Ajmera Realty Hits ₹1,000 Crore Sales Milestone, Shares Surge

9 Apr 2024 , 03:49 PM

Shares of Ajmera Realty and Infra surged by 9% to reach a fresh 52-week high as the company announced crossing the ₹1,000 Crore sales mark in FY24.

For the quarter ending March 31, Ajmera Realty witnessed a twofold increase in sales value to ₹287 Crore, marking a 104% rise from ₹140 Crore in the corresponding quarter of the previous fiscal year. Collections for the quarter stood at ₹197 Crore, up by 91% year-on-year.

The total sales area for the quarter expanded by 63% to 1.12 lakh square feet compared to 69,209 square feet in Q4FY23.

At the time of writing, shares of Ajmera Realty were trading at ₹820.80 on the NSE, reflecting a 4.27% increase from the previous session’s closing price.

Ajmera Realty attributed the sales growth to the inauguration of Atal Setu, Wadala, which enhanced connectivity and stimulated demand in its flagship micro-market.

The company added six projects to its pipeline, augmenting its launch pipeline to 1.3 million square feet with a gross development value (GDV) of ₹3,130 Crore, reinforcing its presence in various micro-markets within the Mumbai Metropolitan Region (MMR).

A structured deal for the Ajmera Manhattan project facilitated a partial prepayment of the GCP loan amounting to ₹200 Crore, demonstrating the company’s prudent financial management.

In its operational update for the quarter and financial year ending March 31, 2024, Ajmera Realty reported its highest-ever pre-sales figures of ₹1,017 Crore for FY24, marking a 21% increase from ₹842 Crore in FY23.

Dhaval Ajmera, Director of Ajmera Realty & Infra India Ltd, expressed satisfaction with the stellar performance in FY24, aligning with the company’s stated guidance.

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