Eldeco Housing and Industries Ltd. a leading Lucknow-based real estate player, announced its results for Q1FY23. Deliveries: ~1.1 lacs sq.ft handed over in Q1FY23 with 78 homes registered in favor of happy customers. Collections: During Q1FY23 the collections stood at ? 49.4 crores; grew by 115.7% Y-o-Y. Sales Booking: During the quarter the Company saw a booking of ? 22.4 crores
Commenting on the results, Pankaj Bajaj, Chairman & Managing Director said, “This was a solid quarter for us. After the strong sales in the previous quarters, in this quarter execution and collections have been stable. This is traditionally the slowest quarter of the year, but we are happy with our performance. The collections for the quarter witnessed a growth of 116% year on year and 35% sequentially.
The key takeaway was that real estate demand especially that for quality housing, is quite strong and resilient. We passed on the rise in the input prices to our customers. Home loan rates also increased. But we find that the customer is not sensitive to such movements as long as they are within a brand. The other message the market is consistently giving us is that there is a substantial premium for assured supply of finished product from a trusted brand. We intend to build on these advantages going forward.
The flip side is that this strength in real estate demand has been transmitted to the land markets also, making it a little challenging to replenish our project pipeline. However, we are confident of adding at least 3 more projects within this financial year to our development portfolio.”