Achieved Surplus Cash at Group level led by

• ~₹ 1,350 Cr. through FCF generated during the period of FY21-FY23 • ₹ 350 Cr. from land sale in Dec-19 * 1,500+ With FMCG business sale proceeds of ₹ 2,825 Cr. achieved Net Debt free status at Group level • ₹ 2,850 Cr. from sale of FMCG business, with estimated after tax realization of ~₹ 2,200 Cr. in May-23 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 Recent STRATEGIC INITIATIVES 10 Strategic Initiatives Undertaken STRENGTHENING THE CORE (FY21-23) Reset the Business model during Covid Established Real Estate Business

Total booking value

~ ₹3,900 Cr. within 4 years of launch till Mar-23 Sustainable Annual Cost Savings (~₹400 Cr.) Effective Working Capital Management Continued Net Debt Reduction Lower by over ~ 46% from peak level (from 98 days in Sep’19 to 53 Days on Mar’23) Lower by ~₹1,700 Cr. from Peak Level (in Sep’19) till Mar-23 RECENT VALUE UNLOCKING INITIATIVES in Q1FY24 Demerger of Lifestyle Business In Progress Core Lifestyle business to be listed as a zero net debt separate listed entity 11 Deleveraging Action Selling of FMCG Business Raymond Consumer Care Ltd. (RCCL) Slump Sale of FMCG business^ with trademarks of Park Avenue (FMCG category), Premium, KS and Kamasutra to GCPL# ₹2,825 Cr. Proceeds Net of tax realization ₹2,200 Cr* ₹ 1,500 Cr.+ Surplus Cash available for Growth Capital at Raymond Group Level • The consideration for the sale of FMCG business to GCPL has been received as on 8th May 2023 • Sale proceed of ₹ 2,825 Cr. with estimated after-tax realization of ~₹2,200 Cr. o Raymond Limited issued NC

Free Cash Flow utilization

• Mainly due to higher net working capital requirement, planned capex and interest payment Particulars (₹ Cr.) Jun’23 Mar’23 Jun’22 vs Mar’23 vs Jun’22

Net Debt

External Gross Debt* Group NCD to RCCL Cash and cash Eq. Net Debt Surplus Cash at Group Level# 1,071 1,700 1,806 965 2,100 2,049 (1,029) - 1,411 689 - 739 1,310 1,700 395 276 (978) 1,700 1067 (345) • With FMCG business sale proceeds of ₹ 2,825 Cr. achieved Net Debt free status at Group level two years ahead of stated guidance • Surplus Cash of ₹ 1,500 Cr.+ at Group level available as Growth Capital ₹ 1,500+ Cr * Gross debt excluding accrued interest # Group surplus cash based on aggregation of Net debt / (Surplus) of consolidated Raymond Limited and Raymond Consumer Care Ltd 17 Go To MARKET INITIATIVES 18 Go to Market Initiatives — Suiting FASHMODA A youth-oriented collection with high fashion known for its unique bold designs and styling LUXOLITE • A collection with designs in variation of strips, micros, sub-dued checks, Slub looks with pastel and bright colors 19 Go to Market Initiatives — Shirting Voyage Checkmate Regio Italia Sustainova Linen Vibez 2.0 Linen Stain Resistant 20 Go

Total Units Planned

905 (3BHK: 301; 2BHK: 604) Particulars FY23 Q1 FY24 Project Till Date No of Bookings 542 102 2,553 RERA Carpet Area* Value of Bookings (Cr.) Customer Collections (Cr.) 0.31 0.06 663 897 135 113 1.38 2,684 2,106 Particulars FY23 Q1 FY24 Project Till Date No of Bookings RERA Carpet Area* Value of Bookings (Cr.) Customer Collections (Cr.) 255 41 0.34 0.04 742 374 93 86 475 0.58 1,236 501 Particulars FY23 Q1 FY24 Project Till Date No of Bookings RERA Carpet Area* 141 72 0.10 0.05 Value of Bookings (Cr.) 204 102 Customer Collections (Cr.) 11 20 213 0.15 306 31 % UNIT SOLD ~82% % UNIT SOLD ~87% % UNIT SOLD LAUNCHED UNITS ~38% 39 * In Mn Sq.ft Ten X Habitat 3 towers delivered 2 years ahead of RERA Timeline Towers 1, 2, 3, 4 & 5 Towers 6, 7, 8, 9 & 10 Central Amenities Building Elevation Reference Image Reference Image 40 The Address By GS Construction in full swing Building Elevation Reference Image Tower (A) 7th Floor Slab Completed Tower (B) 3rd Floor Slab Completed 41 Ten X ERA Launched in

Total Units Planned

102 (4.5BHK: 102) Reference Image (Tower C & Tower D) Reference Image 43 Excellent Connectivity & Eco-system 44 Real Estate Business Particulars (₹Cr.) Q1FY24 Q1FY23 % Var. Net Sales EBITDA 234 54 286 79 (18%) (31%) EBITDA margin 23.3% 27.5% ➢ Strong booking momentum maintained during the quarter: • In TenX brand offering (TenX Habitat & TenX ERA), booked value of ₹ 237 Cr in Q1FY24 vs ₹ 175 Cr in Q1FY23. The launch of TenX ERA project in Feb-23 contributed to the booking momentum as 80%+ units already sold in TenX Habitat • In ‘Address By GS’ premium brand offering, booked value of ₹ 93 Cr in Q1FY24 vs ₹ 270 Cr in Q1FY23. With ~87% of inventory already sold in the brand, in Jul-23 we launched ‘Address By GS’ Season 2 which received overwhelming response. Witnessed booking of 50+ units on launch day itself ➢ Revenue recognition based on percentage completion method as per Ind AS 115 • Construction momentum maintained and as per schedule in TenX Habitat, The Address by GS and TenX ERA p