Profit before tax jumped 18.07% QoQ to Rs 22.87 crore in Q2 FY24.

EBITDA stood at Rs 63.14 crore in Q2 FY24, registering the growth of 35.1% as compared with Rs 46.73 crore in Q1 FY24. EBITDA margin improved at Rs 61% in Q2 FY24 as against 45.6% in Q1 FY24.

As on 30 September 2023 the company’s borrowing was at Rs 554.35 crore as compared with Rs 598.50 crore recorded on 30 June 2023, the company reduced debt to the tune of Rs 44.15 crore on the back of healthy collections.

On operational basis, sales area declined 30.36% to 19,397 sq.ft in Q2 FY24 as compared with 27,854 sq.ft posted in Q2 FY23. The company’s sales value stood at Rs 85.22 crore in Q2 FY24, down 27.28% as compared with Rs 85.22 crore reported in Q2 FY23. In Q2 FY24 collections were at Rs 67.25 crore, registering the de-growth of 10.35% YoY.

During Q2 FY24, average realisation increased by 4.4% YoY to Rs 43,933 crore from Rs 42,075 crore in Q2FY23 on back of healthy demand and superior product mix.

In Q3 FY24, the sales area jumped 66.57% to 35,337 sq.ft. Sales value increased 54.11% YoY to Rs 142.51 crore in Q3 FY24 and collections declined 33.41% to Rs 68.49 crore in Q3 FY24 from Rs 102.86 crore in Q3 FY23.

Rahul Thomas, executive director, Suraj Estate Developers, said, “On the operation front, Q2FY24 is usually a seasonally weak quarter inspite of which we have achieved a pre-sale number of 19,397 sq. ft. of area reflecting sales amounting to Rs 85 crores. We continue to command high premium in the niche micro market that we operate in, resulting in improved realisations that can be seen.

Q3FY24 was a strong quarter despite the inauspicious Shradh period this time being in October 2023, wherein we have had pre-sales of 35,537 sq ft of area translating to a sales value of approximately Rs 143 crore. Ground demand continues to remain robust on the back of strong affordability and consumer preference for Suraj.

On consolidated basis, from ongoing projects the company has unsold area with a good sales potential which will allow it to capitalize on the growing demand for high quality residential real estate in one of the lucrative markets in Mumbai. Tenacious consumer desire to own a quality abode with superior set of amenities from a trusted developer continues to drive consolidation and we are optimistic of our growth going ahead.”

Suraj Estate Developers is a real estate developer primarily focusing on the luxury and commercial segments.

Shares of Suraj Estate Developers rose 0.91% to Rs 353.75 on the BSE.