May 8, 2024: Real estate firm Suraj Estate Developers today announced its audited financial results for the quarter (Q4 FY24) and full year (FY24) ended March 31,2024. The company recorded a total income of Rs 415.7 crore in FY24, up by 35% from Rs 307.9 crore in FY23. The EBITDA rose by 54.3% from Rs 153.2 crore in FY23 to Rs 236.4 crore in FY24. The company’s profit after tax (PAT) stood at Rs 67.5 crore in FY24, up by 110.9% from Rs 32 crore in FY23. At the end of FY24, the gross debt and net debt stood at Rs 425.57 crore and RS 315.34 crore respectively, marking a significant decrease from Rs 593.09 crore gross debt and Rs 565.07 crore net debt in FY23.
During FY24, Suraj Estate Developers has acquired a freehold plot of land measuring approximately 1,073.42 square metre situated off Lady Jamshedji Road, Mahim (West), Mumbai, for a total consideration of Rs 33.10 crore. The project is a redevelopment project, which entails redevelopment of seven tenants/occupants who have vacated their respective premises, and the plot is rendered vacant. After deducting the FSI required for rehabilitating the said tenants/occupants of the property and surplus area to be handed over to MHADA, the estimated balance carpet area available for sale is about 2,787 square metre (30,000 sqft) with a gross development value (GDV) of Rs 120 crore.
During Q4 FY24, the company amicably settled a pending litigation with OLV & OLPS Society. It has also filed consent terms enabling the development of the property translating to a sales potential of Rs 350 crore. Alongside this, the company won a bid for obtaining development rights of land component measuring 4,790.76 square metre with five existing buildings, translating to a GDV of around Rs 225 crore.
Rahul Thomas, executive director, Suraj Estate Developers, said, “FY24 was a year of strong performance for us, where we achieved a remarkable 35% increase in sales over FY23 and an 111% growth in profit after tax as compared to the previous year. Our effective cost control measures led to a growth of 54% in our EBITDA thereby improving our margins by 710 bps. Operationally during the year, we sold 1,07,136 sqft, translating to sales of Rs 483 crore. Collections for the year stood at Rs 316 crore. Focus during the year was on selling luxury projects, which reflected in improved realisations of Rs 45,074 per sqft in FY24 as against Rs 42,420 per sqft in FY23.”
“The past quarter witnessed an amicable resolution of a longstanding litigation, signifying a significant milestone for our company and reinforcing our dedication to excellence in the real estate domain. This favourable resolution not only marks a crucial achievement but also unlocks a sales potential of Rs 350 crore for us. Furthermore, the projected redevelopment of five buildings is expected to generate an additional Rs 225 crore, further enhancing our company’s financial outlook,” Thomas added.
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