Suraj Estate Developers Limited total income grew 30.9% y-o-y and 30.7% q-o-q from Rs 102.8 Crores in Q1FY24 and Rs 103 in Q4FY24 to Rs 134.6 Crores in Q1FY25.EBITDA for Q1FY25 grew 36.3% y-o-y and 14.4% q-o-q from Rs 47.1 Crores in Q1FY24 and Rs 56.2 Crores in Q4FY24 to Rs 64.2 Crores in Q1FY25
EBITDA margin expanded YoY on operating leverage benefits and better sales mix, driving EBITDA and PAT growth. PAT for the quarter grew 107% yoy and 54.8% q-o-q to Rs 30.1 cr vs Rs 15cr in Q1FY24 and Rs 19.5 Crores in Q4FY24. Net Debt as on June 2024 stood at Rs 352 Crores vs Rs 572 Crores as on June 2023 and Rs 315 Crores as on March 2024.
Pre-sales saw a growth of 5.2% y-o-y to Rs 140 Crores for Q1FY25 vs Rs 133Crores for Q1FY24, on account of increased realizations by 13% y-o-y, which was driven by increased sales of luxury projects, and was partially offset by dip in sales volume of 7% y-o-y. 63.6% revenue came from sales of luxury units and 36.4% revenue came from sales of value- luxury units.
During Q1FY25, the Company’s wholly owned subsidiary Iconic Property Developers Private Limited received building plan approval and commencement certificate in respect of proposed commercial project situated at Mahim (west) having sale carpet area of 1.06 lakh sq. ft. and estimated GDV of ~Rs 475 Crores. Litigation with Dadar Sai Kirti CHS Limited was settled. This settlement will provide for the construction of two proposed buildings on the property with a sale potential of 74,000 sq ft and an estimated GDV of Rs 350 Crores.
During the quarter, the company entered into a definitive agreement for the sale of additional areas (7th, 8th, and part of the 9th floors) to be constructed over the existing CCIL Bhavan building. The sale, covering about 22,410 square feet of carpet area, has GDV of ~Rs. 90 Crores. Construction and receivables are expected to be completed and collected over the next 12-15 months. The Company is well poised to achieve the pre-sales target of Rs 850 Crores in FY25, of which Rs 650 Crores is expected to come from ongoing and upcoming residential portfolio and the remaining balance of Rs 200 Crores is expected from the launch of proposed commercial project at Mahim (west).
Iconic Property Developers Private Limited, a subsidiary of the Company, previously issued high-cost Non-Convertible Debentures (NCDs) worth Rs. 192 Crores to India Housing Fund to acquire land and had already repaid Rs. 160 Crores (Series A, B, C, & D). The subsidiary has now redeemed the remaining Rs. 32 Crores (Series E) in NCDs, along with a Rs. 18 Crores redemption premium, totaling Rs. 50 Crores, marking the full and final repayment of the NCDs. Additionally, we have refinanced high-cost debt to the tune of Rs 34 Crores with lower interest rates. Therefore, the average cost of debt now stands between 13% -13.5% which will lead to annual interest cost of Rs 65-70 Crores including one time redemption premium assuming the debt level as on 30 June 2024 is maintained
