Aditya Birla Real Estate reports booking value of Rs 889 crore in Q2, reports strong sales in Niyaara

ABREL reported strong sales at its Birla Niyaara and Birla Evara projects

Aditya Birla Group-owned Aditya Birla Real Estate Ltd (ABREL) reported a booking value of Rs 889.50 crore for the July-September quarter, with collections being at Rs 512 crore for the same period. Both the booking value and collections were lower year-on-year, with the quarter generally being soft for the sector due to monsoons and lower construction activity.

Despite a soft quarter in terms of sales, the company reported sales of Rs 320 crore in its flagship Birla Niyaara project in Worli, Mumbai in the same period, as well as sales of around Rs 326 crore at the Birla Evara in Bengaluru's Sarjapur Road.

In an investor presentation, the company said that it has received approval from the Maharashtra Real Estate Regulatory Authority (MahaRERA) for two projects in Pune- Birla Evam at Manjri, and the Birla Punya at Wellesley Road. The company has completed the launch of the first phase of the Punya project. For the ongoing financial year, ABREL reported that it has a launch pipeline of more than Rs 13,900 crore.

Across its key markets- Mumbai, Pune, Bengaluru, and NCR- the firm, which conducts the majority of its real estate business through its subsidiary Birla Estates, now has projects with a revenue potential of Rs 70,000 crore. Its projects in the pipeline include a development on the Thane-Belapur Road, two plots in Worli, a project in Boisar, as well as two projects in the National Capital Region- at Mathura Road in Delhi, and Sector 71 in Gurugram.

With the company continuing construction on major projects, its debt has continued to increase, with gross debt at the end of Q2 FY25 reaching around Rs 5,500 crore, while its net debt is around Rs 4,226 crore. The firm noted that the credit rating at both ABREL and Birla Estates levels remains stable and sound.

The company declared its results during market hours. On October 28, ABREL's shares closed 3.7 percent lower on the National Stock Exchange at Rs 1,690 apiece.