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TARC reports robust earnings with revenue skyrocketing by 330.9% yoy in Q2

Continuance in the current growth trend as new projects to be launched from Q3 FY 2021-2022.

November 16, 2021 9:23 IST | India Infoline News Service
Result Analysis
TARC Ltd, a leading Real Estate Development Company based out of Delhi, has reported strong revenue of Rs16,102.10 lakh in the second quarter of the current financial year (Q2 FY21-22).

The Company also reported a robust YoY growth of 652.8% in EBIDTA and 10X increase in Profit before tax.

Performance Highlights:
  • Sale of apartments witnessed robust sales
  • Continuance in the current growth trend as new projects to be launched from Q3 FY 2021-2022
  • The management is in talks with other Global Funds for sale of a few non core assets
  • Strategy of reducing its debt in line with making TARC a debt free company
  • Concluded its warehousing asset sale to Blackstone Inc. (BREP) for Rs295cr in September 2021
Commenting on the Company’s stellar performance, Amar Sarin, Managing Director & CEO, TARC Ltd., said, “We hold large land banks in New Delhi and plan to Develop and Monetise them in phases. The proceeds of our recent asset sale will help fast track our Residential projects thus consolidating our strategy to develop higher yielding and future ready premier housing projects. We are also evaluating new Joint venture prospects and are in talks with a few land owners for the same.”

The Company has sold most of its inventory in its Maceo project. The Company witnessed an increase in demand for bigger homes due to the shift to the work-from-home (WFH) culture. The company is launching Two projects – a 200 unit development in Rajokri, New Delhi and another 500 units development on Extended Golf Course Road, Gurgaon within this financial year.

TARC Limited successfully concluded the sale of its warehousing asset in North Delhi to BREP Asia II EIP Holding (NQ) Pte. Limited, an affiliate of funds controlled, managed and/or advised by Blackstone Inc (BREP) for Rs295cr.. The Company will use a part of the proceeds to fast track the residential projects. The Company plans to be a debt free Company and is negotiating additional similar opportunities with Blackstone Inc. (BREP) & other Global Funds.

The Company’s razor-sharp focus is to create value through its owned and fully paid up land parcels via building high quality developments that deliver on scale, higher quality of living as well as ensuring higher returns on capital.

At around 9:23 AM, TARC was trading at Rs47.80 apiece down by 0.31% on Sensex.

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