Real estate developer Suraj Estate Developers reported a 17.44% rise in Q4 FY24 net profit to INR 19.46 crore, despite a 75.22% drop in net consolidated total income to INR 103.03 crore for the quarter. The company's effective cost control measures led to a 54% growth in EBITDA and 710 bps rise in margins. Collections for FY24 stood at INR 316 crore. The board approved plans to raise up to INR 500 crore through various means and acquisition of a redevelopment project in Mumbai with a GDV of INR 120 crore.
Suraj Estate Developers announced a 17.44% rise in its net consolidated profit for the quarter ending March 31, 2024. According to the BSE filing, the real estate company's profit after tax for Q4 FY24 stood at INR 19.46 crore compared to INR 67.49 crore in the corresponding quarter of the previous fiscal year.
The company's net consolidated total income dropped by 75.22% to INR 103.03 crore in Q4 FY24 from INR 415.70 crore recorded in the same quarter last year. The board of directors recommended a final dividend of 20% i.e. Re 1 per equity share of face value INR 5 each for the financial year 2023-24.
Rahul Thomas, Executive Director of the company, stated that their effective cost control measures led to a 54% growth in EBITDA thereby improving margins by around 710 basis points. Collections for the year were INR 316 crore.
The board also approved raising funds up to INR 500 crore through private placement, preferential issue, rights issue or qualified institutional placement.
The company acquired a freehold plot of land measuring around 1,073.42 square meters in Mahim West, Mumbai for INR 33.10 crore. The project was described as a redevelopment venture involving seven tenants/occupants who had vacated their respective premises, resulting in the plot being vacant. After deducting FSI and handing over surplus area to MHADA, the remaining saleable area is of around 2,787 square meters with a Gross Development Value (GDV) of INR 120 crore.
During Q4FY24, the company amicably settled a pending litigation with OLV & OLPS Society, enabling development with a sales potential of INR 350 crore. It also won rights for a 4,790.76 square meter land translating to a GDV of INR 225 crore.
The company stated that the quarter's results demonstrated its ability to effectively manage costs and deliver steady profits despite challenges in the operating environment. With its strong balance sheet and new project additions, Suraj Estate Developers is well positioned to leverage growth opportunities and enhance shareholder value over the long term.
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