TARC reports consolidated revenue growth of 161% yoy in Q1FY23; Stock gains 3%

11 Aug 2022 , 09:20 AM

New Delhi based real estate developer TARC Limited, has reported an impressive revenue generation of Rs71.27 crore in the Q1 of the current financial year FY2022-23. The Company also reported a robust growth in EBIDTA in comparison to previous periods and witnessed a quantum jump in consolidated Profit during the period.

With its recent transaction with Bain Capital, the Company has streamlined its financial obligations once and for all. This essentially provides for the Management to vigorously focus on projects only without diverting attention for financial planning. The Bain Capital transaction is one of the largest investments received in a real estate company in North India in recent times.

It is pertinent to mention that the Company also completed two transactions with venerable foreign institutional investors namely, Blackstone and ESR in the past 12 months.

Commenting on the Company's stellar performance, Amar Sarin, Managing Director & CEO, TARC Ltd., stated, "This growth is testimony of investors' trust in our projects which offer world-class amenities supported by cutting-edge technologies.

ln order to offer more options to consumers, we are planning to launch new projects, which ore in the pipeline at prime locations across Delhi and Gurgaon. We will portly utilize the fund raised from Bain Capital as well as revenues coming our way from existing projects to develop the upcoming projects."

The Company is geared to launch its upcoming project TARC Tripundra located at Main Bijwasan Road, Pushpanjali Greens, New Delhi. The project has already garnered huge interest for pre- sales from discerning customers owing to the locational advantage of the project and its state-of-the-art offerings.

The key driving factors behind the inclination of consumers are the seamless connectivity of the airport location, adequate greenery, and the availability of necessary social infrastructures such as schools and hospitals besides the numerous amenities and facilities planned in the project.

The Company is also planning and developing a number of projects in New Delhi and Gurugram. With the new launches and exclusive offerings at the existing projects, the Company expects a remarkable rise in revenue generation and profits in the upcoming quarters. The unwavering trust of its customers in the Company's offerings and the continuously thriving realty market in the country are factors that pave the way for TARC's growth plans towards fruition.

At around 9:18 AM, TARC was trading at Rs37.85 per share higher by 3.27% on the BSE.