Ajmera Realty rallies 9% to 52-week high on clocking Rs 1,000-crore in sales

Shares of the realty player have jumped 120 percent over the past six months.

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Shares of Ajmera Realty and Infra jumped 9 percent to a fresh 52-week high as the realty player announced it crossed over Rs 1,000 crore of sales in FY24.

For the quarter ended March 31, Ajmera Realty saw the value of sales double to Rs 287 crore, up 104 percent from Rs 140 crore in the same quarter in the previous fiscal year. Collections for the quarter came in at Rs 197 crore, up 91 percent on-year.

The total sales area for the quarter was 1.12 lakh square feet, up 63 percent on-year from 69,209 square feet in Q4FY23.

At 10am, the shares of Ajmera Realty were quoting Rs 820.95 on the NSE, higher by 4.3 percent from the previous session's closing price.

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"With the connectivity boost facilitated by the inauguration of Atal Setu, Wadala, our flagship micromarket, has experienced a strong surge in demand, significantly contributing to this growth. Ajmera Manhattan
saw a record Rs 100 crores in sales in a single month, reflecting exceptional market response," said Ajmera Realty in a filing with the bourses.

Ajmera Realty added six projects to its pipeline, aligning with its low capex model and inorganic growth strategy. This expansion increased its launch pipeline to 1.3 million square feet with a gross development value (GDV) of Rs 3,130 crore, further solidifying its presence in various micro-markets within the MMR region.

Additionally, a recent structured deal for the Ajmera Manhattan project facilitated a partial prepayment of the GCP loan of Rs 200 crore. The company said that this is indicative of its prudent financial management
practices.

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