Ajmera Realty hits record high after Q3 PAT jumps over two-fold in Q3 FY24

Ajmera Realty & Infra India (ARIIL) was locked in upper circuit of 20% at Rs 710.75 after the company's consolidated net profit stood at Rs 30.48 crore in Q3 FY24 steeply higher than Rs 10.64 crore recorded in Q3 FY23.

Revenue from operations surged to Rs 206.77 crore in Q3 FY24 as compared with Rs 79.07 crore recorded in Q3 FY23.

EBITDA stood at Rs 62 crore in Q3 FY24, registering a growth of 163% as compared with Rs 40 crore recorded in same quarter last year. EBITDA margin improved by 52 bps to 29.6% in Q3 FY24 as against 29.1% recorded in Q3 FY23.

Sales value jumped 98% to Rs 253 crore in Q3 FY24 from Rs 128 crore recorded in corresponding quarter last year.

The carpet area sold was 1,03,573 Sq ft in Q3 FY24, recording growth of 63% from 63,595 Sq ft sold in Q3 FY23.

Collections jumped 30% YoY to Rs 151 crore in Q3 FY24 over Q3 FY23, driven by strong sales and efficient project execution.

The company said that Launch pipeline expanded to estimated (gross development value) GDV of Rs 3,130 crore across eight projects, expected to be launched within 12 months.

Dhaval Ajmera, director ARIIL said, We witnessed an exceptional quarter amidst the backdrop of the robust Indian economy. Accomplishing the highest quarterly revenue in a decade at Rs 209 crore is a testament to our resilience and strategic foresight. Surpassing the figures of FY23 in both revenue and PAT metrics reflects our progression towards our 5x vision.

The recent measures announced in the Interim Budget underscore the government's unwavering focus on revitalizing the sector, which is expected to propel our performance going forward. We anticipate substantial increase in housing demand, particularly in urban areas due to policies promoting transitoriented development. This projection aligns well with our well-diversified portfolio in strategic locations, which are expected to yield corresponding benefits.

The surge in sales value by 98% during the quarter, achieved from our flagship projects like Ajmera Manhattan & Ajmera Eden, reinforces our confidence in achieving our sales guidance of Rs 1,000 crore for FY24. This quarter marks our third consecutive quarter of healthy sales, reaffirming our position as a reliable player in the industry. Despite aggressive business development activities, debt levels have remained stable, marking another quarter with debt/equity levels at 0.94x at Q3 FY24, thus maintaining levels below 1x.

Further he said, the recent acquisition of the Bandra project aligns with our low-capex acquisition and underscores our commitment to inorganic growth strategy. Our launch pipeline now boasts 8 projects with an estimated GDV of Rs 3,130 crore, reflecting our expansion efforts.

Furthermore, our estimated revenue visibility has increased to Rs 4,950 crores from ongoing and future projects. With a steadfast commitment to our 5x strategy and a focus on strategic business development, sales excellence, and efficient execution, we are well-positioned to achieve multi-fold success.

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 Ajmera I-Land, Bhakti Park, Wadala and Central Mumbai.

The counter hit an all time high at Rs 710.75 in intraday today.

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