Ajmera Realty's Q4 FY24 sales jump 104%, collections up 91%

Ajmera sales surge: Ajmera Realty & Infra India Ltd has disclosed robust operational figures for the fourth quarter of FY24, showcasing a notable surge in sales momentum. The company has surpassed Rs 1,000 crore in sales for the fiscal year.

In Q4 FY24, Ajmera Realty witnessed a substantial increase in sales, with revenues reaching Rs 287 crore, marking a notable rise from Rs 140 crore recorded in the corresponding period last year. 

This surge was accompanied by a considerable growth in sales area, standing at 1,12,931 sq ft, representing a 63 per cent year-on-year (YoY) increase. Additionally, the company experienced a notable uptick in collections, amounting to RS 197 crore, reflecting a 91 per cent growth compared to Q4 FY23.

Wadala connectivity impact

The surge in sales can be attributed to various factors, including the enhanced connectivity facilitated by the inauguration of Atal Setu in Wadala, a flagship micromarket for Ajmera. 

This infrastructure development has contributed to heightened demand in the region. Notably, Ajmera Manhattan, one of the company's premier projects, recorded sales worth Rs 100 crore in a single month, indicating a robust market response.

Furthermore, the launch of the next phase of Ajmera Greenfinity has garnered considerable interest, underlining the project's appeal to buyers.

Enhanced market presence

Throughout FY24, Ajmera Realty added six projects to its pipeline, aligning with its low capex model and inorganic growth strategy. This expansion has increased the launch pipeline to 1.3 million sq ft with a Gross Development Value (GDV) of Rs 3,130 crore, strengthening its presence across various micro-markets within the Mumbai Metropolitan Region (MMR). 

The company's sales momentum was further boosted by the successful launch of two projects valued at Rs 500 crore GDV in the central belt of MMR.

Rapid project deliveries

Notably, the company delivered approximately 1,000 possessions across three projects within a span of 24 hours. Additionally, a recent structured deal for the Ajmera Manhattan project enabled a partial prepayment of the GCP loan amounting to Rs 200 crore.

Commenting on the company's operational performance, Dhaval Ajmera, Director of Ajmera Realty & Infra India Ltd, expressed satisfaction with the results achieved in FY24. He highlighted the company's highest-ever pre-sales figures, totalling Rs. 1,017 crore, in line with their stated guidance.

Ajmera attributed this growth to the company's concerted efforts through acquisitions, business development initiatives, and execution strategies, affirming their focus on future growth and their ambitious 5x growth strategy moving forward.