Ashiana Housing Ltd.'s sales in the second quarter more than doubled, reflecting the significant uptick in demand and the successful launch of new projects. Sales jumped 107% year-on-year to Rs 673.05 crore in the quarter ended September 2024.
The company reported a booking of 482 units during the same period, up from 416 units per year and 313 units in the first quarter of the current fiscal year, according to an exchange filing.
The introduction of the 'Ashiana Amarah Phase-4' project, which sold 183 units across 2.95 lakh square feet and generated a sales value of Rs 421.98 crore, supports this uptick, the filing said.
Despite a decrease in area sold outside of this new project—recording 4.35 lakh square feet compared to 4.42 lakh square feet in the first quarter of the current fiscal—the total sales value from these transactions rose to Rs 251.07 crore, up from Rs 235.32 crore in the previous quarter.
This comes on the heels of the recent dip in the Nifty Realty index, the top-performing sectoral index over the past year, which fell 3.7% in August, its worst month since February 2023. Analysts attributed the decline to a short-term correction rather than a sign of further downturns. The sector had come off a long period of consolidation, after a 14-year period where the index delivered little-to-no returns. The index fell 0.21% in the last month.
Shares of Ashiana Housing rose as much as 6.83% intraday to Rs 318.35 apiece. It pared gains to close 2.63% higher at Rs 305.85 apiece. This compares to a 0.88% advance in the NSE Nifty 50 Index.
The stock has risen 13.05% on a year-to-date basis. Total traded volume so far in the day stood at 2.1 times its 30-day average. The relative strength index was at 34.20.
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