Shares of Ganesh Housing Corporation rallied 15 per cent on BSE to a fresh high of Rs 694.15 in intra-day trade.In the past four days, the stock of the Ahmedabad-based real estate company has zoomed 54 per cent after it reported strong earnings for the December quarter (Q3FY24).In the past one month, it has skyrocketed 84 per cent as compared to a nearly 2 per cent rise in the S&P BSE Sensex.
In Q3FY24, Ganesh Housing’s profit after tax grew 232 per cent year-on-year (YoY) to Rs 100.60 crore.
Revenue jumped 172 per cent YoY to Rs 1,833 crore. EBITDA (earnings before interest, taxes, depreciation, and amortization) improved 510 bps to 75.6 per cent from 70.5 per cent in Q3FY23.
The company is engaged in the business of construction of residential, commercial and infrastructure projects. It continues to remain debt free from a peak debt of Rs 648.6 crore in FY19.
Ahmedabad's expanding infrastructure, thriving economic activities, and a conducive business environment have contributed to a surge in both residential and commercial real estate projects.
The growth in the Ahmedabad real estate market is further augmented by the emergence of GIFT City.The presence of GIFT City has attracted major financial institutions, global companies, and investors, leading to an increased demand for commercial spaces and upscale residential developments in Ahmedabad.
Ganesh Housing is in the process of setting up Special Economic Zone for 6 million sq. ft of space. Further, it has tied up with Tishman Speyer India by executing Development Management Agreement and Leasing and Property Management Agreement.
The Ganesh Group is having land reserve exceeding 500 acres in and around Ahmedabad and the said land is having a potential of 30 msf of development.In financial year 2023 – 2024, the company expects to roll out a couple of residential and commercial projects, Ganesh Housing said in its FY23 annual report.
