Ansal Housing reported a net consolidated profit after tax of INR 41.59 crore for the quarter ended 30 June 2024, a notable recovery from a INR 4.33 crore loss in the same quarter last year. The company's total income for Q1 FY25 rose by 59.16% to INR 125.48 crore. The board has approved Kushagr Ansal's appointment as Managing Director & CEO, effective 15 October 2024, for three years. During the quarter, Suraksha ARC restructured INR 151.04 crore of borrowings, resulting in an exceptional income of INR 83.04 crore due to interest-free terms.
Ansal Housing, a prominent real estate company, has reported a remarkable turnaround in its financial performance. The company recorded a net consolidated profit after tax of INR 41.59 crore for the quarter ended June 30, 2024, a significant improvement from the INR 4.33 crore loss it recorded in the same quarter of the previous financial year. This positive financial result is reflected in the company's net consolidated total income for the first quarter of financial year 2025, which stood at INR 125.48 crore, a 59.16 percent increase compared to INR 78.84 crore in the corresponding quarter of the previous year.
The board of directors of Ansal Housing has approved the appointment and re-designation of Kushagr Ansal as the Managing Director & CEO of the company, effective from October 15, 2024, for a period of three years. This move is a significant change in the company's leadership structure, as Kushagr Ansal was previously serving as the Whole-Time Director & CEO.
During the current quarter, Suraksha ARC has restructured the borrowing of INR 151.04 crore outstanding as at 31 March 2024, at INR 68.25 crore interest-free, assigned to it by IFCI through an assignment agreement dated 6 September 2023, and a restructuring agreement dated 3 June 2024 with a cut-off date of 1 February 2024. Hence, the company has recognised an exceptional income of INR 83.04 crore.
In conclusion, Ansal Housing's impressive financial results and strategic leadership changes underscore its successful turnaround. With a significant increase in total income and the recognition of exceptional income from restructured borrowings, the company is well-positioned for future growth and stability under Kushagr Ansal's upcoming leadership.
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