FY24 Annual Result Announced for Suraj Estate Developers Ltd.
Realty company Suraj Estate Developers announced FY24 results: Financial Highlights: Total Income: Rs 415.7 crore a 35.0% increase from FY23 at Rs 307.9 crore. EBITDA: Rs 236.4 crore a 54.3% increase from FY23 at Rs 153.2 crore. EBITDA Margin at 56.9% compared to 49.8% in FY23. PAT: Rs 67.5 crore at a 110.9% increase from FY23 at Rs 32.0 crore. PAT Margin at 16.2% compared to 10.4% in FY23. Gross Debt (Rs. crore): Rs 425.57 crore a decrease of Rs 167.52 crore from FY23 (Rs 593.09 crore). Net Debt (Rs. crore): Rs 315.34 crore a decrease of Rs 249.73 crore from FY23 (Rs 565.07 crore). Commenting on the performance, Rahul Thomas, Executive Director, Suraj Estate Developers, said, “The 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% YoY absorption rate increase, there's a 31% YoY drop in unsold inventory, presenting growth opportunities for industry players like us. 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 crore. Collections for the year stood at Rs 316 crore. 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. 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 crore for us. Furthermore, the projected redevelopment of five buildings is expected to generate an additional Rs 225 crore, further enhancing our company's financial outlook. 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.” Result PDF08-05-2024