Ajmera Realty reports 82% YoY jump in Q2 FY23 sales value

Ajmera Realty & Infra India said that it had recorded sales value of Rs 166 Cr in Q2 FY23, up by 82% as compared to the sales value of Rs 91 crore registered in Q2 FY22.

The carpet area sold was 79,976 sq.ft. in Q2 FY23, which was an incremental growth of 49% from 53,801 Sq. ft sold in Q2 FY22.

Collections, however, declined by 6% YoY to Rs 102 crore in Q2 FY23 over Q2 FY22.

As compared with Q1 FY23, the company's sales value, carpet area sold and collections are lower by 59%, 49% and 51%, respectively.

Dhaval Ajmera, director, Ajmera Realty & Infra India, said We are pleased to report that in the first half of FY23, our sales grew 181% by value to Rs 566 crore and collection increased by 44% to Rs 312 crore on YoY basis. While we expect challenges due to rising mortgage rates in the future, the impact of this would be likely insignificant given the latent demand in real estate sector. As announced earlier we are geared up for new launches in the coming quarters as part of our overall strategy to grow and gain market share.

Ajmera Realty & Infra India has a PAN India presence along with an international presence. The company is focused on premium developments in luxury and mid-luxury projects in the residential segment. The company has a huge development potential available on its balance land parcel at Mumbai, Bengaluru and Ahmedabad.

The company's net profit rose by 13% to Rs 12 crore despite a 59% drop in total revenue to Rs 55 crore in Q1 FY23 over Q1 FY22.

The scrip fell 2.37% to currently trade at Rs 270.10 on the BSE.

In the past six months, the stock has declined by 28.56% while the benchmark Sensex has lost 1.77% during the same period.

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