Ajmera Realty Ltd. on Wednesday reported a 33% decline in consolidated net profit for the September quarter.
The real estate major's sales by value rose 52% year-on-year, while the number of units sold went up by 51% YoY, respectively. The growth was driven by the continued sales momentum of the Ajmera Eden launch, along with contribution from Manhattan and robust demand across other projects, the company said in an exchange filing.
Ajmera Realty Q2 YoY:
Revenue down 21.6% at Rs 145 crore vs Rs 185.5 crore
Ebitda down 32.7% at Rs 38 crore vs Rs 56 crore
Margin at 25.9% vs 30.2%
Net profit down 33% at Rs 23 crore vs Rs 34 crore
Other Highlights
Sales Volume stood at 1,20,787 sq. ft, up 51% YoY
Sales Value stood at Rs 252 crore, up 52% YoY
Company said it has reached halfway to its sales target of Rs 1,000 crore for FY24
"Despite the ongoing business development activities, the debt-to-equity ratio remains stable at 0.97 times for Q2 FY24, similar to the trailing quarter, thus sustaining the ratio below 1 times ratio of net worth. Also, the weighted average cost of debt was 12.1% at the end of quarter," the company said in a statement.
Ajmera Realty said it has expanded launch pipeline includes 7 projects admeasuring 1.3 mn sq.ft. of potential development with estimated gross development value of Rs 2,750 crore.
"With an expansive launch pipeline & sales development potential of ~1.3 million square feet, our revenue visibility has now expanded to around Rs 4,750 crore from our ongoing projects and future launches," said Dhaval Ajmera, Director.
Shares of Ajmera Realty Ltd fell 0.8% at Rs 378 apiece on the BSE in Wednesday's afternoon session after the earnings announcement as compared to 0.2% fall in BSE Sensex.
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