July 26, 2023: Real estate developer Ajmera Realty & Infra India Ltd (ARIIL) on July 25, 2023, announced its financial results for the first quarter of this fiscal year (Q1 FY24) that ended on June 30, 2023. During these three months, the company clocked a sales value of Rs 225 crore, up by 60% QoQ from Rs 140 crore in Q4 FY23. The sales volume increased from 69,209 sqft in Q4 FY23 to 1,35,460 sqft in Q1 FY24, marking an increase of 96% QoQ. Ajmera Realty’s collections saw an increase of 8% QoQ, rising from Rs 103 crore in Q4 FY23 to Rs 111 crore in Q1 FY24.
Dhaval Ajmera, director, ARIIL, said: “This phenomenal sales growth is attributed to the launch of a premium residences project in Ghatkopar along with Bangalore having a multiplier effect. Sales are expected to continue being driven by the strong demand for quality housing throughout the rest of the year.”
The company recorded a revenue of Rs 118 crore in Q1 FY24, up by 113% YoY from 55 crore in Q1 FY23. With a profit after tax (PAT) margin of 18%, Ajmera Realty achieved PAT of Rs 21 crore during this quarter as compared to Rs 12 crore during the same period last financial year, marking an YoY increase of 82%. ARIIL saw a reduction of weighted average cost of debt to 11.9% for Q1 FY24, as compared to 13.7% for Q4 FY23. It also achieved a debt/equity ratio of 0.97 vs 1.12 YoY, a sub 1x ratio.
Ajmera said: “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 approximately Rs 1,800 crore. We remain confident with our strong revenue visibility estimated at Rs 3,960 crore 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,” he added.
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