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Ajmera Realty & Infra India Ltd (BSE: 513349 & NSE: AJMERA), a leading real estate company with pan India and international presence, announced its 3rd Quarter & Nine months ended 31st December 2023 financial results today.

Commenting on the Q3 & 9M FY24 performance, Mr. Dhaval Ajmera, Director – Ajmera Realty & Infra India Limited said: “We witnessed an exceptional quarter amidst the backdrop of the robust Indian economy. Accomplishing the highest quarterly revenue in a decade at INR 209 crores is a testament to our resilience and strategic foresight. Surpassing the figures of FY23 in both revenue and PAT metrics reflects our progression towards our 5x vision.

The recent measures announced in the Interim Budget underscore the government's unwavering focus on revitalizing the sector, which is expected to propel our performance going forward. We anticipate substantial increase in housing demand, particularly in urban areas due to policies promoting transit-oriented development. This projection aligns well with our well-diversified portfolio in strategic locations, which are expected to yield corresponding benefits.

Operational Highlights: Q3 & 9M FY24:

The surge in sales value by 98% during the quarter, achieved from our flagship projects like Ajmera Manhattan & Ajmera Eden, reinforces our confidence in achieving our sales guidance of INR 1,000 crores for FY24. This quarter marks our third consecutive quarter of healthy sales, reaffirming our position as a reliable player in the industry. The sales momentum and progressive execution capabilities have collectively accelerated collections during the quarter to INR 151 crores. Despite aggressive business development activities, debt levels have remained stable, marking another quarter with debt/equity levels at 0.94x at Q3 FY24, thus maintaining levels below 1x.

Financial Highlights: Q3 & 9M FY24:

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The recent acquisition of the Bandra project aligns with our low-capex acquisition and underscores our commitment to inorganic growth strategy. Our launch pipeline now boasts 8 projects with an estimated GDV of INR 3,130 crore, reflecting our expansion efforts. Furthermore, our estimated revenue visibility has increased to INR 4,950 crores from ongoing and future projects. With a steadfast commitment to our 5x strategy and a focus on strategic business development, sales excellence, and efficient execution, we are well-positioned to achieve multi-fold success.