August 1, 2024, Mumbai: Real estate developer, Suraj Estate Developers witnessed a 31% increase in total income YOY to Rs 135 crore, according to the unaudited financial results announced by the company for the quarter ending June’24. The company saw a 107% increase in profit after tax (PAT) at Rs 30.1 crore as compared to Rs 15 cr in Q1FY24 and Rs 19.5 crore in Q4FY24. The net debt registered by the company was Rs 352 crore compared to Rs 572 crore in June 2023 and 315 crore as on March 2024.
According to the official release, the total income of the developer rose by 30.9% YOY and 30.7% QOQ from Rs 102.8 crore in Q1FY24 and Rs 103 in Q4FY24 to Rs 134.6 crore in Q1FY25. The EBITDA for the quarter grew 36.3% YOY and 14.4% QOQ from Rs 47.1 crore in Q1FY24 and Rs 56.2 crore in Q4FY24 to Rs 64.2 crore in Q1FY25. The EBITDA margin expanded YoY on operating leverage benefits and a better sales mix, driving EBITDA and PAT growth.
The pre-sales witnessed a 5.2% YOY growth to Rs 140 crore for Q1FY25 vs Rs 133 crore for Q1FY24, on account of increased realisations by 13% YOY, which was driven by increased sales of luxury projects and was partially offset by dip in sales volume of 7% YOY. The company generated 63.6% revenue from sales of luxury units and 36.4% revenue from sales of value- luxury units.
During Q1FY25, the company’s wholly-owned subsidiary Iconic Property Developers received building plan approval and commencement certificate in respect of the proposed commercial project situated at Mahim (west), having a sale carpet area of 1.06 lakh sqft and estimated GDV of around Rs 475 crore.
Rahul Thomas, Whole-time Director, Suraj Estate Developers, said, “We recorded a pre-sales value of Rs 140 crore, which was a 5.2% increase YOY. Realisations for the quarter were up 13%. We continue to focus on luxury and value luxury projects. For Q1FY25, we had a robust revenue growth of 31% on a YOY basis. PAT for the quarter stood at Rs 30 crore, which was a strong 107% growth YOY. These results align with our internal targets and expectations, reflecting our strategic efforts.
We are consciously optimising our cost of debt by refinancing high-cost debt during the quarter and repaying NCDs, resulting in an average cost of debt of 13-13.5% going forward. Our total project pipeline currently encompasses 9.01 lakh sqft.”
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