Emami Realty Aims For 50% Sales Growth in FY23
Emami Realty has projected that real estate demand will remain robust despite economic headwinds, and is aiming at a 50 per cent jump in sales to Rs 750 crore in the current fiscal. The real estate arm of the diversified Emami Group has targeted retiring its long-term debt by 2023-24, which is now pegged at Rs 118 crore, he said. The developer, which has a land bank of around 2,500 acres in 7-8 cities in the country, will leverage the resource for new projects and explore monetisation of a part of it in the next few years. "Economic headwinds, high commodity prices and other associated costs affected us by around 20 per cent. Despite all these, robust demand will continue and help overcome the challenges. We are expecting a topline of Rs 750 crore in the current fiscal from the standalone operations as against nearly Rs 500 crore sales achieved in FY'22," Emami Realty MD and CEO Nitesh Kumar said The total revenue from projects, including joint venture ones, is pegged at Rs 1,180 crore during the fiscal. The combined revenue in FY22 was Rs 950 crore, registering an 85 per cent year-on-year growth. After the introduction of real estate regulations, home buyers have been switching to organised real estate companies, he said, adding that such a trend helps these firms maintain strong sales. Various supports from state governments to the sector have also helped bolster demand, he said. "Reputation we earned over the years by our consistent performance and the ability to keep promises to our customers have translated into phenomenal results," he said. During the current financial year, the company also plans to launch new projects worth Rs 1,000 crore.
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