{"id":26817,"date":"2024-05-08T15:47:22","date_gmt":"2024-05-08T10:17:22","guid":{"rendered":"https:\/\/marudharchronicle.com\/index.php\/2024\/05\/08\/suraj-estate-developers-ltd-fy24-success-35-percent-income-growth-710bps-margin-rise-111-percent-profit-surge\/"},"modified":"2024-05-08T15:47:22","modified_gmt":"2024-05-08T10:17:22","slug":"suraj-estate-developers-ltd-fy24-success-35-percent-income-growth-710bps-margin-rise-111-percent-profit-surge","status":"publish","type":"post","link":"https:\/\/marudharchronicle.com\/index.php\/2024\/05\/08\/suraj-estate-developers-ltd-fy24-success-35-percent-income-growth-710bps-margin-rise-111-percent-profit-surge\/","title":{"rendered":"Suraj Estate Developers Ltd: FY24 Success \u2013 35 Percent Income Growth, 710bps Margin Rise, 111 Percent Profit Surge"},"content":{"rendered":"
\n

Mumbai (Maharashtra) [India], May 8:<\/strong> Suraj Estate Developers Limited,\u00a0a leading real estate player focused on South Central Mumbai (SCM) market with specialisation in redevelopment projects\u00a0announced its\u00a0audited\u00a0financial results for the quarter\u00a0and full year\u00a0ended\u00a0March\u00a024.\u00a0<\/p>\n

FY24\u00a0Consolidated Performance Highlights:\u00a0(Rs.\u00a0Cr)<\/strong><\/p>\n

\n\n\n\n\n\n\n\n\n\n
Particulars<\/td>\nFY24<\/td>\nFY23<\/td>\nY-o-Y<\/td>\n<\/tr>\n
Total Income*<\/td>\n415.7<\/td>\n307.9<\/td>\n35.0%<\/td>\n<\/tr>\n
EBITDA*<\/td>\n236.4<\/td>\n153.2<\/td>\n54.3%<\/td>\n<\/tr>\n
EBITDA Margin (%)<\/td>\n56.9%<\/td>\n49.8%<\/td>\n\u00a0<\/td>\n<\/tr>\n
PAT<\/td>\n67.5<\/td>\n32.0<\/td>\n110.9%<\/td>\n<\/tr>\n
PAT\u00a0Margin (%)<\/td>\n16.2%<\/td>\n10.4%<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n

*Includes\u00a0other income<\/strong><\/p>\n

\n\n\n\n\n\n
Particulars<\/td>\nAs on 31stMarch 2024<\/td>\nAs\u00a0on\u00a031stMarch 2023<\/td>\nAs on 31st March 2022<\/td>\n<\/tr>\n
Gross Debt (Rs. Cr)<\/td>\n425.57<\/td>\n593.09<\/td>\n638.16<\/td>\n<\/tr>\n
Net Debt (Rs. Cr)<\/td>\n315.34<\/td>\n565.07<\/td>\n614.56<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n

Recent Developments:\u00a0<\/strong><\/p>\n

New\u00a0Acquisition:\u00a0The company\u00a0has\u00a0acquired freehold plot of land admeasuring ~ 1,073.42 square meters situated off Lady Jamshedji Road, Mahim (West), Mumbai for a total consideration of Rs. 33.10 Crores. The project is a redevelopment project which entails redevelopment of 7 tenants\/occupants who have vacated their respective\u00a0premises,and the plot is rendered vacant. After deducting the FSI required for rehabilitating the said tenants \/ occupants of the property and surplus area to be handed over to MHADA, the estimated balance carpet area available for sale is about 2,787 square meters (30,000 sq. ft.) with a GDV of Rs. 120 crores.<\/p>\n

Litigation Settlement and New Redevelopment Project:During Q4FY24, the company\u00a0amicably settled a pending litigation with OLV & OLPS Society. It has\u00a0also filed consent terms enabling the development of\u00a0the\u00a0property\u00a0translating to\u00a0a sales potential of\u00a0Rs 350 crores.<\/p>\n

Alongside this, the Company\u00a0won a\u00a0bid for obtaining Development Rights of Land Component admeasuring 4,790.76 square meters\u00a0(~51,500 Sq. Ft.)\u00a0with Five existing Buildings thereon\u00a0translating\u00a0to a GDV of ~Rs 225 crores.<\/p>\n

Commenting on the performance, Mr. Rahul Thomas,Executive Director, Suraj Estate Developers, said, \u201cThe residential real estate market in India soared in Q1 of calendar year 2024, fueled by persistent high demand. High-end and luxury segments led the charge, while the mid-range maintained its dominance in launches. With infrastructure boom, improved connectivity and a notable 18% Y-o-Y absorption rate increase, there\u2019s a 31% Y-o-Y drop in unsold inventory, presenting growth opportunities for industry players like us.<\/p>\n

FY24 was a year of strong performance for us where we achieved a remarkable 35% increase in sales over FY23 and an 111% growth in Profit After Tax as compared to the previous year. Our effective cost control measures led to a growth of 54% in our EBITDA thereby improving our margins by ~710 bps. Operationally during the year, we sold 1,07,136 sq ft translating to sales of Rs 483 crores. Collections for the year stood at Rs 316 crores. Focus during the year was on selling luxury projects which reflects in improved realisations of Rs 45,074 per sq ft in FY24 vs Rs 42,420 per sq ft in FY23.\u00a0<\/p>\n

The past quarter witnessed an amicable resolution of a longstanding litigation, signifying a significant milestone for our company and reinforcing our dedication to excellence in the real estate domain. This favourable resolution not only marks a crucial achievement but also unlocks a sales potential of Rs 350 crores for us. Furthermore, the projected redevelopment of five buildings is expected to generate an additional Rs 225 crores, further enhancing our company\u2019s financial outlook.<\/p>\n

We at Suraj continue to express unwavering commitment to continue delivering world-class luxury projects. We stand poised at the threshold of immense opportunity, fuelled by our optimism for growth.\u201d<\/p>\n

If you have any objection to this press release content, kindly contact pr.error.rectification@gmail.com to notify us. We will respond and rectify the situation in the next 24 hours.<\/em><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Mumbai (Maharashtra) [India], May 8: Suraj Estate Developers Limited,\u00a0a leading real estate player focused on South Central Mumbai (SCM) market with specialisation in redevelopment projects\u00a0announced… <\/p>\n","protected":false},"author":1,"featured_media":26818,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[656],"class_list":["post-26817","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-business"],"_links":{"self":[{"href":"https:\/\/marudharchronicle.com\/index.php\/wp-json\/wp\/v2\/posts\/26817","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/marudharchronicle.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/marudharchronicle.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/marudharchronicle.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/marudharchronicle.com\/index.php\/wp-json\/wp\/v2\/comments?post=26817"}],"version-history":[{"count":0,"href":"https:\/\/marudharchronicle.com\/index.php\/wp-json\/wp\/v2\/posts\/26817\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/marudharchronicle.com\/index.php\/wp-json\/wp\/v2\/media\/26818"}],"wp:attachment":[{"href":"https:\/\/marudharchronicle.com\/index.php\/wp-json\/wp\/v2\/media?parent=26817"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/marudharchronicle.com\/index.php\/wp-json\/wp\/v2\/categories?post=26817"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/marudharchronicle.com\/index.php\/wp-json\/wp\/v2\/tags?post=26817"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}