Ajmera Realty & Infra India Ltd Share Price – NSE  /  BSE

Realty, Small Cap

With the connectivity boost facilitated by the inauguration of Atal Setu, Wadala its flagship micromarket, has experienced a strong surge in demand, significantly contributing to this growth, said the company.

The sales value increased by 13% in Q4 FY24 as against Rs 253 crore posted in Q3 FY23.

The firm's carpet area sales stood at 1,12,931 square feet (sq.ft) in Q4 FY24, registering a growth of 63% year on year (YoY) and 9% quarter on quarter (QoQ).

The company's collection climbed 91% YoY and 30% QoQ to Rs 197crore in Q4 FY24.

Ajmera Manhattan saw a record Rs 100 crore in sales in a single month, reflecting exceptional market response. The launch of the next phase of Ajmera Greenfinity has been equally impactful, underscoring the project's immense appeal. The quarter's robust collection, with a 97% YoY growth, was diversified across projects, it added.

On full year basis, the company’s carpet area sales jumped 28% YoY to 4,72,751 sq.ft in FY24. Sales value stood at Rs 1,017 crore (up 21% YoY) and collection was at Rs 561 crore (up 6% YoY) during the period under review.

During FY24, the company capitalized on industry growth and infrastructural advancements, resulting in tangible successes. The company strategically added six projects to its pipeline, aligning with its low capex model and inorganic growth strategy. This expansion increased the launch pipeline to1.3 million sq.ft. with a GDV of Rs 3,130 crore, further solidifying its presence in various micro-markets within the Mumbai Metropolitan Region (MMR), the realtor stated.

The firm’s sales momentum across the portfolio witnessed a significant upsurge, complemented by the successful launch of two projects valued at Rs 500 crore GDV in the central belt of MMR, it added.

Further, the real estate developer highlighted its operational excellence through its faster project execution strategy before RERA timelines. The company achieved the remarkable milestone of delivering around 1,000 possessions across three projects within a span of 24 hours. Additionally, a recent structured deal for its Ajmera Manhattan project facilitated a partial prepayment of the GCP loan of Rs 200 crore.

Dhaval Ajmera, Director, Ajmera Realty & Infra India, said, “We have achieved our highest ever pre-sales figures, totaling Rs 1,017 crore, in alignment with our stated guidance. The company's relentless efforts have yielded remarkable results across aggressive acquisitions, business development endeavors, and execution strategies, underscoring excellence in every aspect of our operations.”

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 Ajmera I-Land, Bhakti Park, Wadala and Central Mumbai.

The company's consolidated net profit stood at Rs 30.48 crore in Q3 FY24 steeply higher than Rs 10.64 crore recorded in Q3 FY23. Revenue from operations surged to Rs 206.77 crore in Q3 FY24 as compared with Rs 79.07 crore posted in Q3 FY23.

The counter hit a life-time high at Rs 862.75 in today’s intraday session.

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The funds will be utilized for the execution of Ajmera Manhattan, a luxurious residential project situated in Wadala, Mumbai.

The estimated project completion costs are well-covered by pre-sales balance receivables. Through this structured deal, the company has advanced the partial prepayment of the GCP loan ahead of its schedule. Consequently, the project loan repayment is expected to align more closely with project cash flows. The company has secured this deal at a lower cost of funds compared to prevailing rates with the existing lender.

Additionally, a portion of the funds amounting to Rs 200 crore has been utilized towards the partial prepayment of the GCP loan availed from HDFC Bank.

The company said that the Ajmera Manhattan project has experienced robust booking activity, with over 60% of inventory already sold as of December 2023 and is also endeavored to be certified as a green building. The demand for the project remains strong, driven by the exponential growth in housing demand along the Sewri-Wadala belt, largely attributed to the recent launch of the Shri Atal Bihari Vajpayee Trans Harbour Link (commonly known as “Mumbai Trans-Harbour Link” & “Atal Setu”).

Dhaval Ajmera, director of Ajmera Realty & Infra India, said, “This structured deal represents a strategic step forward in maintaining our unwavering dedication to our company’s objectives. Ajmera Manhattan’s exceptional performance has enabled us to secure this deal at more favorable commercial terms. The successful execution of this deal highlights our company's financial reliability and creditworthiness, reinforcing our commitment to achieving our 5x growth vision.”

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 Ajmera I-Land, Bhakti Park, Wadala and Central Mumbai.

The company's consolidated net profit stood at Rs 30.48 crore in Q3 FY24 steeply higher than Rs 10.64 crore recorded in Q3 FY23. Revenue from operations surged to Rs 206.77 crore in Q3 FY24 as compared with Rs 79.07 crore posted in Q3 FY23.

The scrip fell 1.95% to Rs 709.35 on the BSE.

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Ajmera Realty & Infra India has successfully secured credit facilities totaling Rs 500 crore from two leading financial institutions: Standard Chartered Bank and ICICI Bank. These funds will be utilized for the execution of Ajmera Manhattan, a luxurious residential project situated in Wadala, Mumbai. Additionally, a portion of the funds amounting to Rs 200 crore has been utilized towards the partial prepayment of the GCP loan availed from HDFC Bank.

The estimated project completion costs are well-covered by pre-sales balance receivables. Through this structured deal, the company has advanced the partial prepayment of the GCP loan ahead of its schedule. Consequently, the project loan repayment is expected to align more closely with project cash flows. Importantly, the Company has secured this deal at a lower cost of funds compared to prevailing rates with the existing lender.

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Revenue from operations surged to Rs 206.77 crore in Q3 FY24 as compared with Rs 79.07 crore recorded in Q3 FY23.

EBITDA stood at Rs 62 crore in Q3 FY24, registering a growth of 163% as compared with Rs 40 crore recorded in same quarter last year. EBITDA margin improved by 52 bps to 29.6% in Q3 FY24 as against 29.1% recorded in Q3 FY23.

Sales value jumped 98% to Rs 253 crore in Q3 FY24 from Rs 128 crore recorded in corresponding quarter last year.

The carpet area sold was 1,03,573 Sq ft in Q3 FY24, recording growth of 63% from 63,595 Sq ft sold in Q3 FY23.

Collections jumped 30% YoY to Rs 151 crore in Q3 FY24 over Q3 FY23, driven by strong sales and efficient project execution.

The company said that Launch pipeline expanded to estimated (gross development value) GDV of Rs 3,130 crore across eight projects, expected to be launched within 12 months.

Dhaval Ajmera, director –ARIIL said, “We witnessed an exceptional quarter amidst the backdrop of the robust Indian economy. Accomplishing the highest quarterly revenue in a decade at Rs 209 crore 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 transitoriented development. This projection aligns well with our well-diversified portfolio in strategic locations, which are expected to yield corresponding benefits.

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 Rs 1,000 crore for FY24. This quarter marks our third consecutive quarter of healthy sales, reaffirming our position as a reliable player in the industry. 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.

Further he said, 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 Rs 3,130 crore, reflecting our expansion efforts.

Furthermore, our estimated revenue visibility has increased to Rs 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.”

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 Ajmera I-Land, Bhakti Park, Wadala and Central Mumbai.

The counter hit an all time high at Rs 710.75 in intraday today.

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