Eldeco Housing reported a 24.40% dip in Q1 FY24 consolidated profit, with Rs 7.62 crore profit after tax. The net consolidated total income was Rs 27.51 crore, down 8.51%. Chairman Pankaj Bajaj highlighted trends of consolidation and premiumization, citing land acquisition challenges and timely approvals. The board approved a corporate guarantee for an Rs 80 crore loan by Inception Buildtech, aimed at land and project development. The collection totalled Rs 25.5 crore, and bookings grew 40% to Rs 31.4 crore in Q1 FY24 compared to Rs 22.4 crore in Q1 FY23.
Eldeco Housing and Industries has recorded a decline of 24.40% in its net consolidated profit for the quarter ending June 30, 2023. Its post-tax profit for Q1 FY24 amounted to Rs 7.62 crore, marking a decrease from the Rs 10.08 crore registered in the corresponding period of the previous fiscal year, as reported in a filing submitted to the BSE. Notably, the company's net consolidated total income amounted to Rs 27.51 crore, reflecting an 8.51% reduction from the Rs 30.07 crore achieved in the analogous quarter of the previous year.
Pankaj Bajaj, the chairman and managing director of Eldeco, elaborated on the dynamics of the quarter, stating that the past quarter continued to witness the dual trends of consolidation and premiumization. While the demand for upscale real estate continued its upward trajectory, challenges persisted in procuring supply through land aggregation and securing timely approvals. Between April and June 2023, the company successfully acquired a new land parcel spanning 4.65 acres, with plans to continue this strategic land aggregation in the upcoming months. Furthermore, in July, it expanded its land portfolio by acquiring an additional parcel exceeding three acres.
To secure a term loan of up to Rs 80 crore for Inception Buildtech, a wholly-owned subsidiary of Eldeco, the company's board has granted approval for a corporate guarantee to Piramal Trusteeship Services. This loan aims to facilitate land acquisition, project construction, and development, leveraging the expertise of Piramal Enterprises. Undeniably, the first quarter of FY24 witnessed collections amounting to Rs. 25.5 crore. Impressively, bookings surged by 40%, soaring to Rs 31.4 crore, a significant leap from the Rs 22.4 crore achieved in Q1 FY23. This is indicative of the dynamic landscape in which Eldeco operates, driven by a resilient demand for upscale real estate offerings and the pursuit of innovative solutions to procurement and development challenges.
Since 1985, the Eldeco Group has been a pioneering force in Real Estate development. Known for punctuality and excellence, it operates across 20 North Indian cities. Over 200 projects, including integrated townships, condos, estates, malls, and offices, have been successfully completed. Concurrently, 30 projects are actively advancing. The total delivered area exceeds 30 million square feet, with over 30,000 contented customers. The flagship, a cutting-edge 1200-acre Eldeco Sidcul Industrial Park in Sitarganj, Uttarakhand, is a standout in the industrial realm.
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