Ajmera Realty Shares Hit 52-Week High On 98% Surge In Q3 Sales Value

Shares of Ajmera Realty and Infra India on Thursday (Jan 11) hit a 52-week high value of 521 after the real estate company announced its operational numbers for the Third Quarter of FY24 (Q3FY24). According to the company during this period, its sales value jumped 98% year-on-year (YoY) at Rs 253 crore. At 1:29 PM IST today, Ajmera Realty shares were up 6.37% at Rs 501.75 per share.

The stock has a 52 Wk High and 52 Wk Low value of Rs 521.00 and Rs 244.35 respectively.

In an exchange filing on Thursday, the company said, "Ajmera Realty & Infra India Ltd (ARIIL) saw robust growth in Q3 FY24 with a significant 63% YoY increase in the sales area, which totals 1,03,573 sq.ft, and an equivalent sales value of INR 253 crores."

Despite limited inventory, ARIIL's overall project performance remained strong. According to the company, the 98% YoY growth in sales value was backed by sustained interest in its key projects - Ajmera Manhattan and Ajmera Eden in Mumbai, and other projects in Bengaluru.

Other Key Highlights from the company's Q3 FY24 update include:

• Sales Area stood at 1,03,573 sq. ft, up 63% YoY
• Collections stood at Rs 151 crores, up 30% YoY
• Secured a residential redevelopment project: i) Acquired residential redevelopment project in the premium location of Versova in Mumbai, with a potential development area of ~90,700 sq.ft. and GDV of ~ Rs360 crores.

Commenting on the Company's operational performance for Q3FY24, Dhaval Ajmera, Director, Ajmera Realty & Infra India Ltd, said, "As we exit Q3 FY24, we are firmly on course to achieve our sales goal of Rs 1,000 crore for this fiscal. The real estate sector has recently witnessed a noteworthy upturn, with the index reaching a 15-year high.

This momentum was fueled by a record number of property registrations in Mumbai and the MMR region. This surge is propelled by substantial infrastructure development projects that are driving an upward trend in property prices. We are experiencing an elevated demand for mid-segment and premium homes, a market segment that aligns with our specific offerings." "There are myriad positive factors spearheading the demand for residential housing, not just in Mumbai and MMR, but in Bengaluru as well," he added.

Ajmera Realty & Infra India stock price performance:

In the last six months, shares of Ajmera Realty & Infra India have increased 31.49%. The stock is up 18.78% in the last three months. The last one year, 2 years, and last three-year returns delivered by Ajmera Realty shares have gained 60.77%, 40.03%, and 267.61% respectively.

About Ajmera Realty & Infra India Ltd:

Ajmera Realty & Infra India Limited (ARIIL) is one of the trusted names having its PAN India presence. The Company has a huge development potential available on its balance land parcel at Ajmera I-Land, Bhakti Park, Wadala, and Central Mumbai. Current projects are in Mumbai: "Manhattan", "Greenfinity", "Sikova", "Prive" and "Eden" along with various projects at Bengaluru: "Ajmera Nucleus", "Ajmera Lugaano", "Ajmera Florenza". The Company is focused on premium developments in luxury and mid-luxury projects in the residential segment.