Latest news with #RRL
Business Wire
a day ago
- Business
- Business Wire
KBRA Releases Two Reports on Recurring Revenue Loans' Performance and Trends
NEW YORK--(BUSINESS WIRE)--KBRA releases two research reports that examine the performance of recurring revenue loans (RRL) while also providing an update on the key metrics within RRL securitizations. A breakdown of the two reports is as follows: RRL Performance Review: Private Credit: Recurring Revenue Loans Performance Update reviews the performance of the 189 companies KBRA assessed between 2023 and Q1 2025. We found that private credit lenders have suffered relatively few losses from lending to these high-growth software companies. However, as the strategy matures and underwriting standards evolve, KBRA sought to understand if the relatively low loss rate is sustainable considering the performance of 16% of the population has fallen behind the group. This report details how we arrived at these findings and further explores the RRL landscape. RRL Dashboard: Recurring Revenue Loan Metrics Dashboard: Q1 2025 updates our Q4 analysis that tracks and presents several key metrics in a dashboard format, sourced from quarterly collateral loan tapes provided by the issuers of KBRA-rated RRL asset-backed securities. This update incorporates collateral tapes dated through March 2025 where managers identified eight borrowers that flipped from annual recurring revenue covenants to EBITDA during Q1 2025. Recent Publications Private Credit: Q1 2025 Middle Market Borrower Surveillance Compendium—the Calm Before the Storm Structured Credit Trend Watch: Tariff Uncertainty Clouds Issuance Private Credit: Tariffs and Market Volatility Impact on Private Credit Corporates An Inside Look at Recurring Revenue Loan ABS Private Credit: 2025 Outlook 2025 Structured Credit Sector Outlook: Favorable Currents for Sustained Flow About KBRA KBRA, one of the major credit rating agencies, is registered in the U.S., EU, and the UK. KBRA is recognized as a Qualified Rating Agency in Taiwan, and is also a Designated Rating Organization for structured finance ratings in Canada. As a full-service credit rating agency, investors can use KBRA ratings for regulatory capital purposes in multiple jurisdictions. Doc ID: 1009928
Business Standard
13-05-2025
- Business
- Business Standard
Raymond slides as Q4 PAT slumps 40% YoY to Rs 137 crore
Raymond slipped 1.29% to Rs 1,553.70 after the company's consolidated net profit tumbled 40.17% to Rs 137.47 crore in Q4 FY25 as against Rs 229.79 crore posted in Q4 FY24. Total income soared 94.90% year on year (YoY) to Rs 601.4 crore in the quarter ended 31 March 2025. Profit before tax (PBT) declined 4.44% YoY to Rs 44.55 crore in Q4 FY25, comapared with Rs 46.62 crore in Q4 FY24. EBITDA stood at Rs 99 crore in Q4 FY25, registering a growth of 38% YoY, compared with Rs 72 crore in same quarter last year. EBTDA margin reduced to 16.4% in Q4 FY25 from 23.3% in Q4 FY24. The engineering segment reported sales of Rs 528 crore in Q4 FY25, up from Rs 234 crore in Q4 FY24, reflecting the contribution from the MPPL acquisition completed in March 2024. Despite this growth, the segment remained affected by weak export demand and ongoing geopolitical challenges. EBITDA margin for the quarter stood at 15.3%, slightly down from 15.8% in Q4 FY24, primarily due to changes in the product mix. Notably, the aerospace division saw a recovery in growth following the resolution of production issues at a major aircraft manufacturer. Raymond remains a net cash surplus company, holding Rs 263 crore in cash as of the end of Q4 FY25. The demerger of Raymond Realty (RRL) was completed on 1 May 2025. The record date has been set for 14 May 2025, to determine the eligible shareholders of Raymond (RL) who will receive equity shares of RRL, in accordance with the approved scheme of arrangement. As per the scheme, each shareholder of Raymond Limited will receive one equity share of Raymond Realty for every share held. During Q4 FY25, the real estate business posted a strong performance with revenue rising to Rs 766 crore, up 13% from Rs 677 crore in Q4 FY24. EBITDA increased to Rs 194 crore from Rs 171 crore in the same period last year, with the EBITDA margin improving to 25.3%. The company remains focused on timely project execution, continuing its track record of delivering ahead of schedulea key driver of enhanced customer trust and confidence. During the quarter, the company has signed two new Joint Development Agreements (JDAs) in Mahim and Wadala, with a combined gross development value (GDV) of approximately Rs 6,800 crore. These strategic additions are set to significantly contribute to our future growth and reinforce our position as a leading developer in the MMR region. With these new projects, the total potential revenue pipeline for our Real Estate business now stands at approximately Rs 40,000 crore. This includes around Rs 25,000 crore from our Thane land parcel and Rs 14,000 crore from our JDA-led developments. In Q4 FY25, we achieved a robust booking value of Rs 636 crore, driven by strong demand for key developments such as The Address by GS 2.0, Invictus, and Park Avenue High Street Retail in Thane, as well as The Address by GS in Bandra under our JDA portfolio. The Real Estate business continues to maintain a strong financial position and is now Net Cash Surplus with Rs 399 crore. Gautam Hari Singhania, Chairman & Managing Director, Raymond Limited said; We are delighted to announce the successful demerger of our Real Estate business, which is expected to be listed in the Q2FY26. This strategic move emphasizes our commitment to drive sustainable growth via pure play business and further enhance shareholder value. We continue to expand our portfolio through the JDA route in this quarter, having signed two additional JDAs, in Mahim and Wadala aggregating to Rs 6,800 crore, with this now we have a total of six projects outside our Thane Land. On the Engineering business, we continue to remain highly optimistic about FY26 performance. The aerospace sector presents significant growth opportunities, and we are wellpositioned to leverage the same to deliver sustained value to our stakeholders. Raymond Group has been a pioneer and leader in fabric manufacturing, since 1925, and then forayed into other sectors such as engineering business and Real Estate. Raymond Realty has cemented its position amongst the home buyers in MMR region. Raymonds engineering business is well known with its leadership position in manufacturing files and hand tools and has a significant presence in national and international markets.
