Ajmera Realty's sales surge by 52% YoY in Q2 FY24, acquires 3 new projects with a GDV of 800 crores

Ajmera Realty & Infra India Ltd (BSE: 513349 & NSE: AJMERA), a leading real estate company with a pan India presence, announced its operational numbers for Q2FY24.

Key Highlights for Q2 FY24:

- Sales Area stood at 1,20,787 sq. ft, up 51% YoY
- Sales Value stood at INR 252 crores, up 52% YoY
- The collection stood at INR 111 crores, up 8% YoY
- Acquired 3 projects with GDV of ~INR 800 crores and sales potential of ~4.4 lac sq. ft.
- Redevelopment of 4 societies at Yogi Nagar, Borivali with sales potential of ~1.07 lacs sq. ft.
- SRA redevelopment project at Bhandup, with initial phase development of ~1.7 lac sq. ft.
- Entered into JDA through its SPV for a 69% stake at Electronic Phase 2, Bengaluru with a sales potential of ~1.62 lacs sq. ft.

ARIIL clocks sales value of INR 252 crores and collection of Rs. 111 crores for the Second Quarter of FY24 with a growth of 52% and 8% respectively as compared to the second Quarter of FY23.

ARIIL has demonstrated exceptional growth in Q2 FY24, with a remarkable 51% YoY increase in sales area to 1,20,787 sq.ft, and a 52% YoY growth in sales value to INR 252 crores. This impressive performance can be attributed to the continued launch momentum of Ajmera Eden, strong demand across various segments and geographies, and the positive impact of the RBI's decision to pause rate hikes. The significant contribution from Manhattan underscores the project's market acceptance, highlighting our commitment to excellence and adaptability, paving the path for future successes.

Commenting on the Company's operational performance for Q2FY24, Mr. Dhaval Ajmera, Director, Ajmera Realty & Infra India Ltd, said, "During Q2 FY24, the thrust on pre-sales and business development activities fueled us closer to our desired objective of reaching a sales target of ~INR 1,000 crores for the current fiscal. We believe the momentum of our sales trajectory will continue on the back of upcoming launches and relentless focus in the untapped micro-markets that are driving us closer to realizing our ambitious 5x growth strategy. The balanced mix of redevelopment, joint ventures, and strategic acquisitions, along with unlocking the value of our land bank will continue to drive growth for the company.

Our project portfolio addresses evolving homebuyer needs, enhancing living spaces and quality of life. Heading into the festive season with robust housing sales momentum, we credit our dedicated team and the stable interest rates for driving growth and encouraging buyer confidence. We remain confident in sustaining strong pre-sales growth through new launches and ready-to-move-in inventory."

Shares of Ajmera Realty & Infra India Limited was last trading in BSE at Rs. 422.95 as compared to the previous close of Rs. 373.25. The total number of shares traded during the day was 146030 in over 7305 trades.

The stock hit an intraday high of Rs. 440.05 and intraday low of 373.00. The net turnover during the day was Rs. 61243883.00.

Source : Equity Bulls

Keywords

AjmeraRealtyandInfraIndia INE298G01027 Q2FY24 OperationalUpdate