Suraj Estate Developers has reported a dip of 2.07 per cent in its net consolidated profit during the quarter ended December 30, 2023. Its profit after tax stood at Rs 16.57 crore in Q3 FY24 as against Rs 16.92 crore it registered in the July-September 2023 quarter, the company said in a BSE filing.
The company’s net consolidated total income stood at Rs 106.14 crore in Q3 FY24, a growth of 2.35 per cent from Rs 103.70 crore it recorded in the Q2 FY24.During the quarter ended December 31 2023, the company has completed initial public offering (IPO) of Rs 400 crore (fresh issue) comprise of 11,111,111 equity shares of Rs 5 each at an issue price of Rs 360 per share.
Rahul Thomas, executive director of the company said, “On the operation front Q3FY24 was a strong quarter wherein we have had pre-sales of 35,537 sq ft of area translating to a sales value of ~Rs 143 crores. Our effective cost control measures led to a growth of 10% in our EBITDA thereby improving our margins by ~400 bps.
We have repaid high- cost debt to the tune of Rs 285 crores in the month of January 2024 using the IPO proceeds. An additional Rs 23.5 crores of unsecured debt is repaid from gross collection proceeds, resulting in lower interest costs and strengthened balance sheet. We shall see this benefit of reduced interest costs Q4FY24 onwards.”