Ajmera Realty & Infra India (ARIIL) advanced 2.97% to Rs 320.55 after the company announced that its sales value advanced 19% to Rs 128 crore in Q3 FY23 compared with Rs 108 crore reported in Q3 FY22.
The sales value dropped 23% last quarter compared with Rs 166 crore posted in Q2 FY23.
The firm's carpet area sales stood at 63,595 sq.ft in Q3 FY23, registering a growth of 2% year on year (YoY). The carpet area sold in Q3 FY23 includes recently launched project at Juhu which clocked sales of over 10% of the sales potential on receipt RERA registration during the quarter. On quarter on quarter (QoQ) basis, carpet area sales declined by 20% from Rs 79,976 sq.ft recorded in Q2 FY23.
The company's collection grew 40% YoY and 14% QoQ to Rs 116 crore in Q3 FY23.
ARIIL's sales value stood at Rs 694 crore in 9M FY23, registering a surge of 124% YoY. The company's Carpet area sales climbed 69% YoY to Rs 3,01,010 sq.ft in 9M FY23.
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In 9M FY23, the company has surpassed the total annual sales value of Rs 431 crore in FY22 by 1.6 times to Rs 694 crore. This incremental value is a translation of sales velocity witnessed primarily across newly launched projects in Mumbai during the period. This is a testament to improvising real estate economics in India and growing demand for the value generating residential assets by ARIIL. The company has expressed confidence in its ability to maintain the healthy pre‐sales growth momentum which will further propel an increase in its market share, ARIIL stated in the press release.
Dhaval Ajmera, director, Ajmera Realty & Infra India, said, Our sales registered exponential growth of 124% in value and collection increased by 42% on YoY basis for 9M FY23. We are overwhelmed by the fact that sales of Rs 694 crore in 9M FY23 has even surpassed that of FY21 which was outstanding for the company and sector in general at Rs 615 crore.
This growth demonstrates our team's commitment, customer experience and favorable market sentiments. We continue to focus on scaling our operations while maintaining a strong balance sheet. The sales for the quarter demonstrates the demand for our high‐quality developments and our ability to meet the needs of our customers, obtained through inventory bookings in active projects, including the recently launched premium residences at Juhu, Ajmera Prive, Ajmera stated.
He further added, The Indian real estate market has been immune to market volatility and has been the most preferred asset class for investors irrespective of many ups and downs. A promising economic outlook will continue to encourage first time homebuyers. The Residential real estate is poised for strong growth and the market will ride on factors such as innovation, digitization and customer experience.
Ajmera Realty & Infra India has a PAN India presence along with an international presence. The company is focused on premium developments in luxury and mid-luxury projects in the residential segment. The company has a huge development potential available on its balance land parcel at Mumbai, Bengaluru and Ahmedabad.
The company's net profit zoomed 199.6% to Rs 34.30 crore on an 88.3% surge in net sales to Rs 185.47 crore in Q2 FY23 over Q2 FY22.
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