Eldeco Housing & Industries reported a marginal 2.62% growth in net consolidated profit for Q4 FY23. The company's profit after tax increased to Rs 14.90 crore, and its total income rose by 23.72% to Rs 41.99 crore. Sales were impacted due to a lack of new launches, but the company expects to resolve these issues in the coming quarters. A final dividend of 400% was recommended, and the acquisition of Surya Season Foods was approved.
Eldeco Housing & Industries announced that its net consolidated profit increased by 2.62% in Q4 FY23. Its profit
after tax increased from Rs 14.52 crore in Q4 FY22 to Rs 14.90 crore in Q4 FY23. The company’s net consolidated
total income for Q4 FY23 was Rs 41.99 crore, up by 23.72 percent from Rs 33.94 crore it reported for the same
quarter in FY22.
Eldeco did not have a very successful year regarding new sales in FY23. Sales were down due to a lack of new
launches, and it took the company took longer than expected to assemble and approve the land. The company
anticipates that these problems will be resolved in the first or second quarter of the current fiscal year. This year it
intends to raise debt against both old and new projects.
The final dividend for the fiscal year 2022-2023 has been recommended by the board of directors at a rate of 400% or
Rs 8 per equity share with a face value of Rs 2. The board also approved the purchase of 18,061 equity share i.e. a
100% ownership stake in Surya Season Foods which is a company that deals in real estate therefore making it a
wholly-owned subsidiary of the parent firm. Surya Season Foods had a net worth of Rs. 1.92 crore as of March 31,
2022. The business added 20.91 acres to its land bank between April 2022 and March 2023. Collection was Rs 23.6
crore while sales booking was Rs 24.8 crore in Q4 FY23.
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