Ajmera Realty Witness a Surge by 82.11% in the Q1 FY24

Rocketing success! Ajmera Realty's Q1 FY24 net profit soars by 82.11%, fueling growth and setting new benchmarks in the real estate realm.

Ajmera Realty & Infra India (ARIIL), a prominent player in the real estate industry, recently achieved a remarkable feat by reporting an impressive 82.11% surge in its net consolidated profit for the June 30, 2023 quarter. The company's profit after tax (after minority interest) soared to an impressive Rs 21.07 crore in Q1 FY24, a substantial increase from the Rs 11.57 crore recorded in the corresponding quarter of the previous fiscal year.

According to the information disclosed in a BSE filing, Ajmera Realty's net consolidated total income experienced an outstanding growth of 113.30% in Q1 FY24, amounting to Rs 117.57 crore. This figure soared high from the Rs 55.12 crore reported in a similar quarter the previous year, showcasing the company's commitment to achieving excellence and growth.

Dhaval Ajmera, the esteemed director of ARIIL, expressed his delight, stating, "We are pleased to announce that our company has delivered a stellar performance in Q1 FY24, witnessing a remarkable 96% quarter-on-quarter sales growth at 1,35,460 sq. ft." This outstanding sales performance reflects the company's efficient strategies and dedication towards meeting customer demands and expectations.

The sales value also witnessed an impressive surge, rising by 60% quarter-on-quarter and reaching an impressive Rs 225 crore. Simultaneously, the sales volume experienced a whopping 96% quarter-on-quarter growth, reaching 1,35,460 sq. ft. The collection figures exhibited an 8% increase quarter-on-quarter, reaching Rs 111 crore, demonstrating the company's strong financial management and revenue generation capabilities.

Ajmera Realty's debt-equity ratio, a crucial financial indicator, stood at 0.97x, showcasing a prudent approach towards managing their financial obligations and optimizing their capital structure.

Dhaval Ajmera further elaborated on the company's financial achievements, stating, "Our efficient debt management efforts resulted in the reduction of the weighted average cost of debt to 11.9% for Q1 FY24, as compared to 13.7% for Q4 FY23, on account of financial performance and credit profile improvements. Additionally, we successfully achieved a debt/equity ratio of 0.97 vs 1.12 YoY, a sub 1x ratio."