 "Real estate developers, homebuyers, Real Estate, home loan rate, Reserve Bank of India")
Suraj Estate Developers shares zoomed 13.9 per cent, logging an intra-day high at ₹318.3 per share on BSE after the company posted its Q2 results. At 2:28 PM, Suraj Estate Developers' share price was up 9.54 per cent on BSE at ₹301.8 per share. In comparison, the BSE Sensex was down 0.66 per cent at 84,221.8.
The market capitalisation of the company stood at ₹1,441.8 crore. The 52-week high was at ₹737 per share, and the 52-week low was at ₹265.05.
Suraj Estate Developers Q2 results
In Q2, Suraj Estate Developers reported a consolidated net profit of ₹33.1 crore, as compared to ₹31.8 crore a year ago, up 4 per cent.
Its revenue from operations stood at ₹144.6 crore, as compared to ₹109.1 crore, up 32.5 per cent. Its total income for the quarter stood at ₹145.4 crore, as against ₹109.6 crore year-on-year (Y-o-Y).
The company's total expenses for the quarter stood at ₹79.8 crore, as against ₹45.6 crore a year ago. ALSO READ: Q2 results today
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Management commentary
“We delivered a robust performance for the quarter, marked by successful new launches and strong operational momentum, which reaffirms the strength of the Suraj brand in South-Central Mumbai. Our new projects Suraj Aureva at Prabhadevi and Suraj Parkview 1 at Dadar (W), both have received encouraging market response, resulting in 89 per cent quarter-on-quarter (Q-o-Q) growth in pre-sales value to ₹153 crore and a 111 per cent Q-o-Q rise in sales area to 34,875 sq. ft. This performance underscores the sustained demand for our well-located, high-quality with design-oriented projects," said Rahul Thomas, whole time director, Suraj Estate Developers.
He added: Our performance this quarter reflects company’s strong execution focus, healthy sales momentum, and strategic portfolio expansion. We are confident of sustaining this growth trajectory and creating long-term value for all stakeholders.
Suraj Estate Developers has been involved in the real estate business
since 1986, the company has developed real estate across the residential and commercial sectors in the South Central Mumbai region. The company has a residential portfolio located in the markets of Mahim, Dadar, Prabhadevi, and Parel, which are sub-markets of the South-Central Mumbai micromarket where the company has established its presence.
The company is focused primarily on value luxury, luxury segments, and commercial segments. The company is now venturing into residential real estate development in the Bandra sub-market. The focus area of operation is the South Central region in Mumbai, mainly consisting of Mahim, Matunga, Dadar, Prabhadevi, and Parel, as their expertise lies in the redevelopment of tenanted properties.
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