Eldeco Housing and Industries Ltd. (EHIL) (NSE: ELDEHSG | BSE: 523329), a leading Lucknow-based real estate player, announced its results for Q1 FY25.
Commenting on the results, Mr. Pankaj Bajaj, Chairman & Managing Director said,
“During Q1FY25 we launched Eldeco Trinity, our first truly luxury project in Lucknow, with over 5 lakh sq.ft of saleable area. Although the initial bookings were slow, they have picked up momentum, with a cumulative booking value exceeding Rs. 100 crores till date. The project will have state-of-art amenities at a prominent location setting new benchmark for luxury apartments in Lucknow.
Operationally, the company has performed well, with an 89% year-over-year increase in booking value to Rs. 59.1 crores in Q1FY25 and a 117% increase in collections to Rs. 55.3 crores. We also delivered 114 homes during the quarter. The Construction spending rose by 105% to Rs. 35.6 crores, and it is expected to accelerate as work on Eldeco Trinity progresses. Our construction operations in Lucknow remains crucial to our success.
We have successfully aggregated about 46 acres at third site for a new township project till the quarter ended Q1FY25. We plan to submit designs for approval during Q2FY25 and are also preparing to submit plans for two other apartment projects totalling about 5 lakh sq.ft. Overall, the company is on a path of consistent and profitable growth.”
About Eldeco Housing and Industries Limited:
Eldeco Housing and Industries Ltd. is engaged in the promotion, construction, development and sale of townships, residential and commercial properties. The Company was founded in 1985 and is based in Lucknow, India. Its current projects include Eldeco City, an integrated township in 133 Acres at I.I.M. Road, Lucknow; Eldeco Saubhagyam, a group housing project of approx. 11.9 lakh square feet (sq.ft.); Eldeco Eternia, a group housing project of over 4.30 lakh sq. ft; Eldeco Shaurya, a 43 acres residential township project and Eldeco Regalia, a 33 acres mini township project. EHIL is part of the Eldeco Group, which has presence in most states of North India. The Company has had an uninterrupted dividend paying track record since inception.
