The robust performance was driven by a strong rise in revenues, sales bookings and collections. The listed company has clocked sales bookings of 831 apartments in the first half of the financial year 2021-22 (April-March), registering 159 per cent on-year growth indicating robust sales velocity.
In the corresponding first half of the last financial year, the company had achieved a sales booking figure of 321 units while concluding the financial year 2020-21 at 1,097 units.
The company’s operating profit rose 54 per cent from a year ago to Rs 20.17 crore, while the operating margin expanded 255 basis points to 22.97 per cent from 20.42 per cent a year ago.
Debt repayment in 2020-21 helped the company reduce its finance costs to Rs 5.16 crore in September quarter from Rs 7.64 crore in June quarter.
During the quarter ended June, the developer with its focus on the affordable and mid-income housing in Navi Mumbai, Mumbai Metropolitan Region (MMR) and the Jodhpur region, had sold 368 apartments. The company is now increasing its presence in the premium segment.
The company had reported net profit of Rs 8.28 crore for the quarter ended June as against net loss of Rs 7.04 crore a year ago. Total income for the quarter had risen 745 per cent on-year to Rs 84.66 crore.
It is looking at expanding the business portfolio to 20 million sq ft from the current 10 million sq ft in the next 12 months. It is working on a total 3 project launches in the ongoing quarter and RERA approvals for the same have already been secured.
The top seven property markets across India have recorded over 124 per cent on-year jump in housing sales during the July-September quarter as the country began to cautiously return to normal economic activities in various states supported by aggressive vaccination drives.
Record low home loan rates, sops offered by realty developers and the growing need of homeownership as induced by the Covid19 also helped push the sales momentum after a lull April-June quarter that was marked by the pandemic’s resurgence and restrictions imposed by various state governments.