Eldeco Housing & Industries recorded a 29.64% decline in net profit for Q2 FY25, with profits at INR 4.51 crore, while total income rose significantly to INR 36.38 crore, marking a 95% increase year-on-year. Chairman Pankaj Bajaj attributed the profit drop to the revenue mix of current projects, though the company continues its expansion, recently acquiring an additional 3.84 acres for a new township. With 65 acres aggregated, Eldeco expects the upcoming project to generate over INR 600 crore in revenue, targeting a launch early next year.
Eldeco Housing & Industries has reported a 29.64 per cent decline in its net consolidated profit for the quarter ending September 30, 2024. The company's profit after tax for Q2 FY25 stood at INR 4.51 crore, compared to INR 6.41 crore in the same quarter of the previous fiscal, according to a filing with the Bombay Stock Exchange. However, the company's net consolidated total income for the quarter increased by 95.07 per cent, reaching INR 36.38 crore in Q2 FY25, up from INR 18.65 crore in the corresponding quarter last year.
Pankaj Bajaj, the chairman and managing director of Eldeco, explained that although operational margins appeared lower this quarter, the difference was primarily due to the mix of projects in which revenue had been recognised. He added that during the quarter, the company had acquired an additional 3.84 acres of land on the outskirts of its ongoing land aggregation projects. This brings the total land aggregation for new township projects to 65 acres. The company plans to apply for approvals for approximately 45 acres shortly. This new project is expected to have a revenue potential exceeding INR 600 crore, and the company remains optimistic about launching it early next year.
In Q2 FY25, the average price realisation was INR 6,581 per square foot of area booked, while the booking value saw a substantial increase of 316 per cent, reaching INR 103 crore. The company's collections for the quarter amounted to INR 51.9 crore.
The quarter saw an impressive 316% surge in booking value, which stood at INR 103 crore, with average price realization at INR 6,581 per sq ft. Total collections for Q2 FY25 reached INR 51.9 crore, undeINR coring Eldeco's continued momentum in project bookings and revenue growth despite lower profit margins.
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