India's Raymond Ltd's profit jumps on real estate, engineering business strength
India's Raymond Ltd reported a 40% rise in its first-quarter adjusted profit on Tuesday, helped by strength in its real estate and engineering business as it shifted away from its once mainstay textiles and apparel businesses. The nearly 100-year-old conglomerate has been going through a major shift in its businesses that started with selling its consumer goods business, including brands such as Park Avenue deodorant and Kamasutra condoms, early last year to spinning off its textiles and apparel business in the latest quarter. The realty business, which accounted for just roughly 53% of Raymond's revenue in the quarter, will also be spun off, which will leave Raymond Ltd with just its engineering business.