AJMERA.NSE Ajmera Realty & Infra India Ltd

Ajmera Realty & Infra India has been selected as the developer to redevelop the four residential societies at Yogi Nagar Borivali West, Mumbai following the necessary regulatory processes and a Letter of Intent has been issued by the societies to these effect.This project is estimated to generate sales of Rs. 330 crore and will primarily consist of residential apartments of 2 & 3 BHK flats, with an estimated carpet area of 1,07,000 Sq.ft. The company aims to create a modern and sustainable living space that will redefine the landscape of the location.

Four societies of this township are set to undergo redevelopment. This project is estimated to generate sales of Rs 330 crore and will primarily consist of residential apartments of 2 & 3 BHK flats, with an estimated carpet area of 1,07,000 Sq.ft. ARIIL aims to create a modern and sustainable living space that will redefine the landscape of the location.This project is scheduled for launch in the first half of the calendar year 2024, with an estimated completion duration of three and a half years. This underscores ARIILs unwavering dedication to delivering exceptional real estate experiences.Dhaval Ajmera, director – ARIIL said, “Redevelopment offers an intriguing path for both qualitative and quantitative residential growth, addressing the challenges posed by the scarcity of land for densely populated cities like Mumbai. Redevelopment projects like these offer an exciting opportunity to existing homebuyers to elevate their lifestyle, homes and living standards with more spacious and modern amenities. This project will cater to the needs of the residents with revolutionary homes and a modern lifestyle, without compromising on their trusted vicinity.”Ajmera Realty & Infra India has a PAN India presence along with an international presence. The company is focused on premium developments in luxury and mid-luxury projects in the residential segment. The company has a huge development potential available on its balance land parcel at Ajmera I-Land, Bhakti Park, Wadala and Central Mumbai.The companys net profit rose 82% to Rs 21.07 crore in Q1 FY24 as compared with Rs 11.57 crore in Q1 FY23. Revenue from operations jumped 121.9% to Rs 116.05 crore in Q1 FY24 as compared with 52.31 crore in Q1 FY23.

The company said it recorded YoY growth in revenue of 113 percent to Rs 118 crore and 82 percent in PAT amounting to Rs 21 crore,

The carpet area sold declined 14% to 1,35,460 square feet (sq. ft) in Q1 FY24 from 1,57,438 sq.ft in Q1 FY23.Collections tumbled 47% YoY to Rs 111 crore in Q1 FY24 over Q1 FY23.The realty firm stated that it has achieved remarkable sales performance in Q1 FY24, with a significant sales area of 1,35,460 Sq.ft. This marks an impressive 96% increase in the trailing quarter reflecting positive & continued market sentiment, though year-on-year comparisons are not comparable due to a massive sales launch included of Manhattan last year. During Q1 FY24, the sales growth was driven by the implementation of a revamped sales strategy for Bangalore projects. Additionally, the successful launch sales of Ajmera Eden, which commenced in June 2023, contributed significantly to the sales growth.Dhaval Ajmera, director, Ajmera Realty & Infra India, said, “The outstanding results reflect the successful implementation of our revamped sales strategy and the positive impact of the new launch of Ajmera Eden during the quarter. Our performance aligns seamlessly with our 5x growth strategy, demonstrating our commitment to driving substantial growth and creating lasting value. Looking ahead, we are highly optimistic about the favorable market conditions in the real estate sector. With stabilizing interest rates, we are witnessing a notable upturn in customer sentiment and a strong inclination to purchase from trusted brands like ours. Furthermore, we have a robust launch pipeline, which significantly bolsters our confidence in achieving our growth objectives and generating enduring value for all stakeholders.”Ajmera Realty & Infra India has a PAN India presence along with an international presence. The company is focused on premium developments in luxury and mid-luxury projects in the residential segment. The company has a huge development potential available on its balance land parcel at Ajmera I-Land, Bhakti Park, Wadala and Central Mumbai.Ajmera Realty & Infra India (ARIIL) reported 7.85% jump in consolidated net profit of Rs 15.11 crore in Q4 FY23 as compared with Rs 14.01 crore in Q4 FY22. Total revenue declined 36.71% to Rs 114.25 crore in Q4 FY23 from Rs 180.51 crore posted in corresponding quarter last year.The scrip advanced 2.70% to Rs 370.70 oin the BSE.

The company argued that year-on-year comparisons are not comparable due to a massive sales launch including Manhattan (a project in Wadala) last year.