Eldeco Housing and Industries Ltd. (EHIL) a leading Lucknow-based real estate player, announced its results for Q1 FY25.
Area Booked: Total area booked surged by 36% year-on-year to 93,197 sq.ft. in Q1FY25. Collections: The collections stood at Rs 55.3 crores in Q1FY25; surged by 117% year-on-year. Deliveries: 99,232 sq ft handed over in Q1FY25, i.e. 114 homes registered.
Commenting on the results, Pankaj Bajaj, Chairman & Managing Director said, “During Q1FY25 we launched Eldeco Trinity, our first truly luxury project in Lucknow, with over 5 lakh sq.ft of saleable area. Although the initial bookings were slow, they have picked up momentum, with a cumulative booking value exceeding Rs. 100 crores till date. The project will have state-of-art amenities at a prominent location setting new benchmark for luxury apartments in Lucknow.
Operationally, the company has performed well, with an 89% year-over-year increase in booking value to Rs. 59.1 crores in Q1FY25 and a 117% increase in collections to Rs. 55.3 crores. We also delivered 114 homes during the quarter. The Construction spending rose by 105% to Rs. 35.6 crores, and it is expected to accelerate as work on Eldeco Trinity progresses. Our construction operations in Lucknow remains crucial to our success.
We have successfully aggregated about 46 acres at third site for a new township project till the quarter ended Q1FY25. We plan to submit designs for approval during Q2FY25 and are also preparing to submit plans for two other apartment projects totalling about 5 lakh sq.ft. Overall, the company is on a path of consistent and profitable growth.”
