MICL Adds 21 Lakh Sq. Ft. Of Real Estate Portfolio In Mumbai
Man Infraconstruction Limited (‘MICL’), headquartered in Mumbai, a leading construction company and a pioneer name in real estate development, announced its results for the period of Q2FY24 and H1FY24. Launched India’s most iconic residential tower – ‘Aaradhya Avaan’ at Tardeo in Mumbai in Oct-23, comprising 6.5 lakh sq. ft. of carpet area. Adds 21 lakh sq. ft. of carpet area in its real estate portfolio in Mumbai market in H1FY24 with a total revenue potential of around Rs. 5,200 crore. To develop one of the largest redevelopments in western suburbs of Mumbai city having carpet area for sale of about 17 lakh sq. ft. o Upcoming with an ultra-luxurious project of 12,000+ sq. mtr. Gated community in Ghatkopar east, Mumbai having carpet area for sale of about 4 lakh sq. ft. Increased equity stake in 'Atmosphere Realty Private Limited' (ARPL), an associate company, to a total of 30% from the existing 17.5%, involving a cash consideration of Rs. 12.5 crore, as company expects better future potential returns from the project. Received an IOD approval for our 12,000+ square meter gated community, a cluster of 10 societies located at Ratilal B. Mehta Road (60 Feet Road), Ghatkopar East, Mumbai. Bags significant size EPC order worth Rs. 680 Cr (inclusive of GST) from BMCT (PSA Group) for pavement work on the reclaimed earth on execution of Phase II Infrastructure Works at the Fourth Container Terminal of JNPT Revenue from operations for H1FY24 stood at Rs. 725 crore compared to Rs. 753 crore in previous year while Q2FY24 reported operating revenue of Rs. 215 crore compared to Rs. 401 crore in previous year. Total Income for H1FY24 remained steady at Rs. 767 crore compared to Rs. 774 cr in previous year while Q2FY24 reported total income of Rs. 243 crore compared to Rs. 414 crore in previous year. EBITDA for H1FY24 grew by 8% YoY to Rs. 174 crore compared to Rs. 161 crore in previous year while Q2FY24 reported Rs. 65 crore compared to Rs. 94 crore in previous year. Net profit for H1FY24 jumped by 65% YoY to Rs. 152 crore compared to Rs. 92 crore in previous year while Q2FY24 reported growth of 31% YoY to Rs. 70 crore compared to Rs. 53 crore in previous year. Maintained Net Cash Positive balance sheet and healthy liquidity of Rs. 600+crore at consolidated level as on Sep-23 Commenting on the Q2 & H1FY24 results, Manan Shah, Managing Director of Man Infraconstruction Limited, said, "We are very happy with the performance of the company as we have achieved growth across several parameters vis-à-vis strong profitability for the quarter and for the period, multiple acquisitions of real-estate projects, new EPC port order and iconic launches. The launch of “Aaradhya Avaan” in October 2023, the most iconic project in South Mumbai with one of the tallest residential towers in India, is set to create new benchmarks in the real estate industry. The acquisition of two new projects at Goregaon West and at Ghatkopar East in Mumbai market during H1FY24, have now expanded our real estate portfolio to 5.9 million square feet as on September 2023. The acquisition of all of these projects is in line with our asset-light strategy. India is experiencing upswing in real estate cycle which is likely to be long term and within that Mumbai’s real estate market is seeing a good demand as noticed from a surge in property registrations in last 10 months of 2023. We expect such momentum to continue not only because of better job stability and rising aspiration levels but also with better urban infrastructure on rise. There is good demand for premium lifestyle homes and luxury residential apartments in MMR region in which we operate and we continue to focus to cater these markets through our upcoming projects. With new project launches planned in second half of the financial year, we expect to end the year on a strong note as we continue to look out for future growth opportunities.”
Tags : MMR region Man Infraconstruction Limited premium lifestyle Gated community real estate development