Ajmera Realty & infra April-June sales Rs 400 crore, up 261% on year

Property developer Ajmera Realty & Infra India has reported sales value of Rs 400 crore for the quarter ended June, up 261% from a year ago on the back of 155% rise in sales volume at Rs 1.57 lakh sq ft.

Collections for the quarter also rose 93% from a year ago to Rs 210 crore, while revenue stood at Rs 55 crore. The listed developer reported 13% on-year rise in net profit at Rs 12 crore for the quarter ended June.

“Real estate sector continues its resilient momentum in FY23 despite rising interest rates and housing prices, benefiting the organised real estate companies. With the growing positive sentiment, the real estate asset class continues to be a preferred investment option during these inflationary times,” said Dhaval Ajmera, Director – Ajmera Realty & Infra India.

The company is planning to continue expanding its project portfolio from its owned land banks as well as through low capex acquisition in the form of joint ventures and joint development agreements models.

During the quarter, the company managed to reduce its debt by Rs 25 crore supported by sales and collection momentum. The developer’s weighted average cost of debt stood at 11.6% as on June end with debt-to-equity ratio at 1.12:1 as compared to 1.17:1 in the previous quarter.