Ajmera Realty & Infra India (ARIIL) saw its stock price rise by 2.97% to ₹ 320.55 after the company reported that its sales value increased by 19% to Rs 128 crore (about $17.6 million) in the third quarter of the fiscal year ending 2023, compared to the sales value of ₹ 108 crore (about $14.7 million) in the third quarter of the previous fiscal year.
Last quarter, the sales value decreased by 23% to [insert sales value here] compared with the ₹ 166 crore (about $22.4 million) posted in the second quarter of the fiscal year ending 2023.
In the third quarter of the fiscal year ending 2023, the firm’s carpet area sales totaled 63,595 sq.ft, representing a year-over-year growth of 2%. This included sales from a recently launched project in Juhu, which accounted for over 10% of the sales potential upon receiving its RERA registration during the quarter. However, on a quarter-over-quarter basis, carpet area sales decreased by 20% from the 79,976 sq.ft recorded in the second quarter of the fiscal year.
In the third quarter of the fiscal year ending 2023, the company’s collections increased by 40% year-over-year and 14% quarter-over-quarter to reach ₹ 116 crore (about $15.7 million). For the first nine months of the fiscal year, ARIIL’s sales value rose by 124% year-over-year to ₹ 694 crore (about $93.8 million). In the same period, the company’s carpet area sales increased by 69% year-over-year to 3,01,010 sq.ft.
According to Dhaval Ajmera, director of Ajmera Realty & Infra India, the company’s sales experienced exponential growth of 124% in value and a 42% increase in collections on a year-over-year basis for the first nine months of the fiscal year ending 2023. Ajmera expressed excitement that the company’s sales of ₹ 694 crore (about $93.8 million) for the first nine months of the fiscal year have even surpassed the outstanding sales of ₹ 615 crore (about $83.1 million) for the entire fiscal year of 2021.
This growth is a testament to the dedication of our team, the positive experiences of our customers, and the favorable market conditions. We remain committed to expanding our operations while also maintaining a strong financial foundation. The sales for the quarter show the demand for our high-quality developments and our ability to satisfy the needs of our customers through bookings of units in active projects, including the recently launched premium residences at Juhu, Ajmera Prive,” Ajmera stated.
He also noted, ‘The Indian real estate market has proven to be resilient to market fluctuations and has consistently been the most attractive asset class for investors despite various ups and downs. A positive economic outlook will continue to attract first-time homebuyers. The residential real estate sector is poised for strong growth and will be driven by factors such as innovation, digitization, and customer experience.’
In the second quarter of the fiscal year ending 2023, the company’s net profit increased by 199.6% to ₹ 34.30 crore (about $4.6 million) due to a 88.3% rise in net sales to ₹ 185.47 crore (about $25.1 million) compared to the same quarter in the previous fiscal year.
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