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New Delhi: Eldeco Housing And Industries It has reported a decline of 2.62 per cent in its net consolidated profit during the quarter ended March 31, 2023. Its profit after tax stood at Rs 14.90 crore in Q4 FY23, as against Rs 14.52 crore recorded in the corresponding quarter of the previous year. the company said in a BSE filing.
The company’s net consolidated total income in Q4 FY23 stood at Rs 41.99 crore, a growth of 23.72 per cent over Rs 33.94 crore reported in the same quarter last year.
Pankaj BajajThe company’s Chairman and Managing Director said, “FY23 has not been a particularly good year for Eldeco in terms of fresh sales. Sales were low due to the absence of new launches. The land assembly and approval process took longer than anticipated We expect these issues to be resolved in the first or second quarter of the current financial year. We plan to raise debt against existing and new projects this year. We feel that in this phase of the real estate cycle This is the right time to invest.”
The Board of Directors has recommended a final dividend for the financial year 2022-2023 at the rate of 400% i.e. Rs 8 per equity share of face value of Rs 2 each.
The Board has also approved the acquisition of 18,061 equity shares (i.e. 100% shareholding) of Surya Season Foods (the company is involved in real estate business) for Rs 1,068.79, making it a wholly owned subsidiary of the company. The company said in a BSE filing that the net worth of Surya Season Foods as on March 31, 2022, was Rs 1.92 crore.
“The size of the industry, which was flat for almost 10 years, is likely to double in the next three to four years. The underlying reasons of rising income, positive demographics and rapid urbanization remain intact. That said, it is also showing a certain insensitivity to interest rate movements, possibly due to lower mortgage levels overall.
The company added a land bank of 20.91 acres between April 2022 and March 2023. Collections stood at Rs 23.6 crore, sales booking stood at Rs 24.8 crore in Q4 FY23, it said in its investors presentation.
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