"Ajmera Realty Reports 52% YoY Sales Surge in Q2 FY24, Acquires 3 New Projects Valued at 800 Crores"

Ajmera Realty & Infra India Ltd (BSE: 513349 & NSE: AJMERA), a prominent real estate company with a nationwide presence, has unveiled its operational figures for the second quarter of the fiscal year 2024 (Q2 FY24).

Here are the key highlights for Q2 FY24:

• Sales Area recorded an impressive 51% year-on-year (YoY) growth, reaching 1,20,787 square feet.


• Sales Value surged by 52% YoY, totaling INR 252 crores.


• Collections amounted to INR 111 crores, marking an 8% YoY increase.


• The company acquired three projects with a Gross Development Value (GDV) of approximately INR 800 crores, offering a sales potential of around 4.4 lakh square feet.


• A redevelopment initiative for four societies at Yogi Nagar, Borivali, was undertaken, featuring a sales potential of roughly 1.07 lakh square feet.


• Another significant endeavor was the Slum Rehabilitation Authority (SRA) redevelopment project in Bhandup, with an initial phase development covering about 1.7 lakh square feet.


• The company also entered into a Joint Development Agreement (JDA) through its Special Purpose Vehicle (SPV) for a 69% stake in Electronic Phase 2, Bengaluru, offering a sales potential of approximately 1.62 lakh square feet.

Ajmera Realty & Infra India Ltd (ARIIL) delivered strong Q2 FY24 results, with a sales value of INR 252 crores and collections amounting to INR 111 crores. This represents a remarkable growth of 52% and 8%, respectively, compared to the same quarter in FY23.

The exceptional performance in Q2 FY24 can be attributed to several factors, including the continued launch momentum of Ajmera Eden, robust demand across various segments and regions, and the positive impact of the Reserve Bank of India's decision to pause rate hikes. The Manhattan project also made a significant contribution to these results, underlining its acceptance in the market and reflecting the company's commitment to excellence and adaptability.

Commenting on the company's operational performance for Q2 FY24, Mr. Dhaval Ajmera, Director at Ajmera Realty & Infra India Ltd, stated, "During Q2 FY24, the focus on pre-sales and business development activities propelled us closer to our goal of achieving a sales target of approximately INR 1,000 crores for the current fiscal year. We believe our sales momentum will continue to grow through new launches and a relentless focus on untapped micro-markets, bringing us closer to realizing our ambitious 5x growth strategy. A balanced mix of redevelopment, joint ventures, strategic acquisitions, and unlocking the value of our land bank will continue to drive the company's growth.

Our project portfolio addresses the evolving needs of homebuyers, enhancing living spaces and quality of life. As we head into the festive season with robust housing sales momentum, we credit our dedicated team and stable interest rates for driving growth and instilling buyer confidence. We remain confident in sustaining strong pre-sales growth through new launches and ready-to-move-in inventory."

EQUITYBULLS