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News: Eldeco Housing and Industries net profit declines 27.82 in Q2 FY24-07-11-2023

https://realty.economictimes.indiatimes.com/news/industry/eldeco-housing-and-industries-net-profit-declines-27-82-in-q2-fy24/105044923?utm_source=top_news&utm_medium=tagListing

NEW DELHI: Eldeco Housing and Industries has reported a dip of 27.82 per cent in its net consolidated profit during the quarter ended September 30, 2023. Its profit after tax stood at Rs 6.41 crore in Q2 FY24 as against Rs 8.88 crore it registered in the similar quarter last year, the company said in a BSE filing.

The company's net consolidated total income stood at Rs 18.65 crore in Q2 FY24, a dip of 48.02 per cent from Rs 35.88 crore it recorded in the similar quarter last year.

chairman & managing director of the company said, "In the period between July 2023 and September 2023, we successfully acquired 18.1 acres of new land and plan to continue our land aggregation efforts in the upcoming months. In the previous quarter, our bookings saw a 6% increase, reaching Rs. 24.7 crores compared to Rs. 23.2 crores in Q2FY23. Notably, we also delivered 96,546 sq.ft during the first half of the fiscal year 2024."

Collection of the company stood at Rs. 54.1 crore in H1 FY24 and sales booking was Rs. 56.1 crore. It purchased 20.6 acres of land during H1 FY24.

"In the Q2 FY24, we secured a substantial capital infusion of Rs. 160 crore from two separate lenders, with Rs. 80 crore having already been allocated and effectively employed to support our expansion and development initiatives," said Bajaj. The company saw a booking value of Rs. 24.7 crore in Q2 FY24 as against 23.2 crore in Q2 FY23 and collections were at Rs 28.6 crore in Q2 FY24.

 

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