TARC stock plunges over 2% post Q2FY23 numbers

14 Nov 2022 , 09:19 AM

TARC Limited has announced its H1 and Q2FY23 results. The Company has made significant development toward achieving robust growth in new sales bookings and targeted GDV addition for the current financial year.

Key highlights for H1FY23

• New Sales bookings Rs117.45 crore
• Compensation received from Government, Rs70.13 crore- due process initiated for enhanced amount
• TARC Tripundra (near Pushpanjali Farms, South Delhi) launched on October 14, 2022 with estimated GDV of Rs900 crore
• Patient capital of Rs1,330 crore received from Bain Capital in April 2022 through NCDs
• Team strengthened further with senior hiring of Head of Sales and Marketing, Head of lnvestor Relations & Strategy and Head – Design & Architecture.

Furthermore, Bain Capital, USA had made an investment of Rs1,330 crore in the Company through NCDs on April 29, 2022. This is one of the largest investments in recent times in Real Estate lndustry in lndia, particularly Northern part. The confidence placed by them on the Company and the Management has enhanced our value in entire financial fraternity. The total legacy financial dues of the Company were repaid entirely with this transaction.

The availabiliry of long term funds will support TARC’s strategy of maintaining focus on core development projects going forward and unlock much higher value for stakeholders, the company said in a regulatory filing.

On Monday early morning trade, Tarc was trading at Rs45.10 per share lower by 2.17% on the BSE.

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