Future Markets General, a part of Kishore Biyani's Future Group, has seen its share price hit back-to-back upper circuits over the past 12 sessions. The stock price has surged 70 percent so far this month, with most of the gains coming after the company reported its earnings result for the quarter ended June.
As a result of certain exceptional items, Future Market Networks' net profit for the first quarter of the current fiscal significantly outpaced its revenue.
The realty player's consolidated net profit surged 586 percent to Rs 83.4 crore, as compared to Rs 12.16 crore during the same quarter last year. Excluding the exceptional item, the net profit fell 40 percent on-year to Rs 73.6 lakh for the quarter.
The revenue gained around 9.7 percent on-year to Rs 24.6 crore as against Rs 22.40 crore recorded last year during the June quarter.
At 1.40 pm, shares of Future Market Networks were quoting Rs 11.13, up five percent.
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The exceptional items include gains from two properties owned by the company, which had guaranteed loans for a related party. The first property, R-Mall in Mulund-West, Mumbai, was taken over by Hero Fincorp Private Limited on May 7, 2024, resulting in a gain of Rs 46.71 crores.
The second property, 10 Acre Mall in Ahmedabad, was subject to securitisation by Yes Bank, leading to a gain of Rs. 34.41 crores. Additionally, the company wrote off Rs 5.05 crores, which had been advanced to Omaxe Garv Buildtech during the quarter ended June 30, 2024.
The company's market-capitalisation is around Rs 64 crore, as compared to an average market-cap of Rs 882 crore for all listed real estate players.
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