Realty Stock Sets Record Date For Rs 3/Share Dividend, PAT Up 82%, Revenue Zooms 113% In Q1

Ajmera Realty & Infra India Ltd is a small cap company which recorded a market cap of Rs 1,306.55 Cr during Tuesday's closing session. The company has declared a final dividend of 30% for FY23 and for the purpose of the same record date has been finalized. "Further, pursuant to Regulation 42 and other applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Record Date for the purpose of ascertaining the entitlement of the shareholders to the final dividend of Rs. 3/- per share of face value of Rs. 10/- each for the Financial Year 2022-23, shall be Friday, August 4, 2023. The payment of final dividend will be made on or after August 20, 2023, subject to approval of the Members at the ensuing AGM and also subject to deduction of tax at source," said Ajmera Realty & Infra India in a stock exchange filing.

The company reported a net revenue of Rs 118 Cr in Q1FY24 up by 113% YoY from Rs 55 Cr in Q1FY23. For the first quarter that ended on 30th June 2023, its EBITDA stood at Rs 39 Cr up by 112% YoY from Rs 18 Cr in the quarter ended June 2022 while the EBITDA margin climbed to 32.9% by 19bps from 33.1%. Ajmera Realty & Infra India said its net profit was Rs 21 Cr in Q1FY24 up by 82% YoY from Rs 12 Cr recorded in the year-ago quarter. Sales value for the firm increased by 60% quarter on quarter from Rs 140 Cr in Q4FY23 to INR 225 Crore, and sales volume climbed by 96% QoQ from Rs 69,209 Sq. ft to INR 1,35,460 Sq. ft. in the March 2023 quarter. The company's collection grew by 8% QoQ from Rs 103 Cr in Q4FY23 to Rs 111 Cr in Q1FY24.

Mr. Dhaval Ajmera, Director -Ajmera Realty & Infra India Ltd - ARIIL said, "We are pleased to announce that our company has delivered a stellar performance in Q1FY24, witnessing a remarkable 96% quarter-on-quarter sales growth at 1,35,460 sq.ft. This phenomenal sales growth is attributed to the launch of a premium residences project in Ghatkopar along with Bengaluru having a multiplier effect. Sales are expected to continue being driven by the strong demand for quality housing throughout the rest of the year."

"Our company recorded tremendous YoY growth in revenue of 113% to INR 118 crore and 82% in PAT amounting to INR 21 crore, contribution of revenue-eligible projects to the bottom line showcases our operational efficiency. Our efficient debt management efforts, resulted in reduction of weighted avg. cost of debt to 11.9% for Q1 FY24, as compared to 13.7% for Q4 FY23 on account of financial performance and credit profile improvements, also we successfully achieved debt/equity ratio of 0.97 vs 1.12 YoY, a sub 1x ratio," said Dhaval Ajmera.

"Our primary goal is to achieve a five-fold increase in sales by the year 2025. To accomplish this, we have set clear prioritise, including ensuring the timely delivery of projects within committed timelines, enhancing overall executional efficiency and strategically launching three new projects during this fiscal year with the gross development value of ~INR 1,800 crores. We remain confident with our strong revenue visibility estimated at INR 3,960 crores from our ongoing projects and future launches. Our business objective is to not only grow exponentially but also create supply to meet demands of end users," Dhaval Ajmera added.

"Key factors driving the demand for real estate will be the sustenance of macro factors through interest rate pause and a conducive economic growth. Additionally, the completion of major transit infrastructure projects will create new micro markets, particularly in MMR, opening fresh business opportunities. To capitalize on these opportunities, we plan to venture into new micro-markets in H2 FY24," Dhaval Ajmera stated.

On Tuesday, the shares of Ajmera Realty Infra India Ltd closed on the BSE at Rs 368.20 apiece down by 1.37% from the previous close of Rs 373.30. The stock made a 52-week-high of Rs 395.00 on (27/06/2023) and a 52-week-low of Rs 230.30 on (04/11/2022).