Ajmera Realty & Infra India Ltd a leading real estate company, with pan India and international presence, announced its financial results for the first quarter that ended on 30th June 2023.
Commenting on the performance of Q1FY24, Mr. Dhaval Ajmera, Director –ARIIL said, “We are pleased to announce that our company has delivered a stellar performance in Q1FY24, witnessing a remarkable 96% quarter-on-quarter sales growth at 1,35,460 sq.ft. This phenomenal sales growth is attributed to the launch of a premium residences project in Ghatkopar along with Bengaluru having a multiplier effect.
Sales are expected to continue being driven by the strong demand for quality housing throughout the rest of the year. Our company recorded tremendous YoY growth in revenue of 113% to INR 118 crore and 82% in PAT amounting to INR 21 crore, contribution of revenue-eligible projects to the bottom line showcases our operational efficiency. Our efficient debt management efforts, resulted in reduction of weighted avg. cost of debt to 11.9% for Q1 FY24, as compared to 13.7% for Q4 FY23 on account of financial performance and credit profile improvements, also we successfully achieved debt/equity ratio of 0.97 vs 1.12 YoY, a sub 1x ratio. Our primary goal is to achieve a five-fold increase in sales by the year 2025.
To accomplish this, we have set clear priorities, including ensuring the timely delivery of projects within committed timelines, enhancing overall executional efficiency and strategically launching three new projects during this fiscal year with a gross development value of ~INR 1,800 crores. We remain confident with our strong revenue visibility estimated at INR 3,960 crores from our ongoing projects and future launches. Our business objective is to not only grow exponentially but also create supply to meet the demands of end users.
Key factors driving the demand for real estate will be the sustenance of macro factors through interest rate pause and conducive economic growth. Additionally, the completion of major transit infrastructure projects will create new micro markets, particularly in MMR, opening fresh business opportunities. To capitalize on these opportunities, we plan to venture into new micro-markets in H2 FY24.”
