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Ajmera Realty: Ajmera Realty & Infra Q3 net profit up 186%, sales up 98%

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Real estate developer Ajmera Realty & Infra India has recorded 186% year-on-year growth in consolidated net profit at Rs 30 crore for the quarter ended December. Sales during the quarter also registered a 98% on-year rise to Rs 253 crore.

Collections increased 30% from a year ago to Rs 151 crore aided by robust sales and efficient project execution, the company said. Ajmera is confident of surpassing sales guidance of Rs 1,000 crore in the current financial year.

The developer has expanded its project pipeline to an estimated gross development value of Rs 3,130 crore across eight projects that are expected to be launched within the next 12 months. The company’s estimated revenue visibility has increased to Rs 4,950 crores from ongoing and future projects.

“We witnessed an exceptional quarter amidst the backdrop of the robust Indian economy. Accomplishing the highest quarterly revenue in a decade at Rs 209 crores is a testament to our resilience and strategic foresight. Surpassing the figures of FY23 in both revenue and PAT metrics reflects our progression towards our 5x vision,” said Dhaval Ajmera, Director – Ajmera Realty & Infra India.

According to him, despite aggressive business development activities, the company’s debt level has remained stable, marking another quarter with debt-equity levels at 0.94x and maintaining it below 1x.

The developer has recently entered into a joint venture to undertake redevelopment of a housing society in Mumbai’s plush Bandra west locality. This is in line with the developer’s low-capex acquisition and inorganic growth strategy. Both companies will hold a 50% stake in the project that is expected to generate a Gross Development Value (GDV) of Rs 760 crores. The joint venture will develop a luxury residential project with an estimated carpet area of around 130,000 sq ft for sale.

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