CTV News
25-04-2025
- Business
- CTV News
‘We have a real problem': Taking rental licensing pilot city-wide could cost $4.3 million
A report heading to city council shows Windsor's Residential Rental Licensing (RRL) pilot program achieved the aims of improving safety conditions of rental units but expanding it city-wide may be prohibitively expensive. On Monday, council will discuss the options to move forward or kill the RRL program administration, pegged at a $4.3 million cost should it be rolled out across Windsor in its current format. 'I don't think that the proposal or the modeling that administration put forward in the report on the city-wide program is the only way to do this,' said Fabio Costante, the Ward 2 city councillor, in an interview with CTV News. Costante argues the report vindicates the thrust behind the study and shows the need for rental licensing and safety inspections is great. The pilot focused on Wards 1 and 2. Within those areas, the report shows only roughly a third of the units belonging to landlords who volunteered complied with safety standards on their first inspections. 'If the entire sample size and Wards 1 and 2 were part of this project, that number of 29 per cent, as low as it is and shocking as it is, would probably be even lower,' said Costante. 'And so, we have a real problem.' The report highlights the 'essentially voluntary' nature of the program may have impacted results and participation. Hiring staff to carry out the program became a struggle because of its innate short-term scope. The two-year pilot ended on February 13. Taking it city-wide, as outlined in the city report, would require annual licensing fees to jump 34 per cent to $625 at a minimum to cover the costs of carrying out the program based on 7,000 applications a year, which is an estimated 50 per cent of the rental licence pool. Costante calls that the 'Cadillac' model and believes it will take many more years to grow the licencing registry to that point. Instead, the councillor suggests a tiered approach to sort out good and bad actors may help to drill down on the problem more efficiently and more cheaply. 'Why do we have to inspect them every year as an example? Right? Why don't we inspect them every two to three years, or four years? And have classes of landlords so that we're surgically narrowing in on the bad actors in our city,' Costante suggested. Path Forward Administration recommends the bylaw be put in abeyance to allow more time to revise the program to be more cost effective. That could keep the law on the books without necessarily enforcing it. Repealing the bylaw could open up the city to litigation again should council decide to launch a new rental licensing scheme. While Ontario's highest court struck down a challenge from a group of landlords and sided with the city in upholding the bylaw, Costante — a lawyer himself — is wary of further legal disruptions. 'If they want to spend all that money on lawyers and radio ads as opposed to simply investing in this program that ensures that the people that are providing services for are living in safe conditions. That's their prerogative,' said Costante. 'We're going to continue doing what we have to do.' **Disclaimer: The author of this report is a landlord, but the property falls outside the scope of the RRL study and did not participate in any legal action against the City of Windsor. **
CBC
05-02-2025
- Business
- CBC
Landlords lose court appeal against Windsor's pilot program to licence rental units
A group of landlords have lost their appeal in a court battle against a City of Windsor Residential Rental Licensing (RRL) pilot project that requires units in certain parts of the city to pass inspections. On Monday, the Court of Appeal for Ontario dismissed the group's appeal of Justice Kelly Gorman's ruling that upheld the RRL program last March. Ward 2 city Coun. Fabio Costante said he's delighted by the court's decision and wants to see the landlords pay the city's court costs. "At the core of this is tenant safety and ensuring that the units that are erected in our community are up to building code and fire code," said Costante. Under the rental licencing program, a landlord with four or fewer units must apply for a license for each unit if they operate in Wards 1 and Ward 2. Each licence initially costs $466 and must be renewed each year. It also requires landlords to provide criminal record checks and electrical inspections, which are not covered by the licence cost. The RRL has been voluntary while the court process unfolds. People can learn more through the city's website. Council expected to review program this month These inspections have uncovered "pretty horrible" conditions, according to the city's building department with about 35 per cent of units failing the initial inspection. "It's leaky roofs with damaged plastered ceilings that continue to leak, it's washrooms that are just, you know, you wouldn't want to use," said Windsor's deputy building official Rob Vani, in September. "These would be issues that most people would not want to live in. They're not sanitary conditions or safe conditions." City administration expects to have a report before council this month to present findings related to the year long pilot project. The landlord group that fought the program in court argued that the program is illegal, discriminatory and created in bad faith. Landlords warn costs will be passed on to renters Borys Sozanksi, a spokesperson for the group of landlords fighting the program, previously told CBC News in September that this program will be expensive and those costs will be passed on to people renting out the units. "At some point these properties become not profitable," Sozanski said.
