Ajmera Realty shares climb 5% after strong Q1 updates

Shares of Ajmera Realty and Infra India surged about 5 per cent during the trading session on Thursday, after the company shared the updates for the quarter ended on June 30, 2023. The real estate company informed about the same through an exchange filing on Thursday.

Ajmera Realty clocked sales value of Rs 225 crores and collection of Rs 111 crores for the three months ended on June 30, 2023, witnessing growth of 60 per cent and 8 per cent, respectively on a quarter-on-quarter (QoQ) basis, the company said in the exchange filing. However, they declined 44 per cent and 47 per cent, respectively in a year-on-year (YoY) basis, it said.

The company sold carpet area of 1,35,460 square feet (sq ft) in the first quarter of ongoing financial year, rising 96 per cent on QoQ basis compared to 69,209 sq ft in Q4FY22. The company sold a carpet area of 1,57,438 sq feet in the same quarter previous year, the filing added.

Following the announcement, shares of Ajmera Realty and Infra India jumped 5 per cent to Rs 379 on Thursday, before giving up its gains partially. The smallcap realty company was commanding a total market capitalization of more than Rs 1,300 crore. The scrip had settled at Rs 360.95 on Wednesday.

Shares of Ajmera Realty have rallied about 12 per cent in the last one month, while the stock has surged 25 per cent in the year 2023 so far. It is up around 45 per cent in the last one year, while the stock has delivered a return of more than 500 per cent from its Covid-19 lows.

The outstanding results reflect the successful implementation of our revamped sales strategy and the positive impact of the new launch of Ajmera Eden during the quarter. Our performance aligns seamlessly with our 5 times growth strategy, demonstrating our commitment to driving substantial growth and creating lasting value, said Dhaval Ajmera, Director at Ajmera Realty and Infra.

"Looking ahead, we are highly optimistic about the favorable market conditions in the real estate sector. With stabilizing interest rates, we are witnessing a notable upturn in customer sentiment and a strong inclination to purchase from trusted brands like ours. Furthermore, we have a robust launch pipeline, which significantly bolsters our confidence," he added.

Ajmera Realty and Infra India has a huge development potential available on its balance land parcel at Ajmera I-Land, Bhakti Park, Wadala and Central Mumbai. The company had a number of ongoing projects in Mumbai and Bengaluru. It focuses on luxury and mid-luxury projects in the residential segment.

Also read: TCS, Wipro, Infosys: Analysts see another weak quarter for IT sector in Q1

Also read: Infosys shares: Can Q1 results give worst Nifty stock performer some relief?