Suraj Estate Developers has announced a significant decline of 71.17% in its net consolidated profit for the quarter ending on March 31, 2024. According to the company’s BSE filing, its profit after tax for Q4 FY24 amounted to Rs 19.46 crore, compared to the previous fiscal’s corresponding quarter where it recorded Rs 67.49 crore.
The company’s net consolidated total income stood at Rs 103.03 crore in Q4 FY24, a drop of 75.22 per cent from Rs 415.70 crore it recorded in the similar quarter last year.The board of directors recommended a final dividend of @20 % i.e. Re 1 per equity share of face value of Rs 5 each of the company for the financial year 2023-24.
Rahul Thomas, executive director of the company said, “Our effective cost control measures led to a growth of 54% in our EBITDA thereby improving our margins by ~710 bps. Collections for the year stood at Rs 316 crore.”
The board has also approved a fund raise by way of issuance of equity shares or any other equity linked or convertible securities or warrants approximately aggregating amount upto Rs 500 crore in one or more tranches, through all or any permissible mode or method, including, private placement, preferential issue, rights issue, qualified institution placement.
The company has acquired freehold plot of land admeasuring ~ 1,073.42 sq meters situated in Mahim West, Mumbai for a total consideration of Rs. 33.10 crore. The project will redevelop seven tenants/occupants who have vacated their respective premises, 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 sq meters (30,000 sq. ft.) with a GDV of Rs. 120 crore.
During Q4FY24, the company amicably settled a pending litigation with OLV & OLPS Society. It has also filed consent terms enabling the development of the property translating to a sales potential of Rs 350 crore.
Alongside this, the company won a bid for obtaining development rights of land component admeasuring 4,790.76 sq meters (~51,500 Sq. Ft.) with five existing buildings thereon translating to a GDV of ~Rs 225 crore.