Eldeco Housing’s Net Profit Up 2.62 Percent in Q4 FY23
Eldeco Housing & Industries has reported a dip of 2.62 percent in its net consolidated profit during the quarter ended March 31, 2023. Its profit after tax stood at Rs 14.90 crs in Q4 FY23 as against Rs 14.52 cr it registered in the corresponding quarter of the previous year, the company said. The company’s net consolidated total income stood at Rs 41.99 cr in Q4 FY23 a growth of 23.72 per cent from Rs 33.94 cr it recorded in the similar quarter last year. Pankaj Bajaj, Chairman and MD of the company said, “Eldeco has not had a particularly great year in terms of fresh sales in FY23. The sales were down due to the absence of new launches. The land assembly and approval process took longer than anticipated. We expect these issues to be resolved in the first or second quarter of the current financial year. We plan to raise debt against existing and new projects this year. We feel that the time is right to invest at this stage of the real estate cycle.” The board of directors have recommended a final dividend for the financial year 2022-23 at the rate of 400% Rs 8 per equity share of face value of Rs 2 each. The board also approved acquisition of 18, 061 equity shares at Rs 1,068 each of Surya Season Foods. This company is involved in real-estate business, thereby making it a wholly-owned subsidiary of the company. Net worth of the Surya Season Foods as on March 21, 2022 was Rs 1.92 crore. “The industry size which had been flat for nearly 10 years is looking to set to double in the next three to four years. The underlying reasons of rising incomes, positive demographics and rapid urbanisation remain intact. The customer particularly in smaller towns is also showing a certain insensitivity to interest rate movement probably due to low mortgage levels overall,” said Bajaj. The company added land bank of 20.91 acres between April 2022 and March 2023. Collection stood at Rs 23.6 crore, sales booking were at Rs 24.8 crore in Q4 FY23 in its investors presentation.
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